Developing a compliant, customer-driven marketing data strategy can be a complex task.
From addressing the basics, to ensuring data compliance, to knowing how best to use, measure and attribute data – and more – there’s a lot to consider.
However, despite the importance of getting your data strategy right, many strategies today aren’t as defined as they should be. It’s not uncommon to see strategies that focus in on smaller details such as CPC and open rates, rather than taking a wider, overarching stance that accounts for insight across silos and continually evolves the customer view.
So what questions should you be asking to develop a truly effective, considered strategy?
Let’s start with the basics:
Data Basics: 4 Questions To Consider
What marketing data do I have?
This may sound like like a straightforward question, but it’s one that many marketers struggle to account for.
For example, you need to know:
- What data are all your teams and channels using and analysing?
- Who has access to all those channels, weblogs, that CRM data – and who may be analysing that data?
- What data have they created, and where does it live?
It’s important to gain a detailed perspective on what you have, to know what you need – and what opportunities you may be missing.
2. What data do I need to source, or buy?
Depending on what data you have already, you may want to expand and enhance it. As there are many more sources of data to work with today, sourcing can be a creative challenge. But data onboarding and third-party providers can help to develop your insight.
For example, if you wanted to personalise an email campaign by income bracket or location, a third-party provider could help to append your records. Equally, if you wanted to segment contacts depending on how they engaged with a previous campaign, you could onboard your CRM data, then link it with your campaign results via a privacy compliant third-party.
Here you need to know:
- What data do I need?
- What do I need that data for?
- Can I onboard the data I need?
- Would a third-party provider be the answer?
3. Can I trust my CRM data?
For your CRM data to be reliable and trustworthy, you need to be proactive in monitoring and improving it.
To know if your data is reliable, ask yourself:
- How often do I clean and update my data?
- How old are each of my records?
- How well are my data management policies adhered to?
- How well can I resolve identities and remove duplicates?
- Am I speaking to the marketers who actually use this data in campaigns, to see if they trust it?
4. Can I monetise my data?
Yes – a partnership with an appropriate intermediary can open multiple possibilities and opportunities.
However, it’s important that any partnerships sharing data are privacy compliant.
- Do I have data that another brand could use?
- Can this data be traded or monetised (or are there usage restrictions?)
- If I partner with an intermediary, are they privacy-compliant?
For example, an airline might share customer data (such as business class passengers) with particular hotels near to relevant airports. The hotel would receive an anonymised list of digital identities that they can target in online campaigns, and the airline would see extra value from their data.
Of course, these are just a few data basics that should be considered in order to develop a complete and effective marketing data strategy. To find out more, see our full list of infrequently asked questions about data here.