Organisations that understand the power of data get ahead. It’s as simple as that.
Over the last decade, data has emerged as the cornerstone of decision-making, growth, and innovation, with international corporations increasingly recognising the role of data in gaining that all-important competitive edge.
Whether you’re using your data to understand your customers’ wants and needs, to deliver exceptional experiences, or to drive ROI, it’s never been more important to invest in your data strategy, which is why becoming data-driven is top of the agenda for forward-thinking organisations today.
But despite all this, many companies still struggle with data collection and management, with 87% of marketers admitting that data is their most under-utilised asset, and 75% believing that the reason behind this is a lack of education and training on data and analytics.
So, what’s the solution? Well, that’s what a data strategy consulting firm is for…
The data deluge
The digital era has brought with it an unprecedented amount of data. International corporations are inundated with vast volumes of information coming at them from all directions, with many struggling to take control.
In fact, we’d go as far as to say that businesses today are drowning in data, so it’s no wonder that currently only about 4% of businesses are making effective use of the data at their disposal.
When you enlist the help of a data strategy consulting firm, however, they will help you to find order amongst the chaos so you can deal with the data deluge, take back control, and utilise your data to make informed decisions, optimise your processes, and increase your revenue. Here’s how:
5 reasons why international corporations hire data strategy consulting firms
1. They help make data usable
One of the most important reasons why international corporations hire data strategy consulting firms is because they can help them to make sense of their data and ensure it is usable.
Let’s take it back a step: if you’re going to use your data to drive insights and make informed decisions, you first need to make sure you can trust it, which is why international brands are turning to data strategy consulting companies to conduct data audits so they can ensure their data is clean and accurate.
By using an expert data strategy consultant to help them get to grips with the state of their insights, companies can ensure their data is clean right from the point of capture and make sure that it is of a consistent quality, giving them a single data view.
Then, once they know their data is of a decent quality, they can enhance it, and begin to apply it.
2. They put a data strategy in place
A data strategy is essentially the vision that supports a company’s ability to manage and use its data. Considering the vast amounts of data international corporations deal with, it makes sense to enlist the help of an expert to put a data strategy in place.
A thorough data strategy creates a direct link between an organisation’s strategic goals and their data assets, ensuring that the business can utilise its data properly.
Looking at the data strategy a company currently has in place, data strategy consultants help businesses understand what they are currently doing versus where they want to be in the future and put together a clear picture of any gaps in their existing data strategy.
They will then identify the changes required to fill those gaps and determine how the company in question can use their data to get them to where they want to be. The result? A robust data strategy that is properly aligned with their business objectives.
3. They help them use data to inform decisions
The point of all this, of course, is for businesses to be able to use their data to make informed, strategic decisions – and data strategy consulting firms are experts in helping brands turn their data into actionable insights so they can make data driven decisions.
At Edit, for example, our systematic approach consists of traffic and audience attribution, customer journey analysis, and the creation of test points and test cases to prove or disprove hypotheses to find the best possible approach.
We also use A/B testing, user feedback, competitor benchmarking, and design and development consultation to ensure we provide our clients with the tools they need to unlock data-driven insights and achieve a better return from their actions.
4. They help them get to know their customers
One of the most important ways data consulting firms can help companies to make more informed decisions is by using segmentation to help them get to know their customers – and in today’s world, it’s never been more important to understand your customers.
Did you know, for example, that 71% of customers today expect businesses to provide personalised experiences? That’s why forward-thinking businesses are using their data to define their ideal customers.
By dividing their customer database into specific subgroups, companies can begin to identify customers or prospects who are most likely to purchase a project based on their demographic characteristics, enabling them to determine where to focus spends and resources.
Essentially, by splitting customers into micro segments, each segment can then be allocated to certain communications, personalisation, or automated journeys to influence engagement, enabling brands to deliver personalised campaigns that appeal to each customers’ needs.
5. They’ll test and learn to constantly improve
Finally, another important benefit of working with a data strategy consulting firm is that they are constantly testing, learning, and aiming to improve.
Data strategists use performance metrics such as customer satisfaction, customer retention, and customer churn, to help businesses understand what has worked and which touchpoints their audience is best engaging with, enabling them to influence the next best action, select the best performing combination, and ultimately replicate these successes in the future.
By consistently looking at the bigger picture, data consulting firms can help international brands to deliver long term wins, effectively target their marketing budgets, and optimise their channels and campaigns to benefit their marketing activity.
But what does all this mean for you?
Basically, what we’re saying is that no matter the size of your organisation, if you want to get ahead of the competition – and stay there – you need to use your data. And that’s exactly where we come in!
When you work with Edit, we will bring together a clever combo of data auditing and cleansing, data management, data science, digital analytics, and more to support you on your data journey, whatever the size of your organisation and wherever you are in your data journey.
So, if you’d like to make 2024 the year you take control of your data, then what are you waiting for? Contact us today to learn more about our data-driven solutions and how we can help you to utilise your data to unlock your potential.