Trovus comment on Data Management for B2B Marketing Online - 23rd March 2009
Data is a company's best asset, but what is best practice in terms of keeping it fit for purpose? What steps should companies take to maintain its viability?
Caspar Craven from Trovus suggests a simple 5 stage process:
1) Question - question why you want the data in the first place - is the data in itself interesting or compelling - understand what is the value of the data.
2) Process - what's the process you have to use the data - data and information without a process has negligible value - if it doesn't get used for anything or translated into value, there is no point in maintaining it
3) Test and Measure - regularly review the value of the data you have - if you are using it to produce value for your organisation, then do more of it. If it doesn't, do less. (I've lost track of the number of places where data and process exists but has no value because there is no test and measure process to root them out)
4)Ruthless - if the data and process doesn't work, scrap it and find either fresh data or trial fresh approaches.
5) Innovate - consider other fresh data sources. For example in direct b2b marketing, don't just buy more lists, but try finding out the companies who are visiting your website and build your target list from those organisations who are already showing an interest and coming towards you.
With budgets increasingly under pressure, we all need to challenge traditional thinking and question: does this activity make a £1 or save me a £1?
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