A recent Forbes article outlined the five important steps that companies need to take to begin implementing a data-driven marketing strategy. These include:
1. Understand the buyer journey. Companies need to map and understand buyer behavior, from the first contact through purchase and aftermarket relationships.
2. Analyze. You need to understand where you are right now and what type of analytics – business, predictive, prescriptive – you will need to compete effectively.
3. Data. Develop an enterprise-wide data strategy that is actionable and links to all business objectives. Ensure you have a system that will support data management, including data hygiene and compliance considerations.
4. Organizational structure. Since big data cuts across the entire organization, managers need to revisit organizational models, evaluate their current structures and design new approaches in order to maximize revenue opportunities.
5. Technology. Business and technology strategies need to be interwoven in order to deliver a true competitive advantage.
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