No matter the market or industry, everything revolves around consumer data. And if you want to yield better results for your business, you’ll need data at the foundation.
But consumers are more aware than ever of the value and power of their personal information. That’s why businesses need to prepare to offer a better experience, provide more value to their customers, and keep up with the latest trends in data analytics.
In this episode of the Identity Revolution podcast, Infutor’s host Fred Pfeiffer welcomes Tom Cutshall, the CMO of Boss Leads.
Together, they discuss customer expectations in today’s data-driven world, how to consolidate privacy and build customer trust, and why consumer data is never actually free.
- Name: Tom Cutshall
- What he does: He’s the CMO at Boss Leads, a company that provides businesses with contactable, verified leads that convert at high rates.
- Company: Boss Leads
- Key Quote: “We need to create a better way for the data within the business to help every part of that business produce a better quality experience. It’s not just one piece. A data-driven mindset within performance marketing helps your entire experience. For example, Google, the largest data collector globally, understands that it’s more than just one piece. It’s how do you attack all of this as an experience for the customer?”
- Where to find Tom: LinkedIn
- In a data-driven world, customers expect to receive value and a great experience. If you want more consumer data, you need to be ready to offer more value than you take. Customers want to perceive the exchange of data to be worth the trade, but you also have to consider the quality of the experience you’re offering. Tom explains, “I think it comes down partially to – the customer has to not only perceive the exchange data worth the trade, they have to receive a great experience with the trade. So companies like yours, they’re really helping shape those strategies for companies because when a business tries to be game-changing, and they want to change their business model or tune that business model, they have to be able to offer a better experience with the customer.”
- There’s too much data waste in marketing. One of the trending topics in the digital marketing world is the tremendous amount of data waste. Businesses often recycle this data and use it for their marketing strategies. But this data is more often than not irrelevant and useless. Tom shares his thoughts on this burning issue. “The force of digital marketing is so strong. It’s almost like a magnet right now. It demands you feed it more, and that demand can attract both good and bad datasets. I’ve seen it firsthand over and over and over with businesses and clients that I’ve worked with. In my experience, sometimes, 30% of the data that you feed into that machine for marketing purposes can be incorrect. It can be completely irrelevant. It’s just a waste. It’s just noise in the space. We know that the end result coming out of that marketing mix is going to be an ROI. So we overlook those types of fundamental logic, which I have a problem with.”
Marketing and IT budgets are difficult to justify but are worth every penny.
“What I learned pretty quickly is individually both of those are the most difficult to justify in a business. How do you justify spending a hundred thousand dollars into hardware that’s going to appreciate? How do you justify spending to get eyeballs on a billboard or media with unknown results? But when you combine them, you have this beautiful form called lead generation, and that’s all data-driven. And so I found that lane, and collectively I’ve been driving towards producing results for businesses within the financial services, insurance, energy space, and from there, fell into the rabbit hole and just realized, ‘Wow, light bulb moment. This is where I should be. This is definitely my lane.'”
The power of lead generation
“These businesses, they’re tired of spending with Google. They’re tired of spending with traditional media, and they’re going, ‘There’s gotta be something better out there.’ And so you hear it in the small Mom-Pop shop, and they call it marketing. Then you hear it in the large media corporation, and they call it non-traditional, but it’s essentially the same thing. They’re trying to reach a customer, and they’re trying to present their brand with an experience to that customer, and so using data to that really is advantageous in every which way to reach out and engage and convert with customers.”
Consumer data is never free
“It definitely comes down to first-party data is experiencing massive disruption within the value exchange of businesses. So now remember, no one gives away their data for free. There’s always some type of implied exchange of value. So consumers are not stupid. They know that when they click the submit button, they’re going to receive calls. So the question becomes, how do we provide equal or greater value than you’re asking for as a marketer. And once you identify that as the value proposition, decisions become more clear around data and technology.”
[7:48] “I think privacy is a rising issue to trust, and trust is one of the biggest selling factors for businesses.”
[13:02] “There’s a lot of uncertainty next year. There’s a lot of changing pieces within the data world. But I think that there’s almost a tug of war between consumers and advertisers. A consumer claims to own their data because they are the consumer and a business will make claim to the data […] So I would suggest to consider value exchanges as a purchase instead.”
[15:47] “Once you have a valuable resource, then you have a responsibility, and it’s really exciting to be able to connect and work with businesses that want to make an impact.”
[17:51] “It’s really interesting to be involved in the evolution of technology related to marketing. So a couple of years ago, SMS was not a big thing, now it’s been built into every single CRM out there, and there’s a lot of unique ideas if you go into Clubhouse. Clubhouse at 1:00 AM in the morning, there’s some insane ideas floating around in those groups.”