How much data is your company collecting from its customers and prospects? If you're like most, you're gathering intel from any and everywhere you can. This includes emails from opt-in popups, messages on social media, customer purchases, website visitor behaviors, and the list goes on.
While it's great that marketers can capture all of this data, the problem that persists is how to manage it all. That's what we're going to talk about today: the importance of using a quality marketing data platform.
What Is a Marketing Data Platform?
If there's one thing marketers can agree on, it's that there's too much data to sift through.
Marketing data platforms are tools marketers can use to manage every piece of information they collect about customers and prospects. This includes data collected across channels and media. With data management, you can easily see patterns you can use to target the right audience and at the same time track and measure the effectiveness of segmented campaigns.
The core functions of these platforms include:
- Complete identity and discovery and resolution
- Analytics and orchestration
- Data management and governance
You get a platform that offers a holistic view of your prospects and customers so you can continuously enhance your marketing efforts.
How a Marketing Data Platform Can Improve the Buyers Journey
As a marketer, you're continually looking for ways to engage with your audience. This is why you collect data to segment your email campaigns and marketing messages.
With a marketing data platform, you're able to not only capture necessary information but analyze and put it to use. Check out several use cases here.
It All Starts with Data
This is especially true in the marketing field. Before you begin any campaign, you have to look at the data to clarify what you're doing and why.
With a marketing data platform, you can quickly and easily find the information you need to make solid decisions. The only problem is that most companies are horrible at collecting and maintaining data. In 2018, nearly 30 percent of organizations suspected customer/prospect data was inaccurate in some way.
When you look at the culprits behind dirty data, it comes down to human error (50%), too many data sources (39%) and inadequate data strategy (30%).
95% of organizations see impacts in their companies due to poor data quality.
If these businesses can improve their data quality, they can make better marketing decisions and see improvements in their conversions and bottom line. In other words, a marketing data platform is a must-add to your martech stack.
Improve the Customer Experience with Clean Data
Marketers that integrate a marketing database into their systems will find it a lot easier to enhance the customer experience from the top to the bottom of the sales funnel.
You need a tool that collects data from all the channels your audience use so you can have a cohesive set of data points upon which to build the customer experience. When your foundation's strong, you set your campaign up to deliver favorable results over the long-term.
What Should You Look for in a Marketing Data Platform?
According to Sirius Decisions, companies can boost their revenue by 66% just by implementing high-quality data management. But what should you be looking for in a marketing database?
Some of the features should include:
- Data enrichment
- Data hygiene
- Big data analytics and insights
- Awesome support
Overall, you need a tool that'll allow you to ensure your data is always clean and reliable. Because without that, you risk losing a boatload of money.
Improve Your Data Quality with the Right Platform
Thankfully, you don't have to look far to find a quality platform to manage your marketing data. We offer the solutions you need. If you'd like to learn whether or not you're working with dirty data, then here's a complementary data health assessment just for you!