Data stewardship is not all about limiting risk. It is also about delivering outstanding customer experiences and driving engagement. According to the findings in “The New Rules of the Road: Marketing Data Governance in the Era of Big Data a study by Winterberry Group in collaboration with the Direct Marketing Association (DMA) to accomplish the goals centered on the customer, marketers should implement purposeful and considered marketing data governance strategies.
Marketers used to associate the theory of data governance basically with data privacy and security objectives. Nevertheless, the research shows that there is a shift in the way marketers now perceive Big Data. Rick Walker, who is the managing director at Winterberry Group, says that a marked pivot in data governance mindset from reactive to proactive and from risk management to insight generation.
It is now becoming the modus operandi for several marketers to use data to gather insight into the behaviors and preferences of customers. The vast majority that is 89% of the respondents acknowledge that their companies marketing performance as very dependent or somewhat dependent on consumer data.
In addition, while about two-thirds of executives who took part in the survey believe that marketing driven by data brings significant value to their companies at present, a staggering 93% expect this to be the case in the near future.
Walker says that marketers should start taking responsibility for the creation of protocols based on data management and data stewardship as they embrace data-driven strategies. Although there is an actual trend towards greater involvement of the marketing departments in data management for a meaningful number of marketers, data strategy is still very basic at its best.
Surprisingly, only 32% of those who took part in the survey strongly believe the fact that marketing data governance is a priority for their organization.
The study shows that marketers should pay close attention to five major actions when constructing and reinforcing data management capabilities.
1. Maintain a Dynamic Map of Customer Information
According to Walker, data governance should start by understanding the assets you have access to. He counsels the marketers to build a map of all the customer data available from Web analytics and e-commerce to direct mail and CRM. They should categorize all marketing assets in order to attain deeper granularity. Here is a good piece on clever targeting of direct marketing.
2. Build a Holistic Data Strategy
Having a cohesive and clear strategy which encompasses the complete batch of technological capabilities, inputs, guidelines, supporting the use of cases and regulations. Walker advises the marketers to understand what insight they seek and identify clear goals.
3. Develop an Underlying Infrastructure
About two-thirds, that is, 64%, of the respondents acknowledge technology platforms a basic component in the implementation of cohesive data management strategy. 41% see a lack of appropriate technologies as the biggest impediment reaching that objective.
Even though it may be costly and time-consuming building data management infrastructure the insight and augment customer experience the data provides is worth the investment.
4. Be Aware of the Needs of all the Stakeholders
As organization-wide data governance guidance develops, it is needed to use the data to protect and champion for the interests of the employees, customers, partners and other parties.
5. Develop a Data Culture
Walker sees this as the most important and the toughest to put in place if it is not already there. Effective data management needs continuous learning and improvement across all strata of the organization. Embracing and developing a data culture is very important as it helps leverage data to enhance customer experience and stimulate product innovation.
