Need instead of Buzz – From actual requirements to a data driven marketing roadmap
Data is the new oil – probably everyone has already heard this sentence and in fact there is a lot of truth to it: both oil and data are of no use to their owners initially, both must be refined and processed. Similarly, the sentence is also incorrect, because while oil in its crude form, already has a measurable value ($ per barrel), this is rarely the case with data. The latter only shows its true value when processed. As a result, companies often ask us: “We have so much data, what can we do with it?
In the present case, a multi-channel retailer, which collects an unspeakable amount of data and thus possesses a true raw diamond, was advised to license a DMP (Data Management Platform). However, it was not clear to the customer, what he actually wanted to achieve with his data. A clear data strategy was missing to drive more data-driven marketing:
- What data do we actually have (from which tools, in which databases)?
- Is this data already linked?
- Which goals do we want to achieve with Data Driven Marketing?
- Which steps must be taken towards more data driven marketing (technical & process-related)?
- What is the so-called “next-best-project” on which we should focus?
Considering this FELD M was commissioned to develop a data strategy together with the customer within a series of workshops to identify the next-best-projects.
Strategy and Actions
In this project we developed use cases for the effective and efficient use of data within the framework of data-thinking workshops. In a first step, we identified and discussed use cases in order to create a common understanding of what Data Driven Marketing means for the company and all parties involved. Since the multi-channel retailer works with many agencies, we also conducted interviews with the marketing agencies within workshops. For example, we asked which tools are in use, what data is generated, how they are used and reported and who has control over the tools and data. Based on the collected findings, we were able to create a very extensive data and tool landscape, which made all participants aware of the wealth of available data, but also of the optimisation potential of the current set up. With the help of this data and tool landscape, the feasibility and effort of the use cases (formulated and prioritized by all participants) were evaluated and subsequently located on a roadmap.
The development of the roadmap clearly showed where procedural internal weaknesses existed, which could often be eliminated by better project organisation and more transparency. We acted as process coach in addressing these challenges.
Depending on the project and its content, we now provide either advice or support regarding the implementation of the identified “next-best-projects”.
In close cooperation with all the client’s relevant stakeholders and the agencies involved, an integrated Data Strategy was developed which contains the following components:
- A data and tool landscape for a uniform understanding of existing data, its sovereignty and existing and potential missing links
- Support and assistance in the optimisation of internal processes, for example the introduction of new tools
- High acceptance and motivation through early involvement of all stakeholders
- A roadmap of the next measures to lead to more data driven marketing, and as an aid for the evaluation of newly emerging ideas