For most marketers, data management is as messy as my hair is in the morning, but having the right quantity and quality of data allows marketers to make strategic decisions to target their desired audience. The latest research report published by Openprise dives deep into the understanding of marketing data management according to marketers like you and I. Let’s see if we can untangle this messy data management problem together.
An overwhelming response of 72% believe that improving ROI measurability is the most important goal when it comes to data management strategy according to Openprise’s research, which is referenced in the chart below. The challenge when using ROI as a measure for data management is that best practices can be overlooked in order to increase ROI, especially sacrificing accuracy and quality of the data. Would you rather have a McDonald’s dollar menu cheeseburger or a handcrafted burger made from Kobe beef on a freshly baked bun? Both will satiate your hunger, but you pay for what you get.
Another difficulty that many marketers are aiming to overcome is the inaccessibility of data. Jon Donlon of Sirius Decisions shares his view on this by saying, “I agree that the ability to unify and access data is a huge hurdle for organizations today. Everybody wants insights, but before you can connect the dots, you have to collect the dots.”
In order to “collect the dots”, it’s crucial to utilize cross-functional teams across the organization. You and I both know that marketing is the star department in any organization (just don’t tell accounting or sales), but marketers must collaborate with other people to gather and understand data that would not normally be found within the marketing department. A fresh perspective can be helpful when trying to make use of data and target campaigns to clients who want to work with you.
On that note, how does your company maximize opportunities through data usage? What are the biggest challenges that you have faced as an organization relative to data management?
By Shaelyn McCormack – Contributing Writer, The Marketing Scope