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This post is second in a two-part series. Below, Graham discusses steps an organization can take in developing its data-driven marketing strategy.
Raising confidence in the marketing department:
In a recent engagement, it was demonstrated to a client that 50% of the proposed capital investment would deliver 70% of the project’s outcome. Board level approval was forthcoming for the entire project, quite simply because the marketing team was seen to have demonstrated a real risk and reward analysis, and a robust and measurable definition of success was provided. The initial investment delivered a higher return in a greatly reduced time scale. Having provided such clarity, the board felt more inclined to invest in the riskier or more innovative ideas promoted by the marketing department.
Seeing the wood for the trees:
The process of linking data to profitability also provides an insight to those small amounts of data that provide a disproportionally high impact on business. Identifying these high value data sources and improving their rate of collection, interpretation and speed of action results in a vastly improved bottom line performance, providing relevance to those elements of campaign measurement that contribute to campaign analysis and customer insight.
Subsequent automation ensures continued performance and generates the time required to identify the next data mother lode.
Alterian Customer Engagement Solutions are used by more than 2,500 marketing organizations around the world. The technology is supported by one of the most comprehensive range of partners, enabling client organizations to focus on their key competencies whilst meeting the developing needs of customers and supporting technologies.
If you believe that you or your organization is struggling with an excess of data and technology, start by identifying the following:
1. The key elements of data essential for success
2. The processes required to acquire and interpret
3 The skills required to turn the insight into bottom line measurable performance
Is your organization taking the necessary steps to determine the above and develop a data-driven marketing strategy?
