All the rage these days in the marketing world is for companies to become more customer-centric. However, it turns out customers generate A LOT of data, and the data generated almost never ends up in one place. It seems that data silos are multiplying because many marketers don’t have a defined, actionable strategy for collecting and analyzing data, not only from emerging channels; i.e. web, mobile, and social, but even traditional channels like sales and market research.
It is true that marketers are collecting and analyzing engagement, purchase and behavior data. The problem is that the collection and analysis happens in silos across the organization. Data silos constrain the marketing department’s effectiveness, limit its efficiency, and prevent decision makers from gaining a 360-degree view of customers.
It is time to put an end to the disparate data problem. With the recent advances in cloud and database technologies, it is finally possible to create an elegant, all-in-one data blend reporting and analysis environment.
I have recently begun such a project with one of our client's. We started with two data sources (a sales data mart and a third-party market research application) that were not at all designed to be linked and devised a new schema that simultaneously houses both. So now, an exercise such as determining our client's revenue, total competitor revenue, relative share, and opportunity for a given market context can now be completed much more rapidly, using a single source. Moreover, we can now focus on higher value efforts of extracting and visualizing insights, rather than processing and merging data. In the future, we hope to realize even more benefits and efficiencies as we seek to integrate web and campaign data into our existing solution.
The right BI and analytics can make it a lot easier for companies to break through boundaries that keep them from acting on all available data. These companies are the ones which will ultimately succeed.
About the Author
Alex Alongi is a Marketing Analytics at SIGMA Marketing Group.