Every business collects data. Often massive amounts of it. When considered in abstract terms like “billions of rows of data” and terabytes, data can be intimidating. But when considered from a perspective focused on practical outcomes that solve real-world business challenges it is easy to see the value. Data strategies are among the most effective ways to align CMOs and CFOs around improving marketing effectiveness and customer retention which drives revenue, ROI, lifetime value, customer satisfaction, and data monetization.
Consumer relationships with brands have changed dramatically over the last decade and data is at the heart of it. This change has been accelerated in the past few years by an increase in international and domestic data privacy legislation. Coupled with increasing expectations of dynamic customer experiences, regulation of 3rd party data suppliers, and of course revenue growth expectations by investors, ignoring untapped data opportunities is no longer an option.
What Is Data Strategy?
A comprehensive data strategy is a plan of action designed to help a business achieve its goals by effectively using their internal and external data assets and technologies to achieve focused outcomes. Effective data strategies are based on each business’s unique objectives, risks, data source mix, interaction channels, and opportunities to create an actionable plan with short- and long-term benefits to the business. Most data strategies cover:
- Governance: Data Collection, Storage, Security,
Privacy, Consent, and Legal Compliance
- Quality: Data Hygiene, Verification, and Validation
- Diversification: Data Sourcing and Risk Mitigation
- Integration: Siloed Data and Channels
- Knowledge: Identity Resolution and 360° View of
- Building: Creation and Monetization of Data Assets
- Execution: Data-driven Customer Experiences
- Optimizing: Robust Metrics and Automated Insights
- Automation: Across the Technology and Data Ecosystem
Together these elements build the foundation to support key business metrics, customer insights, and new data attributes to power everything from A.I. and personalized content, to the next most likely product and projected customer lifetime value. Businesses that fully embrace their data strategy treat it much like they would technology development, with roadmaps and other traditional development processes that help bring the vision to life across the business.
With powerful, yet often untapped, data opportunities available to every business, the question is where to start. We can help with that.
Marketing IQ’s strategic data services deliver practical and actionable outcomes so B2C and B2B marketers can activate existing and future data opportunities and generate the most value. We do this by building the foundations and then seamlessly integrating big data into reporting, analytics, segmentation, A.I., and cross-channel marketing programs that help businesses focus on increasing ROI, LTV, engagement, and customer satisfaction.
Our core Data Strategy Services focus on four areas designed to activate existing and future data opportunities and generate the most value:
Data Opportunity Assessment
Our Data Opportunity Assessment provides B2C and B2B businesses with a high level understanding of the data they already have, how it can be used, and how to reduce associated risks. This is often the first step to creating advanced targeting, segmentation, reporting, analytics, A.I., and cross-channel communications that helps businesses focus on increasing ROI, customer lifetime value, customer engagement, and customer satisfaction.
Data Asset Evaluation
The Data Asset Evaluation is a deep-dive into a business’s internal and external data that provides a highly detailed and actionable view of its data assets, hygiene processes, identity resolution, derived attributes, risk factors, data privacy compliance, marketing applications, and technological integrations. This evaluation is designed to unlock insights about a business and its customers, while building the understanding to support future strategic development that puts a business’s data to work.
Data Strategy Roadmap
The Data Strategy Roadmap brings together business objectives, competitive positioning, opportunities, and insights gained from a Data Asset Evaluation to produce a cohesive and prioritized plan that will guide a business for the next 3 to 5 years. This actionable plan is designed to move a business towards becoming an insights-driven marketing leader within their ever-changing competitive landscape and enable them to keep pace with changing customer needs.
Data Framework Development
Data Framework Development is the nitty-gritty work that turns a business’s existing data assets into new and powerful data points and metrics that enable businesses to more effectively target customers and prospects, deliver more relevant content, better understand consumer behaviors, and gain greater insight through more robust and meaningful metrics. This development directly impacts acquisition and retention through a business’s existing technologies as the new data created from this development enhances everything from A.I. and personalized content, to next most likely product and projected lifetime value.