Aaron Lowe and Steve Papa with Oracle’s Marketing Cloud team talked about how marketers can use the Oracle Marketing Cloud to harness known and anonymous customer data to better understand audiences.
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Audience management is complex and there isn’t a silver bullet available to solve your audience problems. Steve talked about a 5 step cycle to understand and optimize your users:
- Bring data in from a variety of sources. There are four major areas of data
- Offline data – database (CRM) data, loyalty cards, POS
- Online (Site) data -desktop & mobile data, products, purchases, cart abandonment
- Owned channels – marketing automation emails, social engageemnt, mobile app engagement
- 2nd and 3rd part data – past purchases, intent, interest and lifestyle, buying propensity
- Segment your users
- Start by creating a taxonomy of common audience terms and categories
- Use the data to identify known segments
- Extend segments into other audiences based on similar attributes
- Analyze what they like, what they are doing, etc.
- Take a look at the segments and extend them using other data that you brought in
- Use a Look-alike model to extend an audience by using attributes
- The Marketing Cloud contains a lot of tools, including funnel analysis, audience performance metrics, etc.
- Activate or turn your insights into actions
- Data out takes audience information and sends it to other systems like email targeting systems, and so on
- This ability to integrate audience data across many marketing systems is a key part of the Oracle Marketing Cloud
- Analyze again!
- When you activate into multiple channels, you will begin to gather more data
- This data can feed back into the Marketing Cloud to better identify audiences or provide more info for extending audiences
The Oracle Marketing Cloud has lots of sophisticated components to build and manage both simple and complex audiences across the enterprise.