Data As The Driver For Business Transformation

The importance of data quality and data management to understand customers and drive marketing campaigns is essential for business growth.

Marketing Week, in a recent article, highlighted examples of major companies such as Marylebone Cricket Club, Best Western and Gatwick Airport that are using data to gain visibility into campaign performance and communicate with customers in a personalised and engaged manner.

Good quality data is highlighted as a key driver as well as the organisation’s ability to make their data collection relevant and usable. ‘Data needs proper curation and interpretation before it can go anywhere near being smart data, and before it can serve as an evidence base for strategic decisions.’ – Maeve Hosea. This means regularly validating data, appending missing information, and regular cleansing of data is very important in order to be able to measure it and glean valuable knowledge through it. Bottom line is, no matter how great the data visualisation or multi-channel campaign management tools that are in place, if the data is not there or is incorrect and out-of-date, then organisations are limited in what they can measure and how they communicate with prospects and customers.

The more you understand your customer the better you can deploy your marketing resources across today’s multi-channel media.  One of the key objectives to understanding your customers is to achieve what is called a Single Customer View. Put simply, this is gaining a full understanding of a customer by getting together all relevant data dispersed in various systems including marketing automation tools, CRM, financial tools etc. Bringing all the information together from these systems into one place, while ensuring that the information is validated and corrected is the creation of a Single Customer View.

The obvious outcome of this is to be able to plan and execute a targeted marketing strategy, however it can have a far wider impact on the business.

  1. The Direct Line Group discovered, ‘as have others on the customer centric trajectory, that the rewards of using data to inform processes and culture are great. Those single customer views, smart customer segmentations and optimised customer interactions deliver engagement, loyalty, and ROI.’
  2. The example of how Gatwick Airports shares data amongst various departments to gain a better understanding of any issues and respond in a timely manner, sheds light into the level of impact that good quality data can contribute to the business.

There are still some barriers that companies face to integrating their marketing, the major ones are poor data quality, siloed departments not wishing to share data and coping with the difficulty of linking different technologies. Those companies that make the change will thrive.

Don’t be daunted, careful and skilled data management will ease you through the process and according to our clients the outcome will give an exponential increase in ROI and drive business growth.

On a personal level, I have a Nectar Card and Sainsbury’s regularly send me coupons to purchase specific items to obtain additional Nectar points. All the coupons are relevant as they are items I would normally purchase, that’s smart, even though I know how and why they are doing it, I still feel they care. Like all customers I want to feel like I am treated as an individual.

If you want to achieve a customer centric view then a first step would be to measure the quality of your data using a Data Quality Report. You may also want a complimentary assessment of your data and data sources and understanding of how a customer centric view can be established. To do this please feel free to schedule a discussion with one of our data management specialists.

 

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