Improperly managed data means inaccurate targeting, which is like no targeting at all.
- Poor data management means poor targeting
- Real-time data is dynamic data
- Update your data management approach
- Look at your data potential and your team, connect your databases, ensure security, mine your metadata
- Set performance metrics to make sure everything is meeting objectives
Target marketing lets you focus your efforts on the people who are most likely to buy your product, improve your marketing strategies, and enhance audience experiences. It also boosts both brand awareness and brand loyalty. Because you know your customers better, you can reach your audiences in authentic, meaningful, and personal ways.
None of this happens, however, if you don’t manage your data properly. Poor data management means poor targeting, which means you’re really not targeting anyone. To be successful with real-time targeting, you need a robust data management plan in place. Let’s talk about how to manage your data in a way that optimizes your approach.
What is real-time data?
Real-time data is used to target the right current and potential customers by focusing with precision on their particular needs and preferences. This real-world data offers useful insights that can be immediately digested and deployed.
This means that if someone makes a purchase or abandons their shopping cart, it’s known immediately and can be acted upon. Real-time data creates an efficient process that’s immediately trackable, so marketing strategies can be adjusted to provide the ultimate customer experience and increase sales.
Real-time data is dynamic data
Real-time data truly gives you the big picture. With static data, collected at a specific point, you get information only related to that one moment, and if you focus on that, you’ll see only a very small part of the overall landscape of your marketing efforts.
The dynamic nature of real-time data means you can use it differently than you would static data. Fresh and relevant data can target shoppers where they are and when they are looking for your product. In addition, by using analytics tools, targeting can be updated in real-time using dynamic data to keep up with trends.
Proper data management is paramount to reach your objectives. Obviously, if your data is poorly managed, your targeting efforts will have the opposite effect from what you want: decreased loyalty, poor customer relationships, lost customers, poor lead generation, … You get the idea. So, how is data properly managed to get the very best from it?
1. Update your data management approach
When it comes to high-growth organizations, effective data management and analytics sets successful companies apart. If you do not already consider clean, accurate data one of your most precious assets, it’s time to start.
2. Take a closer look at your data — it has a lot of potential
On a global basis, more than 2.5 quintillion bytes of data are created daily, and that will only grow. This means you have an incredible amount of data sitting within your organization already, with information about everything from customer preferences to just how effectively you are marketing to them.
Collected data is nothing on its own. You must determine what kind of data is most valuable to your organization. What kind of data do you collect? Are you analyzing it to its full potential? How can you use it to better identify opportunities, anticipate customer wants and needs, promote cross-sells and upsells, and improve overall efficiency? And how accurate and fresh is your data?
3. Build a data management team that understands the objectives
You need trained and experienced staff to manage data collection, quality, and implementation. The quality of your data and any technology you use is dependent upon quality staff. You will rely on this team to make sure analytics deliver the right insights and actionable results.
4. Connect your databases and manage your metadata
Centralize data management to avoid intelligence gaps and regulatory non-compliance. Your system must support data coherence and visibility and enable future growth through flexibility.
Along with this, managing metadata is important to create an information infrastructure that shows who owns information and how important and relevant it is. This helps you map information and assess its value. Metadata shows when data was acquired, created or revised, how it’s formatted, and where it’s located — all extremely valuable information.
5. Ensure data security
Hacking is rampant and can cause reputational and legal problems. Cybercriminals aside, privacy is a huge issue because confidential information is shared across devices, from hard drives to mobile phones to flash drives.
Make sure all company server security measures are kept up-to-date and that only authorized staff has access.
6. Set performance metrics
Now that you know your data is clean, relevant, and secure, you can turn your eye toward practical ways to increase overall company performance. Set Key Performance Indicators (KPIs) to judge the effectiveness of your data-driven target marketing.
KPIs allow you can constantly monitor the effectiveness of your data management and deliver metrics to guide future business decisions and investments.
Start your targeting with fresh, relevant, quality data
The tools at BDEX help you get the quality data you need, right when you need it. We have over 6 billion unique IDs, over 5,500 data categories, more than 800 million mobile ID-to-email matches, and over 1 trillion data signals. With BDEX, you’re empowered to create your own custom audience, so all you have to do to get your messages in front of the right people at the right time is build your ideal target customer and download the data.
Make real human connections with BDEX. Contact the team today to get started transforming the quality and accuracy of your data.