Redrawing Marketing’s Maps – An EIM Strategy

The Compelling Case for an Enterprise Information Management Strategy

 

The National Retail Federation, NRF, starts the ‘big show’ this Saturday, January 10th and runs through Wednesday, January 14th. The Consumer Electronic Show, CES, is in Las Vegas this week. Virtually every electronic item at the show is connected to the Internet, Smartphone or both, according to reports. Retailing and Consumer  Goods Brands are entering the era of the ‘Consumer Vortex’, which I believe will result in a complete ‘shape shifting’ of marketing strategies and tactics. The next few years for many retailers and brands will be defined by fluidity and pure chaos. Disruptive Instability is the new brand / retail reality. Management practice so long dominated by the HIPPO (the highest paid person’s opinion) is over. The ‘Merchant Prince’ is dethroned. Companies and business leaders will have to recalibrate their assumptions, business models and career strategies.

Two recent posts, Bricks & App’s – Redrawing Marketing’s Maps and Update…Brick’s and App’s …Redrawing Marketing’s Maps make the case, I believe, for the necessity of developing a comprehensive Enterprise Information Management Strategy that is Customer Driven.

My belief is not only based on the anecdotal observation of the ‘changing consumer’, but also on the empirical evidence of the Watermark Consulting Groups seminal study, ‘Customer Experience Leaders Outperform the Market’ shown below:

 

Watermark_Consulting_2014_Customer_Experience_ROI_Study_Results_Graph

 

Customer Experience leaders have seen their stock appreciate 77% over the last 7 years while the S&P 500 Index is up 51.5% and Customer Experience Laggards posted a -2.5%. What more need be said?

So here, without too much bloviating, is my 2015 check list for sales, marketing, operations and C-level managers:

  • See managing Information as a corporate asset.
  • Create or review an Enterprise Information Management Strategy (EIM).
  • It’s ultimately about building a structure that enables master data management.
  • Invest in and build a system that serves the Enterprise … not just the silos!
  • An EIM Portfolio will probably consist of 4 parts:
    1. Transactional Systems & Data
      • Applications
      • Internal Databases
      • External Databases
    2. Trusted Information
      • Master Data
      • Integrated Transactional and Operational Data
      • Unstructured Content
      • Meta Data
      • Reference Data
    3. Analytical Information
      • Data Warehouse
      • Data Maps
      • OLAP Cubes
    4. Analytics (I am bolding here, because this is the action point for marketing, advertising, promotion and operations as well as C-Level management.)
      • Business Intelligence,Query, OLAP, Dashboards
      • Predictive Analytics
      • Text Analytics
      • Optimization

The objective is to give all decision makers a real time or near – real time version of a ‘single’ truth. Everybody on the same page at the same time. Users, Applications and Internal/External Databases will all be fed from and feed to the EIM Technology Portfolio. What you want is a Sense and Respond system.

Arthur C. Clark famously said, ” Any sufficiently advanced technology is indistinguishable from magic.”  The new power of advanced analytics and machine learning is now being applied to the process of analytics itself – so that more of the process can be automated. We are moving toward ‘magic’.

The NRF show will be a great place to see the ‘magic’ and update yourself on what’s new and will emerge in the EIM universe. As a former retailer and marketer, I would certainly make sure that I visit the Analytics booth vendors. They are the ones that ‘make the magic visible!’

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: