Analysing marketing in the data industry
Data is the life-blood of the digital economy. It is the world's most valuable currency and being minted at an unprecedented pace. It is the most valuable product of the connectivity provided by the internet, mobile technology, and the Internet of Things. As a result, the digital economy outstripped GDP growth by 2.5x in the past decade.
Leaders in the space have harnessed data’s power whilst offering only limited solutions to issues surrounding privacy and regulation. Meanwhile, disruptors have called them out for their indiscretions, while occupying niche areas. We’ve analysed these developments in great detail, whilst evaluating the abilities of both major players and disruptors in generating sustained brand awareness.
The resulting research provides crucial insight for any industry marketer, investor, or entrepreneur.
Market understanding
At first glance, the data industry presents a clear picture of massive scale and rapid growth. The reality is, however, much more unclear with many unanswered questions. These include how businesses will use data moving forward, how data should be valued, how privacy concerns will intersect with commercial data use, and how regulation should be applied.
In today’s market, the benefits of data-driven decision-making appear to outweigh the negatives. Yet, a significant proportion of businesses are woefully unprepared to take full advantage. At the same time, there is a growing awareness of the downsides of data. There has been a considerable increase in data breaches, many of which involve the world’s largest companies. These have brought privacy concerns to the public’s attention, and increased speculation about whether companies will behave responsibly with their data.
Marketing strategy
The major players are easily recognisable and dominate the market, making them synonymous with current market innovation and growth. Meanwhile, disruptive newcomers appear set to get ahead when it comes to privacy and regulation by offering services that improve security, anonymity, transparency, and help businesses comply with complex regulation like GDPR.
To establish their market dominance, major players have developed sophisticated marketing strategies across a complex set of complementary channels. Despite not being consumer businesses, these efforts have enabled them to generate widespread brand awareness. Consequently, disruptors have taken a different approach, employing more targeted marketing strategies. Yet, both share a desire to establish brand reputation and trust, a critical requirement for any data business.
Marketing activation
Given the scale of their awareness, major players have established large and diverse in-house marketing teams. Major disruptors by contrast operate with fewer in-house employees but are growing rapidly. These differences have a discernible impact on most areas of marketing performance, and particularly the ability to generate website traffic. Major players attract very high levels of monthly page visits, while encouraging visitors to remain on-site for longer.
Furthermore, major players often draw on the creativity and specialist expertise provided by external agencies to fulfil advertising and PR campaigns. By contrast, major disruptors appear less willing to commit to either marketing or PR agencies. With this in mind, major disruptors focus primarily on developing their industry reputations at the expense of broader awareness.
This research includes
25 pages of analysis (6,000 words).
Evidence-based approach.
Case study examples and success stories.
Main tools/services/agencies.
References for additional reading.
Published November 2020.