We hear the term 'data-driven' a lot as it applies to business, but what does it actually mean for a company to be driven by data? How can businesses unlock the full potential of their data to improve analysis and fuel predictive marketing tactics? Here are some tips for unlocking your data and improving the quality of your analytics.
Look at the Big Picture
When analyzing data, you shouldn't be seeking out every small trend, but rather looking for the bigger picture among those trends. Part of this stems from data integration. With proper integration, you can compile data from all departments into one platform, which eliminates data silos. You'll then be able to identify long-term trends that span your entire company, rather than isolated trends that provide little value.
Collect Data Wisely
Analysis will be made more efficient and more accurate if you have a plan in place for collecting data. You need to decide which types of data are most relevant to your goals as a company. That strategy makes it possible for you to collect only the most pertinent datasets for your business. Not all data is useful, and the process of managing and analyzing data will be greatly expedited by refining your data to only the most relevant marketing information.
Become Acclimated to Uncertainty
In the world of data analysis, few things are certain, and this is a fact you have to become comfortable with. Many business owners like things to be cut and dry, so as to reduce risk as much as possible. However, with data analysis, you'll be in a perpetual battle of trial and error. According to Sham Mustafa, founder and CEO of Correlation One, companies need to maintain a "culture of hypothesis-testing and experimentation." You need to constantly identify problems within your marketing strategy and employ a process of trial and error to identify the best methods of solving each problem.
Keep Your Data Clean and Tidy
Since you were a child, you've been taught the value of cleanliness and organization. Clean your room, wash your clothes, organize your closet, the list goes on and on. In the world of big data, the value of remaining clean and organized is even more imperative. Efficiency and organization are essential. You need to be able to retrieve the data you need quickly and easily.
Similarly, in order for the data you analyze to provide effective insights, it needs to be kept clean. Data cleansing is a very simple process, and there are software applications that can help to automatically identify duplicate or incorrect datasets to keep your database up to date.
Use a Database Management System
No matter how you cut it, data analysis is never easy. It helps to have the right tools to streamline the process. With the right database management system, like a cloud-based marketing automation software, you'll be able to collect and maintain data with greater ease and efficiency. It will help to automate the cleansing process, while also promoting data integration through a cloud-based platform. This will ensure your data is of the highest quality, thus leading to more accurate and informed analysis.
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.