Data Strategy
Keep the data you need, and drop the data you don't. Use data as a strategic tool to improve your marketing performance - and beat the competition!
Get the right data, so your campaigns hit the right targets. Avoid wasting your marketing effort on "gone-aways". Resolve data conflicts between multiple data sources - consistently over time. Balance data integrity against practical marketing considerations - intelligently.
Determining a data strategy
Your data must add real value, and pay their own way. It's pointless cleaning data just because they're dirty, and it's pointless purchasing data that you won't ever use. The cost of building and maintaining your database must be traded off against its [potential] value.
Each year, your targets go up, and competition increases, but your data decays. Even if your marketing database is of good quality today, 30-50% of B2B data decays each year1, and new businesses are born every day.
You need to ensure your data are always accurate, well targeted and easy to use, by keeping your data updated to the highest quality - but how?
Many factors must be considered: data acquisition, segmentation, data management, data quality, data relevance, data ownership, data access, data cost, data compliance, data standards and data consistency, data sufficiency requirements, etc, etc, etc.
You need a clearly articulated Data Strategy to optimise your ROI on data. We will work with you to consider questions such as:
- What value will your data return?
- How will value vary with investment, and what is the best balance?
- How you can use your data in practice?
- How you will maintain the data over time?
As well as showing you how to avoid the classic mistakes of spending time and money on fixing the internal issues which have low economic impact.
We will help you deliver a data strategy which is clear, concise, and practical. Your data strategy will be quick and easy to implement, at little or no extra cost to the way you do things now (a good data strategy usually saves you money).
1 source: Dun & Bradstreet business data file, includes company names changing, companies going bust or being bought, addresses changing, and contact details changing.
Example benefits
"We were always purchasing new data for every campaign and merging into our central systems to create new data lists. However, this process kept re-introducing errors, and gone-aways that we had spent a fortune eliminating from our central data base. Now we have a more effective data strategy and data maintenance process, and our direct marketing campaigns are both cheaper and more effective as a result."
"Our new, more intelligent use of data helped us to reduce our time to market by more than 6 months and saved us tens of thousands of dollars."