Data regulation key to marketing innovation

Data regulation doesn't spell disaster for marketers, says The Economist's head of marketing technology and operations

Steve Lok, head of marketing tech & ops, The Economist.
Steve Lok, head of marketing tech & ops, The Economist.

Data regulation is going to be key to marketing innovation, said Steve Lok, head of marketing technology and ops at The Economist.

Speaking at ADMA Data Day 2018 in Sydney, Lok said general data protection regulation is happening all over the world. But instead of it being an issue, he saw it as an instigator of innovation.

“This data regulation is a necessary correction in the bubble marketers operate within,” Lok said. “People are starting to understand they own their own data, and this will come to a head. It’s only a matter of time before there is a big class action lawsuit in this space.

“Marketing has been collecting and using personal data for years, and this regulation means marketers are going to have to re-invent the wheel. But this is a good thing, not only because it will mean people start to trust marketing again, but also because constraint is also one of the best initiators of innovation. Human beings love to adapt, so watch this space over the next 12-18 months."

Read more: Predictions 2018: What tighter European GDPR will mean for marketers

Lok also discussed how data-driven marketing has changed over the recent years to make marketing more targeted and personalised, and how modelled audiences out-perform anything in the traditional marketing sphere.

“We are all chasing that audience of one, programmatic is personalisation,” he said.   

Lok, who is renowned for taking £150,000 and turning into £6 million in subscriptions for The Economist, said he was lucky to move from development into marketing just at the time when digital marketing was evolving.

“Marketing struggled for a long time over how to make it measurable. We have transformed what we thought was possible to do digital marketing, and key to this has been the power of data,” he said.

“The success of The Economist was a combination of technology and creative inside a system that looked to marketing automisation before there was a Salesforce Cloud or companies like Marketo.

“We wanted to make it as automated as possible. So we reclassified content into seven ‘passion buckets’ that were emotionally driven, rather than your traditional classification of content. In this way, we were drawing people from a passionate perspective, then, every single click was cookied and profiled to a point where it didn’t matter if the reader left the site at that point."

What is clear is that this kind of transformation is a multi-stage journey, Lok added.

"We pushed everything through our DMP [data management platform] and then we could approach the reader again with content that was more meaningful for them and more targeted. We’ve been building on this since then,” he said.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu       

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

More Videos

More Brand Posts

Enterprisetalk

Mark

CMO's top 10 martech stories for the week - 9 June

Read more

Great e-commerce article!

Vadim Frost

CMO’s State of CX Leadership 2022 report finds the CX striving to align to business outcomes

Read more

Are you searching something related to Lottery and Lottery App then Agnito Technologies can be a help for you Agnito comes out as a true ...

jackson13

The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration

Read more

Thorough testing and quality assurance are required for a bug-free Lottery Platform. I'm looking forward to dependability.

Ella Hall

The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration

Read more

Great Sharing thoughts.It is really helps to define marketing strategies. After all good digital marketing plan leads to brand awareness...

Paul F

Driving digital marketing effectiveness

Read more

Blog Posts

Marketing prowess versus the enigma of the metaverse

Flash back to the classic film, Willy Wonka and the Chocolate Factory. Television-obsessed Mike insists on becoming the first person to be ‘sent by Wonkavision’, dematerialising on one end, pixel by pixel, and materialising in another space. His cinematic dreams are realised thanks to rash decisions as he is shrunken down to fit the digital universe, followed by a trip to the taffy puller to return to normal size.

Liz Miller

VP, Constellation Research

Why Excellent Leadership Begins with Vertical Growth

Why is it there is no shortage of leadership development materials, yet outstanding leadership is so rare? Despite having access to so many leadership principles, tools, systems and processes, why is it so hard to develop and improve as a leader?

Michael Bunting

Author, leadership expert

More than money talks in sports sponsorship

As a nation united by sport, brands are beginning to learn money alone won’t talk without aligned values and action. If recent events with major leagues and their players have shown us anything, it’s the next generation of athletes are standing by what they believe in – and they won’t let their values be superseded by money.

Simone Waugh

Managing Director, Publicis Queensland

Sign in