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

Launch marketing council Episode 5: Retailer and supplier

In our fifth and final episode, we delve into the relationship between retailer and supplier and how it drives and influences launch marketing strategies and success. To do that, we’re joined by Campbell Davies, group general manager of Associated Retailers Limited, and Kristin Viccars, marketing director A/NZ, Apex Tool Group. Also featured are Five by Five Global managing director, Matt Lawton, and CMO’s Nadia Cameron.

More Videos

The best part: optimizing your site for SEO enables you to generate high traffic, and hence free B2B lead generation. This is done throug...

Sergiu Alexei

The top 6 content challenges facing B2B firms

Read more

Nowadays, when everything is being done online, it is good to know that someone is trying to make an improvement. As a company, you are o...

Marcus

10 lessons Telstra has learnt through its T22 transformation

Read more

Check out tiny twig for comfy and soft organic baby clothes.

Morgan mendoza

Binge and The Iconic launch Inactivewear clothing line

Read more

NetSuite started out as a cloud-based provider of Enterprise Resource Planning software or as NetSuite solution provider, which companies...

talalyousaf

NetSuite to acquire Bronto's digital marketing platform for US$200m

Read more

Thanks for sharing this post, its really good information I get through this blog.CDPO Online Exam Training

Infosectrain01

3 ways Booking.com is improving its B2B marketing game

Read more

Blog Posts

Getting privacy right in a first-party data world

With continued advances in marketing technology, data privacy continues to play catchup in terms of regulation, safety and use. The laws that do exist are open to interpretation and potential misuse and that has led to consumer mistrust and increasing calls for a stronger regulatory framework to protect personal information.

Furqan Wasif

Head of biddable media, Tug

​Beyond greenwashing: Why brands need to get their house in order first

Environmental, Social and (Corporate) Governance is a hot topic for brands right now. But before you start thinking about doing good, Craig Flanders says you best sort out the basics.

Craig Flanders

CEO, Spinach

​The value of collaboration: how to keep it together

Through the ages, from the fields to the factories to the office towers and now to our kitchen tables, collaboration has played a pivotal role in how we live and work. Together. We find partners, live as families, socialise in groups and work as teams. Ultimately, we rely on these collaborative structures to survive and thrive.

Rich Curtis

CEO, FutureBrand A/NZ

Sign in