The Importance of a Great Data Management Plan

Collecting copious amounts of data is getting easier and easier, thanks in large part to recent advancement in software and data storage techniques. But it’s how that data is managed and used that accounts for the success of your sales and marketing programs.

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While collecting marketing data is getting easier, the management of that same data grows harder and harder given the dynamic nature of data. In fact, research shows that data decays two percent every month, which means that some of the data currently sitting in your database is probably “dirty” – or on its way to becoming so.

So what does this all mean? It means that you need to get a handle on the quality and accuracy of your data – and fast. If you are basing key marketing decisions like who to target and how to go to market on that same data – without addressing its overall quality – you are putting the success of your campaigns at risk. That’s where having a comprehensive marketing data management plan comes into play. Below are some helpful tips to get you started:

  1. Make data management a priority: Data is a key factor in the performance of your programs, which means it should always be priority number one.
  2. Assess the current state of your data: The first step in getting ahead of issues that exist within your data is performing a thorough assessment. For example, does the current make-up of your contact database match your target profile?
  3. Establish a set of standards: It’s important to standardize all data entry formats and requirements across your entire company to ensure fields are complete and formats are consistent.
  4. Get rid of the junk: Remove records that aren’t your target buyers or don’t influence the sale as this will just clog up your database.
  5. Don’t be scared to ask for help: Instead of enlisting a dedicated data steward whose job is it to oversee data quality, partner with an expert, like us, who has the tools to help you monitor and manage your database.

To learn more about how best-in-class marketing data management can benefit your business, click here.


 

Editor’s note: Derek Slayton is the Chief Marketing Officer at NetProspex, a B2B marketing data company. This post originally appeared on the NetProspex blog, “NetPerspectives“, and was reposted here with the author’s permission.

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