Five Ways to Make Better Use of Your Data
Many marketers struggle with data management. The data could be unclean, missing information, inaccurate and otherwise unstructured. In a recent study from Decision Tree Labs, marketers scored their accuracy of data with a failing mark on average. What’s more, nearly 60 percent of marketers lack confidence in their lead scoring models due to inconsistent or incomplete data. Here are five tips on improving your data management so you can get back to focusing on driving demand, rather than scrubbing your data.
Pack Up and Move Your Bad Data Out – The first step to ensuring that your house file is optimized is to cleanse the file during a step called iInternal data asset validation. Here the contacts are verified, enhanced, and, if necessary, segmented. The average database typically yields a bad data rate of 20-30 percent. The identification and removal of such contacts minimizes the hidden costs of bad data in the sales and marketing process.
Figure Out What You’re Missing – What better way is there to analyze your database than to create a blueprint? Contact Gap Analysis provides visibility into a client’s current contacts, the contacts that are missing, and the contacts available within third-party sources. With insight into the contact coverage and gaps at each account, a strategy in then put into place to acquire contacts by closing the most strategic gaps first.
Not only can this blueprint help on a macro level by assisting in the budgeting, revenue planning, and decision making of content development, it can also help on a micro standpoint if applied at the campaign level to drive up-sell, cross-sell, retention, win back, pipeline acceleration, and new customer acquisition programs.
Let’s Make the Data “Wicked Smart” – There is a reason business intelligence has been such a buzz phrase in the marketing world lately: because it works! By adding intelligence and identifying attributes for improving resource allocation and segmentation, you can create opportunities to fast-track revenue generation. Have a more strategic first touch point with your contacts by adding technology installs, trigger events, social media insight or other unique characteristics onto the contact record.
Put on your Scouting Cap – Now that you have a blueprint of your data, let’s fill in the missing pieces. Clearly defining your audience definition and demand creation goals are key to strategically sourcing new data. Contact discovery methodology includes a portfolio of approved third-party sources; including crowd-sourced, publishers, and other specialty providers. These traditional approaches are complemented by web and social media, which are leveraged to yield unique and less-fatigued contact records.
Set your Data on the Right Path – Now that your data set is complete, segmenting the contacts within a demand creation program can help each contact reach its full potential. By evaluating a contact’s attributes from social media, behavior, firmagraphics, and data quality you are able to decide which records should be A) sent to nurture, B) put in a direct mail campaign, or C) released directly to the sales sharks.
IMAGE CREDIT(S): WEBTREATS