Funnel Data from Digital into Innovation for gTLDs
Posted by Jennifer Wolfe on 15th April 2013 in 360 Blog

Every publication about marketing, branding, search and digital is touting the importance of data. Big Data is all we hear about these days. From Harvard Business Review to Inc and Fast Company, using data to mine customers, understand how to reach customers and improve revenue and profitability proliferates everything we read. We all know that more data is captured now than ever before from our credit card purchases, internet searches and purchases to how we use our phone and tablets every where we go. With the launch of new gTLDs, brands with their own top level domains will have even greater opportunities to tap into the power of data in new and innovative ways.

But let’s consider this new data and digital age as not just about building customer relationships or growing revenue. Let’s also funnel this valuable data into new product development and innovation. Tap into the data analytics of what consumers are looking for and doing and use this to fuel innovative thinking about new products and services for your company. Think outside the box, use data as catalyst for innovative thinking about new business models. Consider new digital features you could provide to consumers based upon the data you already have. Send the data over to an R&D or innovation team rather than just mining it in marketing. Use this data to help plan the future of gTLDs – what can you do with your gTLD that you can’t do with .com – your data gives you the answers? This is the number one question I ask every gTLD applicant. What does your current data tell you? That’s the guide to maximizing your new gTLd. What do consumers want that you don’t currently offer? Build matrices of how consumers navigate from your mobile, social media to your domain name. What do they use, when and where? When do they migrate from one to other?

The data that all companies have can fuel future innovation and product development both within the digital space and in all aspects of content, product and service development. So often, this data resides and is analyzed in the silo of marketing that companies forget to share that knowledge with an R&D or innovation team. And, for gTLD applicants, current data is the key to unlock the strategy for your gTLD.

Big data will continue to drive marketing into the future and allow more tailored messaging and cost effectiveness. But don’t forget to share that knowledge and look for ways to eliminate rework. And, send the data up the line of communication. The C-Suite and your board of directors also need access to this critical market research and voice of the consumer to drive strategy for the future of the organization. The key to this is to create processes for knowledge sharing, implement software that facilitates it and reward cross-functional teams sharing the data and looking for new solutions that benefit the entire company.