A newsletter from Quaero, explained the ten best things you can do with your marketing data. They are:
- Keep it clean. Accurate data is critical to quality analytics.
- Keep it current. Timely data is becoming more important as tools become available to analyze data real time and to act on triggers that can react instantaneously to customer behavior or changes in behavior patterns.
- Combine it. Make sure that data from all lines of business and from all channels of contact with customers is brought together to provide a complete view of the relationship.
- Enhance it. Add external data that can be useful geodemographics, usage of partners’ products and services anything that can help add insight and knowledge about customers.
- Transform it. Convert simple measures of responses, transactions and revenue to measures that are meaningful to business such as margins, profitability, share and customer retention.
- Analyze it. Analysis of data should be pragmatic with a clear vision of business goals and focused on helping to achieve these goals.
- Use it. Analytics too often becomes a theoretical exercise that does not go anywhere. It is important to deploy models and use insights gained from analysis in marketing to see if they have an impact on critical metrics, whether it be response rates, risk reduction or increase in profitability.
- Learn from it. Structure changes in marketing campaigns in such a way that it will be possible to learn what worked and what did not. This can be done by the clever use of holdout samples, control markets, in-market testing, etc. It is critical to be able to gain these learnings.
- Communicate it. The insight gained from analyses and from in- market testing should be communicated widely to all stakeholders throughout a company. That will increase the perceived value of both the data itself and the actions that stem from leveraging that data. It will also lead to an increase in fact-based decision making in the organization.
- Keep it simple. The gathering, analysis and deployment of data, analytics and campaigns is not rocket science. Too often the processes involved in doing this within many organizations is unnecessarily convoluted and controlled by a quasi-priesthood. Keeping the processes simple and goal-oriented makes for a much more effective and defensible marketing program.
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