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Digest...

This seven step process is effective in developing a data strategy and plan that gets both approved and funded.

1. Elect a Captain

Gather a multi-functional team and elect a “data captain.”  

1. Segment and sub-segment the market

The goal is to arrive at a clear view of the market segments, and then define each using data descriptors.  

1. Determine needs vs. wants

Prioritize what data is really needed to execute vs. what everybody wants.

1. Identify data sources

Some data will only be available from internal sources, and some will be needed from outside vendors.  Carefully research the most accurate and reliable outside data vendors and establish a relationship and costs with them.  Be sure to also audit their data for accuracy and completeness.

1. Agree on data quality and accuracy standards

For each data element, agree on an acceptable level of accuracy and its value. Then establish the updating and cleaning processes in accordance with the value and accuracy standard. 

1. Decide on internal vs. external database development

One good approach is to select a qualified B2B database service provider to develop the database with the understanding that eventually it will be transferred in-house. 

1. Find quick, easy and/or important wins

Don’t go for a budget approval without first identifying projects and/or results that are quick, easy and/or important. 

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View our infographic to understand how data is the oil that keeps the cogs of the business turning!

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Intermediate/ Excerpt...

For many mid-size and smaller companies big data might be overkill. An out-of-the-box marketing automation platform can offer much of what big data has to offer at a much smaller cost and in much less time. A marketing automation platform not only integrates into your CRM system, but also offers you a range of capabilities such as:

• A Complete Profile on Each Website Visitor - Get complete demographic and behavioral information on your website visitors. Know their name, company name, geography, decision makers and contact details. Understand how they arrived at your website, what pages they visited and how much time they spent.
• Study Lead Behavior and Prioritize Them - See which leads open and click through your emails, listen and participate in your webinars, download whitepapers and case studies. Don’t be overwhelmed by the data, prioritize the leads using lead scoring. This way only the most qualified leads get passed onto sales.
• Track Your Lead’s Social Profiles - Get a comprehensive picture of your leads from their social media profiles on LinkedIn, Twitter and Facebook. See their professional achievements, what they are interested in and what they are talking about in real time.
• Lead Attribution - Make your marketing more efficient. See which campaigns yield the most numbers of leads. This way you can cut back on wasteful spending and tweak your marketing campaigns to deliver the best results.

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Advanced/ Digest...

Here's a point of view on the trustworthiness of various types of data, ranked from most trustworthy to least.

1. Experimental data

2. Survey research data

3. Marketing-mix modeling data

The creation of an analytical database, the cleansing and normalizing of that data, and the use of multivariate statistics and modeling to isolate and neutralize some of the noise tend to make marketing-mix modeling data better than actual sales data.

4. Media-Mix Modeling Data

5. Sales Data

6. Eye-Tracking Data

7. Biometric or Physiological Measurements

8. Communities or Advisory Panel Data

9. Social Media Data

Corporate decision-makers often would be better served if they rely on tried-and-true tools and systems from the world of Little Data, rather than illusions from Big Data. Sampling theory teaches that if the sample is random, one can measure the behavior or mood of the whole by talking to very few people.

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