By Maggie Schneider Huston-Oracle on Feb 09, 2016
To kick off the new year, we’re diving deep into the major trends for social media marketing. What will the future bring? Vice President of Marketing for Oracle Data Cloud, Cory Treffiletti spoke with Senior Content Manager Maggie Schneider Huston about the intersection of customer data profiles, privacy, and social media.
Maggie Schneider Huston: Let’s start from the beginning. Where is this data coming from?
Cory Treffiletti: There are three types of data that we’re talking about. First party data is the information you have about a customer first hand. For example, that’d be like the data that I know about you after speaking with you directly. Second party data is when two companies share private data in an exclusive relationship. That’d be like if I spoke with a friend of yours; we both know you and share unique information between the two of us to better our relationship with you. Third party data is public information; for example, anything that shows up in an internet search or on social media.
MSH: That sounds like a ton of information. How do marketers make sense of it all?
CT: It’s a matter of prioritizing signals from noise. We actually offer a free service called The Data Hotline which helps businesses figure this out. We’ll do the hard work for you. We make recommendations on how to build a custom audience for your company.
MSH: Once you have that, how should brands make the most of their data?
CT: You need to have a data strategy. A good plan is threefold: first, understand the data you have coming in to your organization. That means first, second and third party data sets you have access to. Second, you need to add or create value with that data. What are the objectives of the campaign? What does success look like? This will determine what “signals” you should listen to from the tsunami of “noise” That is inevitably coming in. Finally, you need to push this data “out.” How will you use the information you have to make better decisions going forward? Social advertising? Website customization? Data management platform? Demand side platform? There are a lot of opportunities here.
MSH: How long does it take to build a custom audience? Is a unified data profile ever done?
CT: Our data is updated in real time, so these audiences are meant to be activated very quickly. If we deliver an audience to a marketer and they don’t do anything with it for 30 days, then it will be 30 days out of date.
MSH: Can you give me an example of someone who is doing this really well?
CT: Sure! We have several publicly available new case studies at www.daasadvantage.com. Kellogg is a great example of a brand that is using all of their data to create an intelligent marketing campaign. The whole point is to be more efficient. When you use all of these data segments and then inject it into a SaaS platform, it enables you to be significantly more targeted with your media. You make sure the right people see the right message in a much more efficient manner.
MSH: Do you think that the addition of big data and social media will change how marketing success is measured?
CT: Absolutely. When you have smarter data, it creates the opportunity for accountability in your campaigns. One of our customers, Dr. Pepper Snapple Group, measured a tremendous return on their investment in social data; for every dollar spent, they generated three dollars in revenue.
MSH: You’ve said that 2016 will be a year of iterative change in the data and social environment. Why is that?
CT: A couple of reasons. It’s an election year. People make a lot of promises, but not a lot of change happens. There’s a lot of uncertainty, so people are holding off on making major decisions. Where we’re at right now, marketers have identified partners and strategies, so this year they’ll refine those partnerships and go deeper with each one. This is the year where people will double down on existing strategies, and maybe trim the fat. From a tactical perspective, this business is about four to seven years old. Hype is being replaced with real life examples. People will talk about data privacy during the election, but nothing will happen until next year.
CT: All of the custom audiences we build are based on anonymized data. Audiences are built around aggregates of people who appear to be similar. This is where our integration with the Oracle Social Cloud is so important. By using the social listening tools in the SRM, it helps brands get a better understanding of what their customers are saying in aggregate.