Have you ever been underwhelmed by the results of one of your data-driven marketing initiatives? If so, chances are the strategy you employed was either flawed, or inadequate. Successful marketing relies on getting the context and the little details right, and this is particularly the case when leveraging data.
The importance of verifying the quality of your data, for a given purpose or specific target market, cannot be overstated. A successful data audit can help organizations identify KPIs, unearth any gaps in existing databases, and fine tune a promotion or marketing exercise.
This vetting needs to continue through the entire life-cycle of the promotional activity. Any deviation from desired performance should lead to an advanced gap analysis that identifies sub-optimal or missing data. Assessing the resources your organization has at its disposal is another key evaluation to make. Your tools and processes can limit the value you derive from your datasets, if they are outmoded or not fit-for-purpose.
Taking this data-substantiated approach enables organizations to conduct portfolio analysis, recognize areas for improvement and benchmark performance and outcomes more effectively. Only when these preceding conditions have been satisfied, will you be able to derive the maximum benefit from any subsequent business-relevant analytics.
Gaining insight using test marketing, evaluating segment specific strategies, and nurturing leads on the basis of quantifiable data, are all aspects that access to tangible metrics will empower. Successful marketing is about getting it right the first time. Priceless as it is, data’s intrinsic value can be unlocked only by implementing a well-conceived strategy.
In a nutshell:
- Data auditing helps marketers check the suitability of available data.
- Recognize areas of improvement through gap analysis, and undertake data enhancement to fill the “gaps”.
- Incorporation of business-relevant tools is vital to put the strategy into action.
- Unlocking maximum value from data is all about implementing a meticulous strategy.