Formulating the perfect data governance strategy, implementing and auditing it, will help get the customer data across to the right person at the right time.
Marketing Data Governance, in definition, means collecting data about your users through various touchpoints like marketing channels, people, and processes, then organizing and analyzing that data to enable critical business decisions.
In reality, marketing data governance is about elevating or super-charging your customer data.
We are living in an era of ‘big data’, where customer data flows into your organization on a daily basis from multiple sources. The standard system that most organizations follow is to look into this data and try to decipher it, when you need to make a business decision.
Say you need to launch a new product. You rummage through all the different sources, realizing too late that most data conflict with each other, or that some crucial data has not been collected at all.
You put together the bits and pieces of data you have, to cobble together a strategy.
The above image looks like ‘data utopia’ where all your customer data is brought together, sorted and distributed to all key stakeholders. But this is far from reality in most organizations, where key data is not available to the decision makers due to various reasons -
Most organizations start small, and grow over time. When an organization is small with limited resources and time, there is no time and money to sit down and sketch a strategy for marketing data governance.
Over time, when you have more customers, more product or service offerings, and more resources; it’s too late for you to go back in time and create a data governance strategy.
Marketing Data Governance Strategy is defining:
Even if you make the best data governance strategy, it will fall flat if there are no systems in place to implement it.
Executing on the strategy is as important as formulating it.
There are many tools available for collecting, collating and distributing data. Once you define your strategy, it is easy to look at tools specific to your requirements.
Identify the right tools, talk to experts, and make sure your software or tools talk to each other. Integrations between tools will ensure that your data flows seamlessly between different software.
As I mentioned earlier, tools are available if you have a clear understanding why you need them.
Build a Data Governance Framework that takes into account the specific requirements of your organization. It is good to involve all stakeholders, both internal and external in the process to ensure that your strategy takes care of all the requirements, and also has a buy-in from your key users.
Here are a few key points to remember while formulating your Data Governance Strategy.
Respect all confidentiality and non-disclosure agreements with all parties concerned at this stage of formulating your data framework.
Remember, you are in this for the long haul. Executing the strategy make take months or even years, and is a continuously changing process while you test out different tools, processes and systems to best deal with your data.
Any system needs to be constantly monitored and fine-tuned to make sure it works well, and meets your requirements.
ISO certification requires frequent internal and external audit to make sure your stay on your toes, with data governance.
But that’s not all.
With a solid Marketing Data Governance framework, and ongoing execution, with auditing will ensure that you are collecting, collating and using the data just right!
This is Camptag’s area of expertise. We can ensure that your campaign taxonomy and tracking codes are implemented correctly, to ensure seamless data flow from your campaigns to your analytics software.