Marketers have the opportunity to make smarter, better informed, more strategic decisions about the way they do business and allocate their budgets. That opportunity is a real one and it already exists as untapped potential within their organizations. Their data needs to start meaningfully contributing to the bottom line. Marketing data needs to get a job.
Modern marketers know that data drives the best decisions. Customer data is critical and marketers are trying any number of increasingly narrow and inefficient ways to access that data. Maybe you’ve invested in data sources like tag management, maybe a marketing automation system, and you most certainly have a Customer relationship management platform. That data is ringing with kinetic possibilities. It is up to the strategic marketer to tap into that potential, find its value, and translate it into actionable insight.
Without integration or context, data is useless. It can take hours, even days to manually force integrations between systems. And with every manual touch, the chance for data compromise is real and palpable. Even a small data glitch can cascade into a completely useless data set and jeopardize the value of any strategy that came from it.
There are days that some marketers look much too much like IT people and they’re losing time to think strategically about the insights that data is supposed to provide.
It’s not like the data sets are going to get smaller. Customer data sets of all kinds will only grow as your business and the technology to capture it grows. The digital universe is expanding at a blistering rate. IDC estimates a 50
-fold increase in data by 2020 from where we were in 2010. Half way there, we still have more than a 40-fold increase ahead of us.
As your company succeeds, you will have access to ever-increasing volumes of data. If, like most marketing departments, you are manually compiling and trying to mash that data together, the weaknesses of that system will continue to compound. Small flaws in manually compiled data become huge flaws in massive data sets. Small inefficiencies compound and the potential to lose revenue is staggering.
Your data should work for you. At its best, your customer data should be at the hands of your representatives whenever they’re interacting with your customers. It should be easily accessible, segmentable and most importantly, your data should be operational. It should provide you real, meaningful insights into your customers and offer clear examples of ways that you can provide the services and products they want before they even ask. Successful data-driven marketers realize a 40% competitive advantage over the customer lifecycle. In action, this means using your customer data to increase the value of every touch between you and your customer.
Want to hear more? Download our How to Increase the Value of Every Customer Interaction White Paper now.