Data Depth and the Multichannel Marketer
There are a lot of questions a CMO should be asking their marketing data provider. How does your marketing data partner ensure data quality and integrity? What sources are used in data compilation? How effectively are they at uncovering patterns and profiles to power your initiatives?
But for today’s multichannel marketer, the most important question to ask a data provider is this:
How deep does your data go?
Today’s multichannel marketing strategies require unprecedented depth of data. Consumers are using more channels than ever to make marketing decisions, and marketers must be able to reach that consumer wherever they go for information. To do this, marketers must require that the data provider deliver accurate drill-down data that allows them to reach the consumer at a variety of touchpoints, including mailing address, email, phone number and more. And the data provider must have data depth on a minimum of 95% of their contacts.
Your multichannel marketing campaign depends on it. The deeper the information a provider can deliver about a particular audience, the better the insight the marketer can develop. And the better the insight, the more effective the marketing strategy.
Unprecedented data depth requires unrelenting data accuracy.
The more in-depth the data, the more challenging it can be to keep this data clean and accurate. It’s critical that the data provided be both fresh and accurate. A survey on data quality by Principal Consulting revealed that 68% of respondents believe that their organizations lost business because of poor data quality related to their customer database.
Multilayered data profiles must be accurate on all levels, all of the time. To a multichannel marketer, a contact with a mail address that has been vetted last week and an email address that is a year old can sink a campaign before it ever gets underway.
Building data depth.
Nowhere is the lack of data depth more evident than in the marketer’s understanding of their customer. We’ve seen example after example of marketers who think they know their customer, only to find new insights when they do a deeper dive. Advanced profiling tools such as Tribune Direct’s Execulytics™ allow you to learn more about your existing customers and identify your best opportunities for new customer acquisition.
Data mining doesn’t end when the campaign is over, either. Too many marketers leave the last (and often most important) step untaken: back-end analysis of campaign results. Measuring and analyzing results is critical for ongoing improvement and optimization. The use of analytics dashboards let you directly interact with your data, enabling you to find patterns, identify trends and discover insights that allow you to measure and optimize your campaigns.
The consumer’s hypersegmented decision-making process requires a multichannel strategy to be effective. But it’s imperative that today’s CMO take note: multichannel marketers are only as good as their data depth. To learn more about building data depth, contact us at 1-800-545-9657, or visit our Data Analytics page.