13 Benefits Of Marketing Data Warehouse
When I’m talking about data in this blog, I refer to petabytes. One petabyte is equal to 500 billion pages. It can comprise of standard, printed text, data produced by digital or mechanical devices, IoT enabled devices or also from people using websites, online gaming, banking and softwareapplication.
All Marketing Organizations have one simple goal – to amass vast majority of sales opportunities. This can be done using data-driven strategies, programs and applications to target the right prospects at the right time with the right message. Sounds good, but why is this such an elusive endeavor to most marketing teams ? Lets divulge into this a little more deeper.
As we already know that marketing department in any business, is completely dependant on data to better serve their customers. streamline their operations and lead their business. But today, the marketing world is experiencing a data tsunami. The volume and complexity of this data can quickly overwhelm a conventional on premise data warehouse and often cause data processing and analysis to hang or even crash the system.
Mostly all of company’s marketing data about customers are recorded in diverse platforms and stored in multitude of disparate databases, this makes is difficult to create a complete view. The key question then becomes – How accessible is that data ? How much will it cost to store, extract and analyze the complete data ? And what will happen if you don’t do that ? This is where marketing data warehouse comes into play.
Emergence of Marketing Data Warehouse:
Marketing Data Warehouse emerged from the convergence of three major trends. They are
- Changes in marketing data source, volume and complexity
- Increased demand for marketing data access and analytics
- Marketing technology improvements
Businesses big or small can size this marketing data warehouse to meet their needs and their budget and dynamically grow and contract their systems as things change from day-to-day and year-to-year.
Benefits of Marketing Data Warehouse:
Here are a few benefits where cutting-edge marketing data warehouse technology can significantly improve a company’s operation:
- Marketer’s source of truth – Marketer lives and breathes on data. Data Powers their best campaigns, personalized messaging and also creating audience segments. As a marketer, it’s important to be connected to the warehouse, because it leads the marketers to the source of truth about the customer. It can be said that it’s like a holy grail and if you are not connected to it then you are in the dark.
- Real Time Updation – The most important and maybe the overlooked feature of the data warehouse is that its real time. Compared to that the data in CRM takes hours, if not days to sync and can be outdated to make effective business decisions. The marketing data warehouse doesn’t have these issues- data is stored there first so it’s always up to date and ready to go.
- 360-degree customer view – Marketing data warehouse can amass all data from all the sources into a single location. Determining the company’s strategy with these insights will work best to serve the customers their needs. Also, the generation of ongoing demand will happen faster, cheaper and with less headache.
- Up-to-the-second Metrics – Instead of old school monthly reports from a multitude of disparate systems Marketing data warehouse helps drive the organization’s future by providing up-to-the-second dashboards driven by a holistic view of customers, existing and new market opportunities and also future predictions.
- Right Message, Right TIme – Armed with a omnichannel view of customers across all the touchpoints, Marketers can deliver relevant, timely and personalized engagements, help tailor products, services to the needs and demands of an individual customer which can culminate in a brand experience that the customers will appreciate and reward with their loyalty and repeat purchases will be a sweet victory.
- Quality Assurance: Marketing warehouse analysis of customer sentiment can be used to monitor for early warning signs of customer service issues or product shortcomings and take action sooner than was previously possible when the only data source was call center complaint logs.
- Elimination of Data Duplication: Accurate data is what makes a company make strong decisions. To achieve that the quality of data should not be poor. This can be done by using a marketing data warehouse as it converts data from multiple touchpoints into one common format. This is done to verify the consistency and quality of the customer data. As a result, this makes it very easy to catch and dedupe duplicate information, incomplete and poorly managed records.
- Increase in ROI: When the marketing department makes use of the data warehouse each time to pull out data stored and organized, it makes sure that the company is getting more out of its initial investment. Overall marketing returns can increase when the data warehouse is used to harness and analyze the data embedded at its core. By using the ROI formulas the marketers can explain, justify and quantify the effectiveness of data warehouse to the company heads and in turn get the unified support for the investment of the marketing data warehouse.
- Storage of Historical Intelligence: The main role of a marketer is forecasting future trends and outcomes. Only when one has a solid understanding of the past successes and failures can one predict the future. The huge storage capacity of a marketing data warehouse makes it easy to analyze different trends and time periods and that can surely be a game changer for digital marketers. A successful product launch can be mirrored while failure can be studied and changed to create a positive impact. Ordinary database don’t have the capacity to store detailed historical records which creates a unique standpoint in the decision making and also product launch.
- Improving Data Security: The most important priority lies in protecting customers sensitive information from falling into wrong hands. This can be avoided by making use of one data warehouse where the data can be centralized and properly secured. This will surely reduce the risk of the data breach. In recent times there have been many top tier businesses affected by data breach which has made them loose financial stability and also the trust of customers.
- Connectivity with Marketing Automation Platform: The efficiency of digital marketing can be greatly improved when the marketing data warehouse in embedded within the architecture of marketing automation platform. Data warehouse can head the automation process of email marketing and social media marketing.
- Operational Efficiency: Marketing data warehouse is used for operational intelligence of monitoring businesses and analyzing events. When this is done the company can reduce cost, streamline the process, boost margins and also respond to market forces rapidly.
- Innovation: Instead of always checking the rearview mirror, the marketers can also use a new source of data to spot and capitalize on trends, thereby disrupting their industry before an unknown or unforeseen competitor does so first.
Data warehouse that is right for the company should also be flexible enough to accommodate the needs of the customers and also their future expectations. Thus Marketing data warehouse has become the holy grail for the marketers. It has helped them in achieving the impossible with great clarity and focus.