Chart of the day: How data give opportunities to grow a business
I think it's fair to say that improving the quality of marketing data isn't a fashionable or sexy topic. Indeed in a recent article by Keith Weed, Chief Marketing and Communications Officer at Unilever reviewing discussions at AdWeek US he says as much:
"The very unsexy topic of measurement has become a hot conversation
Sorting out the digital ecosystem should be a priority for everyone in our industry. It has been heartening to see this become an increasing focus of conversation over recent months and certainly this past week.
As an advertiser, I want to be able to see one consumer, paid for from one budget, not separated out for online and offline".
In this quote, he is specifically talking about measurement of paid media, but he goes on to look at the importance of customer data more generally across the customer journey.
In this CoD, I thought I'd feature this chart which highlights the potential of data-driven marketing to identify business opportunities and improve efficiency of existing processes.
With the current focus on compliance for GDPR, it's nice to see that data management isn't only about compliance; improving revenue and the customer experience come out on top. I hope this raises some questions, for me it prompts the questions:
- Who in marketing is responsible for data quality (to improve performance, not just for compliance)?
- Which of your different types of data have you audited for quality, e.g. customer profile, media conversion touchpoints, single view of customer?
- What budget and data quality and management initiatives do you have to improve insight and drive performance across the customer lifecycle?