Newsletter Issue 3 – May 2014 May 6, 2014
Big Data, Is it for you?
With a staggering increase in the onslaught of raw data sources made possible by the proliferation of digital and social media channels, more B2B marketing opportunities are brought about by information made available by data analytics — the collection and analysis of information. All these allow for more accurate profiling of target organisations, thereby enabling better crafting of messages for synchronised B2B campaigns.
Yet, these opportunities come with apparent challenges. Marketers need to put in extra effort to inject creativity into business data gathering methods, so as to collate useful data. Not only that, they also need to extract meaningful conclusions from the huge amount of data to skew their marketing business communications. It cannot be emphasised enough how much damage bad data can do to businesses.
Given the current situation, what then can be done to alleviate the situation as dependence on B2B raw data intensifies? In this issue, we attempt to shed light on some viable data management solutions to this uphill dilemma:
1. Plough through to sieve out bad data
Inconsistent, inaccurate or even incomplete data can lead to dire consequences as organisations which depend on these B2B data act on misconceived situation. Data that is meant to help has instead disrupted a business operation and caused a loss in valuable business ventures.
Given this simple logic, it definitely makes sense for organisations to spend more time at the very beginning of each data collection and updating process to ensure reliable results, while staying focused on their goals. In order to better target relevant business partners, it helps to build cross channel test plans to tap on digital channels and existing data, while utilising tools such as multi-variant email testing, that provide real-time automated optimisation.
However, the sheer increase in the size of data available has made this a daunting challenge for many companies. To resolve this, companies can simply tap on new big data analytics technologies with data profiling function that helps pick out data anomalies. This way, companies can derive optimal benefit from accurate data, while gaining more time to focus on other business aspects.
2. Assess data quality prudently
Data quality is an important part of the data equation that has oftentimes been overlooked. Data analytics process should rightfully generate data that is not only accurate but also practically useful.
In order to save time, many companies have turned to technology to help measure their data quality at an early stage by cleaning up data via the data hygiene process so as to reduce the possible errors that can occur at a later phase. Data quality can help organisations track their business closely, while cutting costs and resources that may be spent on unnecessary capital expenditures.
These are grounded solutions as supported by a successful application of the data hygiene and analytics technologies as clearly illustrated below:
A multinational telecommunications company in Singapore has lack of a Data Entry standard for the various data collection points such as Call centre, Marketing, Sales, Events and Operations. Valuable business data are made available everyday however they were not captured. This sped up the process of data aging and inaccuracy. As such, sales revenue was lost due to the inability to tap on these data. However, with the use of data hygiene and analysis, 500k of B2B customer and transaction data were cleansed and updated in 3 months. More than 12% of valuable data was successfully data-mined. This translated into $60,000 worth of data, which can yield further return of investment when used for other revenue-generating activities.
For all that your organisation is worth; data specialist leader Data Strategy has all the technologies and expertise to satisfy your B2B data needs, providing customised B2B solutions that help make B2B marketing work for your organisation.