8 Steps to do it like a Pro!
Before we jump on to technical stuff, data management is a process of acquiring, analyzing, filtering, securing, and utilizing data to answer your KPIs. Sometimes, it is best to hire a data management consultant because if you fail to figure it out according to your company goals, it can be a mess.
Having to-the-point, useful, and easily accessible data is not only necessary for re-targeting but also helps multiply revenue more efficiently at a quicker pace.
Some of the most important aspects of data management plans are
1. Data Architecture is how well company’s data is laid out. It’s a leaderboard that tells you in quick overview, where everything is placed.
2. Data Integration is acquiring data from customer and combine it into a single view so that it can be easily accessed for customer support or Analysis
3. Data Quality is about acquiring relevant, precise data and grouping them with relevancy.
4. Data Governance defines roles across your team. Who can access data, when or to what extent.
5. Master Data keeps all the relevant information at single space, avoiding any duplicate entries to avoid confusion.
6. Data Warehousing is secure data on a cloud or online server and keeping a backup to avoid any possible loss of important information.
7. Data Sharing is about lawful sharing of important information to develop KPIs or advertising with informed decisions.
Business Intelligence of any company is defined by how well data is acquired, recorded, secured, shared and integrated into various aspects of a Businesss. Not only it makes life of an Employer easy but also benefit it’s employees, business process and multiply revenue at a quicker pace.
Data Management Process
Involves several steps and techniques to secure your company’s best interests.
1. Define your Data Strategy:
With a clear understanding of your business goals, what data would you need to see at any stage? What’s the worth of each lead you get? Think about the launch day and having 100 customers on board. Define tools, process, a dedicated individual if required to manage large database. Don’t let your vision for next 2 or 3 years out of sight.
For example: You are going to open a shoe store and don’t have a big budget to hire a dedicated individual. Ofcourse, there is limited customer base. Visualize, each customer’s data like name, email, phone and address. From the day customer signs up until retargeting, where and who will keep records?
2. Focus on Most Important Information:
Setting the right metrics is really important in a sense that it will help highlight the right data to be accessible while advertising. Not just adverts, it must be easy to search info for previous orders or returning customers. Do not measure everything.Don’t over-think if it’s not that clear in the beginning, that’s OK. It will be with time.
For example: If you need to keep track of your sushi orders, you don’t need to look at which car your customer drives.
3. Build Effective Communication
Don’t let duck sit on the eggs and just die there. As soon as you have a handful number of leads or customer information in hand, talk to them. Not talking about bombarding them with useless emails. Make a content plan, follow a schedule. The person in charge of this is often called “Data Steward”. It’s a part of business, especially with evolution of modernized social media networks.
For example: If you have a food business and customers are placing orders on your website. Make a blog to talk to them, focus on Quality. If you are selling Margaritas, add Ice teas or may be blog about DIY (Do it Yourself) drinks at home.
4. Accountability First
Almost all the bigger corporations including Google and Facebook were under serious scrutiny from lawmakers. You guessed it right! Consumer Data Concerns. Handle your data like it’s the most loved kid in the family. Limiting access to as few people as possible is the key.
For example: If customer support agents only require name Order number and address, hide your customers emails. Provide your staff with a CRM. Go big on automation as soon as you have the resources.
5. Analytical Approach
It’s not about set and forget. Analyze your data from time to time, Skip or add data fields you feel necessary. Have your data steward update the whole database or CRM accordingly. It would be a good idea to add graphs to asses the progress over time.
For example, If you used to sell buttons alongwith shirts and you find it not that profitable later, Skip the whole buttons column.
6. Data Integration
Make sure that Data provides the base for decision making. Something you must have heard time and time again “Make informed decisions”. If you have followed previous steps then each department of your company is interconnected well.
For example: There is a good chance that marketing guy and research analyst would be sitting in the same room. Imagine both of them understanding when talked about the same customer or same form of information.
7. Use CRMs
Make use of new technology and introduce your team to stuff like Slack. Make sure not everyone is coming back to you to clarify every single thing. Well integrated data means efficiect work and least mistakes possible. Don’t be shy to try out new tools, if you think a tool is able to move you faster, just add it to your daily work.
For example: If you are big on updates, Use autoposting tools to deliver content across all social media networks in one go.
8. Aim Longterm
Always look for long term benefits. Don’t emphasize on this step so much but do the least you can. You know where your business is heading. If you think there is a certain information like Age, income level or profession that might come in handy later on. Add an “optional” field for your visitors to put up this information.
Data Management system is not that complicated but if you think it’s time-taking, yes it is. If you divide data management responsibilities across several individuals and keep only one person in charge, it’s gonna take a whole lot of headaches away. Over time, it will me remind you of it’s benefits as most of the businesses tend to move faster and data management at scale would be a lot harder to figure out. Data management company will be good choice if you have the budget. These exist for a reason.