After your last adventure in Direct Marketing Requires Effective Data Management, you came back to the office with a new confidence in data cleansing and your printer. In a very quick discussion with your printer, you understand just how important accurate data is to your success and his! Even though you gained a new level of confidence, it left many questions unanswered, so you sat down and started doing some research into marketing and big data.
Didn’t take but a few mouse clicks and your head was swimming with all the information out there on the subject. After taking a bit of a deeper dive into the information streams, you quickly sorted out fact from fiction and the sales pitches from actionable information. You have significant opportunities to boost your marketing efforts and it all begins with having a strategy to manage your data streams. In a 2012 study by the Columbia Business School you found the following facts:
- 91% of senior corporate marketers believe that successful brands use customer data to drive marketing decisions, yet, 39% say their own company’s data is collected too infrequently or not real-time enough.
- 51% say that a lack of sharing customer data within their own organization is a barrier to effectively measuring their marketing ROI.
- 37% of respondents did not include any mention of financial outcomes when asked to define what “marketing ROI” meant for their own organization
- 57% are not basing their marketing budgets on any ROI analysis
- 22% are using brand awareness as their sole measure to evaluate their marketing spend
After reading this paper, you quickly understand just what your printer was talking about. Having a strong data management strategy will significantly improve the fiscal performance and customer satisfaction of your business.
You have found you’re not as bad off as you thought in your moment of panic. Your organization is collecting data from all the right sources and you have got a solid footing with social media. One of your biggest challenges is turning that data into actionable information and sharing it in a manner that is meaningful. According to the Columbia Business School survey,
“39% of marketers say they can’t turn their data into actionable insight”
The key here to success is to get the datasets linked together, so as a better understanding of your business interactions can occur.
It has been a long day and you’re winding things down at the office. You reflect back on your exploration of the importance of record linkage and fuzzy data on your marketing efforts. At first it was a daunting concept, but you now see the facts and know just what your next step should be. In your research, you found Data Ladder as a resource and will be reaching out to them to help strengthen your data management efforts.