The future is now for data-driven growth strategies.
Business around the globe is moving at a rapid pace to become increasingly data-centric influencing all aspects of the organization, from sales and marketing to finance and operations.
While regulation plays catch up to rein in data misuse, companies within the data enablement industry are booming. Don’t believe me? Snowflake, a cloud-based tool helping companies organize data easily, recently completed a whopping $479 million funding round. This effectively tripled the companies valuation to a total of $3.9 billion in just eight years of operating (Miller).
Buzzwords around data have been commonplace in the last decade in marketing. But today, the hype is real. Of course, not everyone is up to speed. If you’re marketing team is considering transitioning to a data-driven growth strategy, here are 3 simple steps.
Map available data sources. What’s needed could be in separate silos across platforms, repositories and departments. Understanding what’s accessible will lay the foundation for marketing strategy and next steps. Dive deep into data types available and the quality.
Build a simple data model. No need to get too complicated, but determine how everything relates at the customer level. There will be unique relationships or connections between the data sources. Valuable insights become easy to interpret when all sources turn into a single unified view.
Create a plan for data integration. Your data sources are dynamic; expect them to adapt and grow. Marketers will need to work strategically where the data resides. This needs to be in a scalable repository with continuous and automatic flows. You can apply your learnings to your marketing efforts once you have a data lake to review and analyze.
This article is a high-level overview of a detailed and cross-functional project that will be different in scope, depending on the size of the company. But the effort is worth the reward with the competitive edge gained and value-added to both sales and marketing initiatives.
Miller, Ron. “After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step.” TechCrunch, https://tcrn.ch/31WT9gt. Accessed 15 February 2019.