Data-driven marketing sounds promising. But what kind of decisions can be made if the data you use is more than a week old, has been picked through to fit into a PowerPoint or derived from only one data source?
Not very good ones.
Ask Heather Zynczak, Chief Marketing Officer at Domo. In her previous job she used to beg the IT department for data. When the report arrived every other week she was grateful to receive the "pathetic little scraps” of data inside, because it was all she could access.
Born of Necessity
To say Domo was born of this frustration would be to oversimplify things, but it did play a part. Josh James founded the American Fork, Utah-based company after selling his previous company, Omniture, to Adobe for $1.8 billion.
In spite of being the founder and CEO of Omniture, James found he had limited access to business critical information. He had to call one person to get the cash balance of the company, HR to get the payroll, even checking public information to double-check figures.
The company has been in “stealth mode” since its founding, though it hasn't been too successful at flying under the radar. It’s received $250 million from investors, with the latest funding round completed in February resulting in the company being valued at $825 million. Want to take it out for a test drive? You’ll have to sign a non-disclosure agreement first.
Zynczak said that what sets Domo apart is its “connectors.” The platform currently connects to hundreds of applications through APIs. It pulls structured and unstructured data from the cloud or on premises -- think your CRM data, your marketing automation data, your web analytics and throw in your LinkedIn, your Facebook, your Twitter -- into one customizable view. This can be done “with one click” said Zynczak, usability being a main driver in the creation of the platform.
Zynczak called the platform “intuitive,” providing all of the analytics without the bells and whistles (though those are available for power users) to the people who need to make the decisions. Domo is SaaS, so the data is accessible via smartphone, tablet, desktop. The data updates in real time.
Zynczak told the story of a retail company whose store managers use Domo to compare point of sales across locations on a minute by minute basis -- their nickname for Domo is "the trash talking app."
What's In It for Marketers
Of the initial 500 customers the company reports, Zynczak said that a large percentage is made up of marketers and marketing departments. She cited several reasons for this:
Marketers Need to Be Numbers Driven
Marketers are being held responsible to prove the value and worth of campaigns. But many marketers do not have access to all of the data they need and when they do receive the data, it's out of date. As Scott Brinker wrote in a Chief Marketing Technologist blog, "Most data has a relatively short shelf life, particularly in marketing."