The need for an effective data strategy has never been stronger. Faced with years of increasing competitive pressure from diversified businesses like Amazon, and now an unprecedented economic downturn, more businesses are looking to emulate what has allowed Target and Best Buy to successfully fight back. Strengthened by their existing data strategies that helped build stronger and more informed customer relationships before Covid-19 hit, they are now doubling down on their data strategies to take advantage of new opportunities while their competitors struggle to adapt.
Big data is undoubtedly the future of marketing, and it is what powers A.I., so the opportunities for unintended misuse and abuse have already started and will continue to multiply. As marketers look to improve the customer experience and their marketing effectiveness, they will need to develop guidelines for their business and industry, even within what is legally permissible, to avoid being the next business to be branded as creepy.