The New Rules of the Road, Part 2: Developing a Strategy

It’s been a challenge working off silos. Right now we’re trying to bring all of our data together and create an environment that allows everyone to work off a single source of data to drive consistent use, consistent application of business rules and consistent understanding of the data so that it can be leveraged to drive value across our organization.”

—Data Management Director, large payments firm
“The New Rules of the Road”

 

Recently, DMA and Winterberry Group released “The New Rules of the Road,” an innovative new whitepaper that outlines five key actions vital to good data governance for marketers.  In the first installment, we talked about maintaining an evolving map of customer information.

Today, we’re going to take a look at the second key action: the development of a unified data strategy, using the information from “New Rules” as our guide.

To be successful, an organization needs a data strategy that integrates a multitude of sources, case studies, deployment technologies, regulatory/best-practice guidelines, and any other operating parameters.

Many organizations have begun to think about the contributions of customer information in a more holistic way as opposed to taking a more fragmented approach.  In the past, these efforts were undertaken mainly by organizations traditionally reliant on data for their model (like finance and publishing), but today, as more and more businesses recognize the benefits of a more comprehensive approach, these strategies are gaining much wider deployment.

What should a good strategy look like?  The report suggests the following steps:

  • First, identify all data assets according to their background and potential contribution to the enterprise.
  • Second, outline a set of data use cases that will show how information will support any of a variety of customer marketing functions.
  • Next, create rules and guidelines for responsible use and access, making sure that the process is flexible and transparent.  Keep in mind that not all data should be treated the same way; rather, it should be managed according to its sensitivity and need.
  • Finally, make sure that an attribution process is ongoing so that tactics can be evaluated and adjusted as needed.

Such a strategy combines the best practical strategies with responsible data governance and smart organization.  Everyone wins — the employees who gain quick access to essential information, the enterprise that is running more smoothly; and of course, the customers who are served by a resource-rich organization!

In the next installment, we will discuss building an infrastructure to support the utilization of marketing data.

Like what you’re hearing and want even more concrete ideas for your business?  Read more about the “New Rules of the Road” here.

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