How can we make better decisions using data?

By October 7, 2019 Allocadia's Blog

The stats don’t lie, 89% of marketers believe data quality drives the right sales and marketing campaigns. Yet 50% are not confident in the quality of their company’s data and 48% of marketers rely heavily on intuition and experience to make marketing decisions.

Why is it that marketers know data must be embraced, yet at best 50% are truly using data to make better decisions? That’s a problem.

Establishing a data strategy and an accompanying data journey is something that all marketing organizations have gone through, are going through today, or worse are avoiding. The conversations and decisions that need to be made are not simple or obvious, but they are a necessity if marketing wants to be successful. 

There’s no one-size-fits-all approach to arriving at a strategy since every organization is unique, thus each data journey will be slightly different. So we created a report and framework to reveal an approach for capturing the core activities that enable marketers to use their data to achieve better outcomes. We present the framework as a series of steps (see below), but all teams won’t necessarily apply them in order. In fact, a data journey isn’t a linear process; instead, these activities often occur simultaneously, particularly steps two through four.

The four steps in the Marketer’s Data Journey Framework are:

  1. Create a Data Strategy & Define a Data Model
  2. Acquire & Clean Data and Connect Data Sources
  3. Activate Data for the Organization
  4. Make Better Decisions and Optimize Resources

What matters most is starting with a defined and agreed-upon data strategy and data model— step one in our framework. This will inform the choices you make and the actions you’ll take in steps two and three. If done effectively, by step four, you will have orchestrated, activated, and delivered the data your company needs to make better decisions. You’ll improve, you’ll iterate, and you’ll learn (like every marketer already on this journey), but you will be on the path to higher quality data, more confidence, and better decisions.

Listen, marketing is hard. As marketers we face a multitude of choices and make numerous decisions each day. There infinite approaches to marketing yet the answer to the question “Where should I focus today?” can be incredibly elusive.

While four steps may seem basic, to execute something as complex as a data strategy, it takes plenty of work, strong leadership, and the willingness to step back and define a strategy vs just jumping to the “make decisions” part. 

To create this report we worked with executives from a variety of global organizations. In addition to providing their insights for the report itself, three of those executives, Justin Sharaf – Director, Marketing Technology and Operations at LogMeIn, Teresa Joy – VP of Marketing Technology and Operations at Autodesk, and Lori West – VP of Marketing Operations and Technology at GENPACT, will join us for a panel discussion to dig into this topic in even greater depth. Download the report and attend our panel webinar. There’s always more to be learned and different nuances to consider defining a data strategy and executing a data journey. We’re here to figure out this journey together.  

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