The more data you have, the better? Mozilla’s CMO says unchecked data collection is only making marketers lazy. In our latest VB Live event, you’ll find out how Mozilla uses lean data practices, and why they’re the real key to customer trust and business growth.
“As marketers we’ve been talking about not just data, but big data, for almost a decade now,” says Jascha Kaykas-Wolff. “The promise of big data was absolutely enormous. And it was, very simply, if you use big data, you will help your company grow.”
Just two years ago, there were over 2,200 companies selling software aimed directly at helping marketers collect, organize, and take action on data. Now there are close to 3,300, and that number isn’t going to get any smaller.
And because the discussion has been going on for so long, because marketing tech companies just keep building and selling marketers more and more data tools, every marketer thinks that there really is a magic growth equation — and maybe the next kind of data they collect with the next tool will be the one to unlock it.
“It’s almost like thinking about becoming an employee at a company in Silicon Valley,” Kaykas-Wolff explains. “You do it because you get equity, and the expectation is that the company’s going to go public, and you’re going to be able to get rich and retire. The challenge is, and this is the big trip up, is that’s actually not the norm,” he says. “It’s the exception.”
Not every company goes IPO — in fact, the majority don’t. And the majority of people who work for startups are still going in every day, because they’ve got a mortgage to pay.
And so it is with data. Marketers have replaced much of the hard work that they’ve traditionally been responsible for, including audience research, persona development, customer lifecycle breakdowns, and understanding key value and pain points, with this endless quest for more data. “And really,” Kaykas-Wolff says, “this big data is doing nothing more than tripping up a lot of marketers by making us lazy, thinking that’s the path for success.”
There’s no magic bullet, he adds, but there is lean data.
Lean data is a fundamental set of principles and practices for marketers to better take care of their customers’ data. It involves three basic tenets:
- First and foremost, you only ask for data that you can use from your customers and actually deliver value for.
- Secondly, marketers commit to being collectively responsible for protecting customers’ data, from collection through storage.
- And third, any time data is collected, you’re transparent about how, why, and what it will be used for.
“At the end of the day,” Kaykas-Wolff says, “lean data as a concept — and these fundamental practices associated with it — are really just the set of tools to help you as a marketer and your company develop better trust with your customers, and in turn perform better as a business.”
For insight into how to go from big data headaches to the lean data practices that transform customer relationships, don’t miss this upcoming interactive VB Live event.
Don’t miss out!
In this VB Live event, you’ll:
- Discuss how big data and marketing data collection tools have made marketers lazy
- Learn about conscious choosers and how trust can help grow your business performance
- Hear about lean data practices and practical tips
- Jascha Kaykas-Wolff, CMO, Mozilla
- Wendy Schuchart, Moderator, VentureBeat
More speakers to be announced soon