Data Strategy
FOUNDATIONS FOR SUCCESS
Data Strategy
Every business collects data. Often massive amounts of it. When considered in abstract terms like “billions of rows of data” or terabytes, data can be intimidating. But when considered from a perspective focused on practical outcomes that solve real-world business challenges it is easy to see the value. Data strategies are among the most effective ways to align CMOs and CFOs around improving marketing effectiveness and customer retention which drives revenue, ROI, lifetime value, customer satisfaction, and data monetization.
Consumer relationships with brands have changed dramatically over the last decade and data is at the heart of it. This change has been accelerated in the past few years by an increase in international and domestic data privacy legislation, and the emergence of Artificial Intelligence into everyday life. Coupled with increasing expectations of dynamic customer experiences, regulation of 3rd party data suppliers, and of course revenue growth expectations by investors, ignoring untapped data opportunities is no longer an option.
What is Data Strategy?
A comprehensive data strategy is a plan of action designed to help an organization achieve its goals by effectively using their internal and external data assets and technologies to achieve focused outcomes.
Effective data strategies are based on each organization's unique objectives, risks, data source mix, data applications, consent terms, interaction channels, and opportunities to create an actionable plan with short- and long-term benefits to the organization.
Comprehensive Data Strategies Cover:
Marketing IQ's approach to data strategy covers twelve core strategic data imperatives:
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Global & Local Data Privacy Compliance
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Data Governance
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Quality & Validation
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Sourcing & Risk Mitigation
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Cross-Organization Integration
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Identity Resolution & 360° View of the Customer
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Data Hygiene, Standardization & Augmentation
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Creation & Monetization of Data Assets
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Artificial Intelligence
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Customer Experience & Journey Integration
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Insights & Analytics Development
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Automation & Scaling
FOUNDATIONS FOR SUCCESS
Defining a Data Strategy
With powerful, yet often untapped, data opportunities available to every organization, the question is where to start. We can help with that.
Marketing IQ’s Data Strategy services deliver practical and actionable outcomes so B2C and B2B marketers can activate existing and future data opportunities and generate the most value while remaining compliant with data privacy regulations and best practices. We do this by building the foundations and then seamlessly integrating big data into business intelligence, artificial intelligence, and cross-channel marketing programs that help organizations focus on increasing ROI, LTV, engagement, and customer satisfaction.
Our core Data Strategy services focus on three areas designed to protect, grow, and activate your existing and future data opportunities:
DATA PRIVACY COMPLIANCE
Data privacy compliance elements help protect and instill risk adverse practices across your
organization.
Key Compliance Elements:
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Policies and Processes
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Data Privacy Compliance
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Data Privacy Impact Assessment
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Privacy by Design
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Software Development Lifecycle
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Artificial Intelligence Safeguards
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Employee Training
For more on our Data Privacy Assessment services, click here.
MONETIZATION
Key Monetization Elements:
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Data Asset Evaluation
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Source Evaluation
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Opportunity Analysis
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Artificial Intelligence Risk Analysis
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Data Asset Development Roadmap
DEVELOPMENT
Key Development Elements:
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Framework Development
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Data Orchestration & Standardization
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Attribute Creation
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Anonymization & Pseudonymization
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Data Classification
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Data Sharing & Controls