Data management has evolved considerably over the years. In 2000, the entire business infrastructure was owned and managed by IT in a central location. Data existed exclusively on-premises and almost all data existed in silos. Since then, the way businesses approach big data has been greatly enhanced. Today, businesses have a multitude of data management choices at their disposal, encompassing both cloud and on-premises platforms.
Additionally, each individual business function now possesses a variety of software applications to suit their specific needs, from business intelligence to web content management. There is also a lot more data integration and decentralization, enabling enterprises to align various business functions and eliminate data silos. With the shift in infrastructure management, big data has become an increasingly popular method of supporting marketing insights.
The Importance of Strong Data Governance
Businesses of today need to be more focused on data governance than ever before. The prospect and customer data is the most essential consideration when setting up a marketing strategy and should be central to every campaign. By placing strong emphasis on data governance, businesses can conduct better advertisement targeting, lead scoring, lead routing, and customer engagement. Data governance also enables companies to make better predictions about future customer habits, thus fueling smarter business decisions.
Without strong data governance, business face three core problems.
1. Data is harder to detect. This leads to difficulties segmenting data, as well as leaving market sizing data unavailable.
2. Data is hidden. This leads to gaps in the reporting process, as well as leads being routed incorrectly.
3. Data remains unrealized. This results in content not being personalized, which reduces leads. It also leads to poor customer marketing and engagement.
The Optimal Sales and Marketing Process
To get the most from your marketing, you need to employ a streamlined strategy that's optimized to produce results. A simple five-step strategy can help get your sales and marketing on track, while greatly improving lead generation.
For peak efficiency, you need to adopt a streamlined approach.
1. Market intelligence: Market intelligence is about identifying your target markets and establishing the core information you already possess pertaining to those markets.
2. Personalization: To personalize your marketing strategy, focus on who you are attempting to engage, and based on identifying factors, interests, and habits, determine the best strategies and methods to engage that audience.
3. Lead scoring and routing: With lead scoring and routing, your main goal is to improve the cost-efficiency of your lead scoring by ranking leads that are most likely to convert and reallocating spending to support your highest ranking leads.
4. Outbound outreach: You need to find ways to segment your customer data based on insights and behaviors, so you can target advertisements to focused groups and maximize your engagement.
5. Reporting and analytics: The final stage is reporting and analytics. You need to assess the current value of your marketing strategy and use your analytics to help predict future behaviors of your target markets, so you can improve upon your strategy moving forward.
Use a Data Management System to Streamline the Marketing Process
The optimal sales and marketing process should be the ideal that all businesses strive for, and with the right software, it's much easier to achieve that ideal. By using a data management system, like marketing automation software, you can have all the tools you need to identify target markets, personalize your strategy, rank your top leads, improve engagement, and strengthen predictive analytics.
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.