What is data optimisation?
Data optimisation in its broadest sense is a variety of techniques to extract value from stored data and improve its effectiveness for use in analysis, segmentation, and statistical reporting.
Optimising customer and prospect data will improve your marketing and sales outreach and help achieve a higher ROI.
Rudder before propeller?
Most digitally savvy marketers will analyse the data in their Google Analytics dashboard to ensure that they are on track to achieve their digital marketing goals. By analysing, testing new tactics and comparing performance across multiple channels, marketers can learn where to spend time and money on their digital marketing efforts.
Numerous further analytics tools can help you get granular metrics and optimise all your campaigns for the best ROI. Finding out exactly where your marketing budget is spent and matching it with the sales it generates is one way of evaluating the overall effectiveness of campaigns.
But if campaign analytics is the rudder, helping you to determine your future direction of travel, data optimisation must surely be the propeller (or perhaps water jet) accelerating the right prospects in to those campaigns.
Which brings us to, which should be the priority? Analytics or data optimisation?
If customer or prospect data is inaccurate or out of date, three significant problems occur quickly:
Any marketing outreach will fall on the sandbar – mismatched audiences and messages results in wasted marketing spend or at worst a disenfranchised audience that switches off from marketing communications
There will be a significant divergence between the contact data and sales targets, so marketing may be satisfied with the number of leads being produced, but sales are frustrated that they are irrelevant to the current sales effort
GDPR and other data consent regulations may be breached incurring significant fines
Therefore, it is imperative to prioritise successful data collection and management and ensure that the propeller works in harmony with the rudder. Your team needs the right data to ensure that marketing campaigns are efficient and that budgets generate maximum ROI. Continuous optimisation is essential for the success of your marketing outreach.
What about the features of our marketing tools?
Marketing applications typically focus on data management, data analysis and visualisation.
It is possible to invest in a plug-in module to improve your data processing and create dashboards on the age and update frequency of your records. But you still need to apply regular fixes and ensure that cross-functional teams play their part in hygiene efforts.
To win the online game of customer and prospect engagement, you need to know that your stored data is working for you.
The process of optimising data includes reviewing both structured and unstructured data. It can (particularly in consumer-based organisations) result in highly sophisticated solutions, including the use of artificial intelligence and machine learning algorithms.
For B2B marketing, there are straightforward actions that can be taken weekly and monthly to ensure that your data is optimised.
Ensuring that clean and current data is used for your marketing outreach will help you accelerate improvements in your campaign effectiveness, decrease cost per lead, and augment your customer base more effectively.
Contact us to find out more about our recently launched data optimisation solution.