The picture is becoming clearer: marketers who learn to utilize big data surpass their competitors, both in terms of online lead generation and in the numbers of actual sales figures. Data can deliver insights that drive actual growth within your organization. How can you take advantage of data to make these discoveries and improve sales figures?
Data Gathering and Usage Needs to be Organization Wide
One thing that successful data-driven organizations do differently from their lagging competitors is gathering and putting to use all of the data across the organization. Many companies gather, analyze, and try to draw conclusions just from the data generated by, say, the sales department or customer service.
But this is not only an incomplete picture, it can often be an inaccurate one. Learn to gather data from each department -- including production, sales, finance, billing, R&D, and others -- and assemble a full, complete picture of your customers, as well as defectors, brand advocates, and even those who elect not to buy from you. Make this data available to all departments, as well, so that improvements can be company-wide. There is valuable insight in that data that can improve products and help develop new, better products -- both of which will inevitably drive marketing and sales success.
Match Your Transactional Data to Other Data Points
Transactional data is only part of the picture, just like data from customer service or the sales department is incomplete. It's also necessary to collect and analyze data on when, where, and how customers were exposed to particular messages across the journey from unawareness to becoming a customer. This is harder as customers move across devices and between online identities, but it is possible by gleaning supplemental data, such as cookies, search histories, website analysis, and third-party data.
Focus on Data Quality, Not Just Data Quantity
Lots of data is great, but the data has to be accurate and complete to be useful. Data cleansing helps you scrub inaccurate, incomplete, and useless data so that the data you're using for analysis and to draw insight from is full and correct. For example, have you had issues with visitors providing you with inaccurate names, email addresses, or phone numbers deliberately so that they can get past your webforms and get access to information? Data cleansing is essential for getting this garbage out of your data sets so that your leads are pure and whole.
Establish Clear Goals and Solid Governance for Data
When undertaking a marketing data initiative, it's important to start out with a clearly defined set of goals. This is because big data is, well, really big. You can easily get off on a pig trail without focus. What are the goals you are trying to meet with data gathering and analysis? What questions do you need to answer? What business needs should the data provide?
You need a carefully-outlined policy for governing the data. What third parties will you trust to share data with? How will data be stored? What security measures will be in place to protect data from intruders? Setting these policies in place early helps keep you out of hot water as data sets grow and become more powerful.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.
To learn more about how ReachForce can help you optimize demand generation and your impact on revenue, check out our real-time web form enrichment demo, or request a free marketing data diagnostic. Get the power to let data drive marketing and higher performance.