How Can Data Democratisation Benefit Your Marketing Strategy?
What’s one of the most critical parts of creating an effective marketing strategy? If you answered data analysis, we agree. Lots of data analysis is required to ensure your marketing strategy generates significant results.
That said, most companies put data analysis on the shoulders of a few people or establish their IT department as the gatekeeper of any data collected. Unfortunately, this approach creates data silos and barriers to access that can result in losing momentum in your marketing strategy.
Instead, adopt data democratisation. Your marketing strategy will thank you. Here’s why.
Create a Deeper Connection With Your Target Audience
Connecting with your target audience on a deeper level is the core of marketing. Collecting and analysing as much data on your target audience and their interactions with your brand is integral to your strategy’s success.
When your entire organisation has access to data on your target audience, they can provide different perspectives on who they are and what they need that you can use to emotionally connect with your target audience.
Improve the Customer Experience
When you create a deeper connection with your target audience, you also improve the overall customer experience. Data democratisation allows you to examine how your marketing strategy affects the entire customer experience.
When all people in all departments can access and understand customer data, they can share insights on how your marketing strategy is or isn’t contributing to a seamless experience with your brand at every touchpoint.
Improve your marketing, and improve your overall customer experience.
Be More Cost-Effective
Marketing can get expensive quickly. When you collect data on your marketing strategy, you can pinpoint where your money and resources are going. You can also determine which tactics and techniques have the best return on investment (ROI). Knowing both can help you use your budget more effectively.
Data democratisation gives you more eyes on your marketing costs and budget inefficiencies, making it easier to make more cost-effective adjustments but still generate results.
Don’t Let Data Go to Waste
The best and worst thing about data is that there’s so much of it. Companies collect so much information that it goes to waste because they can’t properly analyse it. Data democratisation makes it so you have more than one data analyst on your team, which helps limit the data that goes to waste.
You can be more innovative in your marketing strategy by analysing and pulling insights from as much data as possible.
Everyone Understands How to Best Use Data
Access to data is only part of the power of data democratisation. The other part is arming your team with the skills to use it effectively. If everyone on your team understands how to best collect, process, and extract meaningful insights from data, you can do more with your marketing strategy.
Instead of relying on one or two people for data analysis, your entire team can get involved and share their perspectives on how to continue progressing in your marketing strategy.
Inspire a More Collaborative Company
Successful marketing relies on the efforts of every department. Your marketing team needs to be on the same page with your sales, customer service, production, and other teams to get results. Access to the same data sources makes it easier to do this.
Data democratisation can inspire a more collaborative company. It eliminates data silos and ensures everyone has access to data.
When everyone has access to data and understands how to best use it, they can collaborate better to produce more promising marketing results.
Increase Team Productivity
Your marketing team can significantly increase their productivity with data democratisation. Finding out what's working and what isn’t with your marketing strategy can give you insight into where your team should spend most of its time and effort.
For example, let’s say you have a project manager heading different marketing campaigns. In that case, if the project manager has access to data without going through a gatekeeper, they can enhance team productivity quicker and more seamlessly.
They can look at resource allocation, how they’re progressing toward marketing goals, and which tactics produce the most results. They can then use this information to make adequate adjustments to the workflow for the benefit of each marketing campaign.
When your marketing team is more productive, your strategy is too.
Enable Better Decision-making
One of the most notable benefits of democratising data is enabling better decision-making. As tempting as it is to go with your gut and rely solely on customer feedback, a successful marketing strategy needs more. It needs data.
Combining customer feedback and hunches with data analysis prompts more insightful decisions about how to move forward in your marketing. If your customers, gut, and data all point toward the same solution, you can adopt it more confidently.
The more insightful decisions you can make about your marketing techniques, the more successful your campaigns and overall strategy will be.
From improving your customer experience to limiting the data you let go to waste to enabling better decision-making, data democratisation can take your marketing efforts to the next level.
The first step is analysing how data is accessed in your company currently. Next, define the best pathway to democratise data based on your learning. Then, take actionable steps toward better access and use of data in your business.