We know, we know. When it comes to talking about the benefits of data-driven marketing, we’re a bit of a broken record.
But it’s true: data is the lifeblood of businesses today, and companies that use data-driven approaches perform significantly better than those that don’t.
The global market for big data is predicted to be worth a whopping $103 billion by 2027, and top businesses understand the importance of investing in data because of its immense value.
So, what’s all the fuss about? Well, data can help you understand your customers and get to grips with what they truly want, need, and value, enabling you to engage with your audience effectively, offer products they want, and successfully convert that audience to loyal customers.
It’s no wonder that in a recent Hubspot survey, 36% of marketers said data is essential for reaching target audiences and understanding customers, whilst 32% said that investing in it boosts ROI.
However, as with everything, there’s a catch – sorry! Collecting and understanding your data can be pretty time-consuming and overwhelming, and if you don’t manage your data properly, you could end up with an enormous amount of data that is hard to manage and, in the worst-case scenario, unusable.
How can you put your data to work and ensure you access the important information? By having a robust data management strategy! Ready to find out more? Let’s dive in…
What is a data management strategy?
If you’re going to get the most out of your data, extract critical insights, and empower business decisions, data management is essential. It’s as simple as that.
Despite the huge benefits of data for businesses, only about 4% of companies make effective use of the data at their disposal, whilst 55% of data sitting in companies is dark, with many organisations not knowing how to use it – or not even knowing they have it in the first place.
A data management strategy is a plan to ensure that you collect, organise, store, and use your data to generate in-depth insights.
It brings together all the different elements of your data, combining science, analytics, and first-party data, enabling you to cut through the noise and access the insights you need to identify trends, mitigate risk, and connect with your customers in a holistic way.
What are the benefits of a data management strategy?
1. You can ensure your data is accurate
If you’re going to use your data to the best of its ability, you need to begin by making sure you can trust it to deliver the insights you need. This starts by conducting a data audit to get to grips with the state of your insights and ensure your data is clean and accurate.
Did you know that over one-third of Chief Marketing Officers don’t trust their data? From customer databases to beyond, if you are experiencing lost time and earnings from inaccurate customer records, or if inaccurate data being captured by your CRM results in lost leads, you need a data management strategy to ensure your data is in tip-top shape.
If your data is of poor quality, you aren’t going to be able to use it properly. Great data is constructed from regularly cleansed, well-managed first-party data sources and enriched with third-party insights. A powerful data management strategy can help you ensure that your data is clean right from the point of capture, so you can minimise waste and create targeted campaigns that boost ROI.
2. You can make sure your data is stored properly
Once you have audited and cleansed your data, you need to make sure that your data is managed and stored properly, especially as the volume of data you are handling continues to increase over time.
The more data you have, the more you can use it to segment your customers and deliver targeted campaigns. But as the amount of data you deal with grows, it could become unmanageable and result in mistakes being made.
All the data in the world is essentially worthless if you don’t follow the law, stay compliant, and respect customer information, which is why you need a data management strategy to make sure your data is secure, compliant, and stored according to GDPR rules.
Having well organised, efficiently validated data won’t just give you the base you need upon which to drive data-driven decisions – it will also enable you to protect yourself from data breaches, earn the trust of your customers, and ensure you have access to accurate, first-party data.
3. You can draw value from your data
So, your data is clean, trustworthy, and secure. Now what? Well, the ultimate goal of data management is to access business insights that enable you to solve problems, surface trends, and make informed decisions that streamline your path to value.
Through profiling and segmentation, predictive models, and data analysis, you can use your data to access brand-changing insights and get closer to your customers.
A data management strategy will empower you to monitor trends and review past performance so you can understand your customers’ wants and needs before they do. This will enable you to create exceptional customer experiences, deliver continuous, tailored marketing campaigns, and plan for the future.
At Edit, for example, our systemic approach to data strategy consists of traffic and audience attribution as well as customer journey analysis. Not only that, but we also hypothesise, test, and rebuild through A/B testing, user feedback, competitor benchmarking, and more, empowering you to unlock in-depth insights to benefit your customers and maximise ROI.
How Edit can help with your data management strategy
Intelligent data leads to intelligent solutions – and being intelligent at every stage of collection, management, insight, and action unlocks the information you need to empower your decisions.
Here at Edit, there’s nothing we don’t know about data management strategy. In fact, our team of Editors have experience in delivering powerful data solutions for some of the world’s biggest brands, such as Jaguar Land Rover, Peloton, Tesco Bank, and Pizza Hut.
Our expert team includes data scientists, engineers, technology strategists, and planners who will work with you throughout the entirety of your data journey to ensure you have a bespoke data strategy that works hard for you.
Want to find out more about how we can help you create a clever data management strategy and get the most out of your data? Contact us today to learn more about our powerful data-driven solutions.