Digital is the New Currency

Digital is the New Currency

By Karla Fernandez...

I recently attended SXSW Interactive, the premiere international symposium on digital, and watched a panel about “turning fans into customers.” I really liked what Peter Scott, of Turner Sports, said: “Digital is the new currency.”

We are at a crossroad in marketing to bridge the gap between “physical” and “digital.”

Think about a traditional transaction when someone walks into a gas station and pays cash for a soda. That type of purchase gives marketers a very narrow range of information down to basics such as location, size of the soda, flavor, and time of the day. But if that purchaser were to go online to enter a contest or buy an affinity item, the information would really kick up. By moving the transaction online, we can correlate purchases with this customer’s digital behaviors, likes, and dislikes. And, of course, build a significant relationship with the brand.

This is why, as marketers, making the cash register ring is no longer good enough. Our KPIs should reflect a complete understanding of purchasers and data that can be used to create robust brand strategies. Whatever we undertake, it’s all about the digital transaction as whoever holds the data holds the gold.