|Don’t know what to do with a ton of B2B customer data pouring into your organization? Create a data management strategy! Read all about what it is and how it can help your business’s performance by clicking here.
Organizations today have access to more customer data than ever before. And successful marketers who know how to leverage it to stay ahead of the curve. Sure, not all buyer data out there is valuable, but a chunk of it is, and you need to mine it.
Pulling out insights or mining data from a dataset lets you know what your customers want. You can then work on a strategy to personalize your business offerings and pitch them at the right time through the correct medium.
Make better business decisions that lead to higher conversions and revenue growth simply by prioritizing data management.
What is Data Management?
The process of collecting, storing, organizing, and securing a company’s customer data is data management. Companies undertake data management practices for strategically analyzing a buyer’s preferences and buying journey. Simply put, raw data that is cleansed and organized can be analyzed efficiently through data management best practices.
It’s no secret that buyers create copious amounts of data each day that companies need to crunch to consume quickly. This is impossible unless you have a robust data management policy in place.
Why do B2B Businesses need to Prioritize Data Management?
Data management is the primary step towards knowing your target audiences closely. But, this is not it! Here are the top reasons why your B2B business needs better data management practices.
Help Employees Find Data Quickly
If you want to improve a dataset’s visibility within your organization, prioritize data management. Increased data visibility makes it easier for your employees to find information on a specific target audience, thus optimizing marketing strategies to reach out to them.
Why create a chain of command or hierarchy for procuring datasets? Simply organize them better by putting them on a centralized system with ample password protection and have your employees access the datasets directly.
Ensure Data Security
Data loss, leak, or theft is a significant issue for organizations these days. However, if you manage internal customer data well, you significantly reduce the chances of a data breach, thus making it more secure. By establishing and enforcing stringent policies and practices for data usage, you can safeguard your internal customer data.
Drafting a data usage policy is a critical aspect of data management. While making such a document, ensure you placidly add the penalty in lieu if an employee is found misusing it. Also, mention the backup process and protocol for your data. In case of data loss, your employees must consult the document to retrieve a copy, should the need ever arise.
Avoid Repeat Data Collection
A B2B organization has data coming in from diverse sectors and verticals. The magnitude is immense, which is why archiving is critical. This practice allows you to avoid collecting the same data repeatedly, which saves you the costs associated with data collection. It also weeds out the chances of duplication within your dataset as redundant data can corrupt your datasets.
Data Management Best Practices
If you’re unsure of how to start managing data better, follow these 4 best practices:
Define the Data Type You Require
Rather than crunching and creating categories for all data types, pick and choose the nature of customer information you are most interested in. if you have multiple product ranges, define the kind of data you want to include for each type. Ask, what are you strictly looking for in a particular dataset for a specific brand. This will help you keep data clean and relevant.
Invest in an Effective Data Management Software
Whether you run a B2B start-up or corporation, investing in data management software is always a good idea. Manual data management is a thing of the past, given the magnitude of information entering any company’s systems these days. So, invest in a robust data management software with a killer interface – something that doesn’t require a great deal of training and has the following features:
· Data governance check
· Data quality check
· Fraud and security check
· Advanced analytics
· Data compliance check
To keep your data secure but distributable, set permissions for each customer dataset within the organization. When you allow only a set group of individuals outside or within an organization to access specific information, it automatically stays secure.
Rather than issuing blanket data usage policies, set up different permission levels for different employees if needed. You don’t have to redact any data this way, and everyone knows their data clearance level.
Should You Get External Assistance for Data Management?
While not a best practice, hiring an expert to manage data is a popular industry norm. After all, there are countless advantages of seeking assistance with data, such as:
· An external data management firm usually has eons of experience in data handling. They will likely do a better job than you!
· It is a cost-effective solution as these firms work at economies of scale.
· Outsourcing data management can let you focus on other areas within your organization that require your attention.
The Bottom Line
In the end, it does not matter how much data you have; what matters is how you utilize it. A carefully planned data management strategy helps you optimize customer data utilization. It enables you to mine the data you need to know your customers inside out. Only when you understand their needs, wants, aspirations and motivations can you personalize your offerings.
Ultimately, it is the solid approach to data management that can accelerate your business’s performance.