A comprehensive overview of the collected data in all departments of the company improves the business decision-making and competitiveness of the company on the market.
In order to ensure competitiveness on the market, it is crucial for every company to gain control over the data, as it is therefore easier to make substantiated business decisions.
However, companies often collect a large volume of data that are stuck in the various data silos of individual departments over which companies do not have a complete overview and full picture of what the respective data convey.
Failure to use data = lost opportunities
Every department in the company wants to have control over the data which it considers relevant and does not pay particular attention to the data which seemingly have no direct impact on its activities. In order to operate successfully, companies must monitor all points of contact with consumers which can indicate consumer (non)satisfaction, needs and wishes so that they can subsequently be converted into opportunities.
Companies that are aware of the data potential will in this way try to develop a data management strategy that will enable them to identify key business needs and create a viable plan for the future.
How to develop an effective data management strategy?
First, we advise you to rearrange the data you collect about your consumers and find out which departments have created data silos. Determine points of interaction that can be traced and reconcile them with your key performance indicators. These data may be extensive, but each piece of information in the silos is valuable. They are usually hiding in a wide range of places, such as consumer relation management systems, e-mail, information on website visits, etc.
Searching and cleaning these data takes a little more time, but your motivation should not be an issue. After all, these are your data which are free of charge, and the competition has no access to them.
With regard to advertising data, their analysis may open your eyes if you only ask the right questions, such as which subpages users visited, which are the shared characteristics of users that provide the desired conversions, which links have the most clicks, etc.
For more efficient advertising use data from all points of contact with consumers
There is an increasing number of companies that establish the so-called platforms for consumer data management within their digital transformation of operation enabling them to integrate the data from their CRM, e-mail and other systems on a single platform. The most advanced companies also integrate advertising data in the platforms for consumer data management. This is for example provided by iPROM DMP, which can log the data on the conducted advertising campaigns, monitor behavioural patterns of target groups and combine them with the data from past advertising activities as well as with independent data and events. However, companies are becoming increasingly aware of the need to use the collected data in applications and are more and more turning to using an advanced system for managing advertising campaigns from one single point in a company that also allows the collection of data from advertising in their own media, such as iPROM AdServer for advertisers.
In order to provide an ongoing improvement of the efficiency of advertising campaigns, we use the iPROM Cloud software to collect data on activities on the client’s website, upgrade the data for targeting with the data from various CRM systems of the client, data from the online store and by monitoring conversion and other metrics that are recorded in real time.
In order to satisfy the need for precise targeting and optimisation of financial assets of the client, we collect anonymised data on behavioural patterns of users and store them in our own data silos in accordance with GDPR. If the data is not anonymous, we have obtained appropriate consents to manage these data in accordance with the legislation.
Rapid technological development causes companies to keenly dive into new data opportunities which are sometimes not suitable for their operation. Before you join the data revolution, it is important to understand that sometimes only certain types of data are important; thus you should first focus on those that help you understand the consumer and address the challenges. Let your data work for you and not vice versa.