Data in, great out: Meaningful data to meaningful business decisions
Are your campaigns being impacted due to incomplete, outdated or inaccurate data?
Accurate and insightful data is the key ingredient of effective B2B marketing. It allows you to understand your target audience, lead a campaign, analyse the performance of your campaigns and create personalised journeys.
When you put “data in” using extensive analysis and measurement, the output or “great out” will be the ability to gain a deeper understanding of business trends and make informed decisions.
Having poor data is like travelling without a map or GPS. You may know where your destination is, but without any clear guidance, reaching your end goal can seem nearly impossible.
We’ll explore the benefits and how you can obtain and maintain high-quality data.
4 benefits of high-quality data:
1. Smarter decision making
One of the most important benefits of having accurate and complete data is the ability to allow marketers to make informed decisions. When it’s current and accurate, you can trust the insights it provides and make decisions accordingly, helping ensure that your campaigns are effective and your budgets are allocated appropriately.
2. More successful campaigns
Reliable data on your target audience enables you to create campaigns [1] that are tailored and resonate well with them. Additionally, with accurate information about past campaigns, you can capitalise on what worked and see better results.
3. Staying ahead of the curve
Identifying trends and patterns helps you stay ahead of the curve when developing new strategies or launching new products/services by understanding how customer preferences change over time and being able to keep pace. This allows you to adapt your strategies to remain competitive in your markets.
4. Personalisation
Personalised campaigns based on customer data lead to improved communication and higher conversion rates. Insights into preferences and behaviour allow you to create targeted messages that resonate with your audience. Accurate data is the key to creating personalised emails and website experiences.
To make the best decisions for your business you must have rich data that is accurate, up-to-date, complete, consistent and relevant, but how can you get your hands on this valuable data goldmine?
How to achieve rich data:
Data richness is critical in gaining meaningful and valuable insights from data. It ensures that the quality of analyses is based on comprehensive datasets, allowing companies to make informed decisions backed by reliable evidence.
Great in, great out
Ensure that when cleaning or validating your data, you use trusted and reliable reference sources that are going to improve your data, not potentially make it worse. Using trusted data sources helps ensure the information is accurate and representative.
Clean your data
This is essential for maintaining accurate and reliable data. It helps make sure that your data is fit for purpose and compliant. [2]
Keep a constant eye on your data
Data richness is a journey rather than a destination because data decays over time, alongside new data entering into your business, often via different entry points. To maintain the value and richness of your data, you will need to continually combat data decay by building maintenance programmes.
Data governance
Standardising people, processes and tech across the organisation is key to ensuring that data is collected and used in the most effective and efficient way. Establishing uniform guidelines can guarantee the data will be properly managed and maintained, resulting in improved accuracy and consistency throughout your business.
Enrich your data
By adding information to increase its quality and value. This process can involve appending existing data with additional intelligence, such as firmographics, that will provide valuable insights which will drive decision-making [3], and enable customer segmentation.
Having high-quality data is crucial for businesses to make informed decisions, drive effective campaigns, stay ahead of the competition and personalise efforts. The journey towards rich data requires a combination of research, data governance, enrichment, and cleaning.
The benefits of good data are numerous and help businesses achieve improved results and make better use of their resources. Investing in data quality and intelligence is an investment in the future of your business and its success.
With the right data, reaching your destination will be a smooth and efficient journey.
