Why Sharing Data Internally Can be a Gamechanger
By Ifty Kerzner, Co-Founder and President of Kissterra
In this period of economic volatility and rapidly changing markets, one perhaps surprising way to bolster a business can be through better data sharing within the organization. In fact, better inter-organizational data sharing can boost business metrics throughout an organization’s various departments.
One way to create more streamlined data flow across organizations is by creating a centralized data hub capitalizing on unique marketing data coupled with additional supportive data form across the company to guide logical business decisions with a solid analytic backing.
Large and small companies alike often struggle to manage and process all the information they produce because certain datasets are either siloed within single departments or are interpreted differently across multiple departments. This is especially problematic when it comes to finalizing advertising budgets based on data that is compartmentalized between departments.
One department in particular which will benefit from such an approach is marketing. Marketing departments are usually privy to click through and conversion rates, whereas product teams often only have access to the datasets that track customers and their purchases. Without organization-wide transparency between these departments and the varied ways they use data, missed opportunities ensue.
Remediating this issue calls for establishing a uniform methodology for understanding and leveraging company data across departments. Knowing which data is housed where, by whom, and how it is used can inform appropriate decision-making, especially when it comes to targeted advertising.
Marketers are often so focused that they are rarely aware of the full picture. However, learning to leverage customer segments and factor in behavioral, transactional, and engagement trends will yield more quantifiable customer-centric KPIs.
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Having a set of unified, companywide KPIs when it comes to data use leads to a more holistic business approach and ultimately helps turn more profits. After all, how well can a well-oiled machine run if its parts aren’t in sync? When companies are aligned across departments, they can better excel.
For example, when marketing and claims data is shared across insurance departments, the company can create a direct correlation between customer cost of acquisition and customer lifetime value, a strategy that syncs better with the diverse range of customer needs while securing profit in the long-term. But regardless of the industry in question, if all parties are working towards the same goals, marketers can better direct budgets to meet their intended targets and run tighter campaigns.
Good Data Communication, Good Marketing
Once marketing departments are properly aligned with larger company goals, the potential for upselling and cross-selling opportunities arise as well.
If all requisite data points are clearly defined and communicated, marketing teams can create targeted, personalized campaigns that give future customers the options they desire based on their prior spending. When customers see ads that suit them, they feel seen and can become more comfortable about their purchasing decisions.
76% of consumers are more likely to consider purchasing from brands that personalize. Companies that have not done so already need to prioritize their data communication channels to cultivate the information necessary for tapping into valuable consumer segments, cementing their growth targets for the years to come.
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