“Business Success through Data-Driven Insights”
By Emily Elliott, Marketsoft
In February, the ADMA White Paper was released and we are proud that our very own Michael Mocatta- Strategic Solutions Director here at Marketsoft was a part of this group of data experts.
The Whitepaper addresses the need for businesses to identify and assess their data strategies in relation to their consumer engagement. It is widely known that data is the key to unlocking consumer behaviour and how re-evaluating data strategies can improve overall outcomes. It is highlighted that successful organisations share common features in relation to their data strategies.
Some of the characteristics entail:
- clearly defined data strategy;
- access to extensive analytical skills;
- right mix between commercial intelligence, communication and analytics to drive business objectives with the use of data;
- courage to ask intuitive questions.
The paper goes onto discuss:
- the function of infusing data within your organisation;
- finding the right balance of internal skills with external suppliers;
- improving communication between marketers and data analyst;
- skills for effectively implementing a data strategy.
Data has taken on the role as the consumer’s voice and it is has become the principal tool in predicting future demand and needs. Via having a strong data management strategy businesses can capitalise on the benefits which may derive from the data.
For a Data Strategy to work it must fit cohesively within the overall business goals or objectives. These outcomes feed directly into your data function and which is the starting point for designing and shaping your data goals. To successfully execute a data strategy, businesses may draw upon their internal teams for a combination of skills whilst also identifying external suppliers whose knowledge and skills you can utilise.
As technology unfolds offering marketers more ways to scrutinise consumer behaviour, managing data well will become increasingly imperative.
The link to view the whitepaper for members is here : http://www.admaknowledgelab.com.au/marketing-resources/data-and-analytics/white-papers/