Excerpt taken from IDC CMO Advisory Survey
Customer Data Acquisition: The Keys to Effective List Management
Customer data management is the foundation of digital marketing and is emerging as an enterprise discipline of its own. The efficiency and effectiveness of customer creation processes are entirely dependent on having accurate, timely and well managed customer data. Therefore it is crucial that every aspect of the customer data management process be designed to deliver the highest data quality possible. At the very front end of the process is list acquisition. We’ve outlined some guidelines and recommendations to help you improve your organization’s efforts to acquire higher quality data faster than ever.
Keys to success:
Create an enterprise customer data policy that articulates:
- Who owns which parts of the customer record
- The preferred sources for each part of the customer record (approved 3rd party, web/registration forms, sales, finance etc.)
- The standard data definitions for customer records
- The change/append process
- Usage guidelines (contact frequency, messaging mix, lead assignment, etc.)
Establish a Customer Data Advisory Panel with representatives from marketing, sales, finance.
Establish a Customer Data Czar who owns the data and IT resources necessary to standardize customer records across legacy applications.
The customer data acquisition capabilities of today’s marketing tools are extraordinary. We can track digital behavior from forum, blogs, tweets, social media groups, thought leadership websites, as well as responses to our own outbound email and web marketing. With the pervasive use of mobile devices, we are increasingly able to capture retail transactions and geographic data to further inform our contact profiles.
Despite rising costs of data acquisition, marketers are expected to spend an increasing percentage of their marketing budgets on 3rd party customer data. To make the most out of list investments, it is recommended that companies create an enterprise customer data strategy that categorizes customer data by type, source, and timeliness and provides policies for ownership and usage.
However with the importance of customer data and the rising costs, many marketers are unable to manage their data effectively. Key challenges are:
- Lack of central authority who owns customer data at an enterprise level
- Inconsistent definitions of customer records and key fields within legacy applications (sales/CRM, finance/billing, service, pricing, provisioning and support)
- Fragmented usage policies that lack enforcement
It is recommended that companies establish a Customer Data Czar to own the entire “responses to revenue” process and associated data. This role is critical to solving the other two issues, breaking the siloed approach to data structures, and coordinating central versus local use of customer data.
Oceanos can work with your business to support all types of demand creation and database building programs. We also provide risk mitigation, diversification and cost certainty strategies to ensure data investment optimization for your business.
For full report visit: http://oceanosinc.com/idcreport