5 Necessities for a Data-Driven Business Strategy

Data has long served as the foundation of effective marketing opportunities. It helps you learn more about your target audience and enables you to build campaigns that resonate. However, the challenges of data collection and organization are seemingly never-ending.

 

First, more than a few businesses simply plug the information about their audiences into their email files and then send endless messaging focused on their next promotions. This strategy only ends up alienating the people most likely to do business with you. The real struggle, however, is how frequently the data used for these campaigns changes.

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To succeed and derive any actionable business-driven insights from data, you must pivot using the information available to you — and learn how to collect and read it.

 

Of course, determining whether you’ve captured the right information to develop a data-driven business strategy can be difficult. The best way to boost your business strategy is to ensure your data is:

 

  1. Accurate

Thirty-five percent of survey respondents blame poor data quality for their inaccurate targeting efforts. As with anything, accuracy is critical. Checks and balances must be put in place to ensure the data is vetted, researched, and correctly entered into the proper information fields. Without accuracy, no marketing efforts will provide the insights you anticipated (or require) for success.

 

  1. Current

You always want to be working from the most up-to-date information available. If data is left unchecked, it can quickly become of little use to you. For instance, an audience member that moved to a different address without any update in your system is somewhat worthless. Keep your data current for the best results.

 

  1. Complete

No one needs to tell you how difficult it is to pull business-driven insights from data with only partial information available — you might as well use your gut to inform your next marketing campaign. Make sure your data is complete to ensure you can derive actionable insights to deliver the greatest results.

 

  1. Relevant

Unless it has a purpose, data is just data. Data-driven decision-making in business should always tie back to your key performance indicators or business objectives. Identify the reasons for collecting certain kinds of data, making sure they align with the bigger picture for your organization.

 

  1. Unified

When data is siloed, it’s nearly impossible to interpret or even access. Look for ways to integrate all available data or limit the number of sources required to access information quickly. The more disparate the data is, the harder it is to interpret and activate the insights you need.

 

The amount of data generated these days is astronomical, and it will only continue to expand as cloud computing and digital solutions replace analog, print, and server solutions. Get control of your data today. Otherwise, you will miss out on opportunities to target and connect with your audience effectively.

 

To learn how a customer data platform can contribute to your bottom line while helping you create a data-driven business strategy, contact us for a personalized demo.