Data’s your business, boards told
GEELONG company directors are being encouraged to gain a greater understanding of data collection and digital marketing amid a climate of rapid change and disruptive technology.
Marketing expert Dave Chaffey said boardrooms should be prepared for issues relating to marketing executions using advanced digital data collection.
While the legal responsibility for directors might be unclear, Mr Chaffey encouraged them to gain an understanding of the potential issues and safeguard against the use of data that does not fit company values.
“You should know how you are using data, and know why you are using data,” Mr Chaffey, from KBB Digital, told the forum in Geelong.
“You have to know where that data comes from.”
Hosted by the Australian Institute of Company Directors, the forum was also encouraged to consider the strategic opportunities from digital marketing in a rapidly changing business world where disruption should be expected.
“To direct a strategy for your company, you have to be well aware of what’s going on,” Mr Chaffey said.
“That includes being aware of the marketing opportunities that are coming and the intricacies and the challenges that you face.”
While boardrooms might not usually be across marketing executions, today’s increasingly digital landscape means digital marketing skills are essential for directors to stay relevant and competitive.
“Change is going to be quicker than it has ever been in the next three or four years, and it’s going to be deeper than it’s ever been,” Mr Chaffey said.
He predicted that AI solutions would have a major impact on business in the short-term.
“In 10 years when we are all using the same platform, it will have no effect,” he said.“But in the next year or two … if you are first to enter for your system, there will be some significant advantages.”
Asked by facilitator Jo Plummer, chair of Barwon Water, to list three things that directors should be thinking when it comes to marketing at a strategic level, Mr Chaffey said:
One: Change is coming quickly. “What steps are we taking, what measure have we got in place to react or respond or think forward around that position.”
Two: Data collection and use. “If you are not asking the question about data, you are going to be asking that question in 12 months.”
Three: Having a forward outlook to innovation. “Knowing there’s going to be change and not knowing what that change is, do we have a position trying to explore the options … or just to react.”