Premium Content - How to build an effective data ecosystemJul 28, 2021
By Nick Bottai - Co-Founder/Director @ The Marketing Leaders Ltd.
This month we spoke about data, what they are, where to find them, how to use and so on. Now, it’s time to put everything together.
We see how to define, collect, store, analyse, distribute and use data.
As an example, pretend to work for a Hotel on the seaside that wants to increase brand awareness.
- Data collection
- Data Storage
- Data Analysis
Everything starts with the… end of the journey: where do we want to go? What is our goal?
The Goal definition plays a fundamental role in defining the next steps.
The Hotel goal is to increase brand awareness. In this example, the data we need differ from a company that wants to improve the customer experience in the shops.
We live in the era of data. The challenge at this stage is to define what data we need, which means which ones matter the most for the achievement of the goal.
To increase the Hotel brand awareness, we need to understand who our customers are. Segmentation and buyer persona help us a lot because we can narrow the range of data we need. At his stage, we want to collect qualitative and quantitative data:
- know what channels they use,
- how much they spend
- When the look for info
- When they look for booking
- How long do they stay in the hotel
- Why do they go to the seaside
- Why they chose this location
- What is their perception of the location
- What they want to experience
The next step is WHERE and HOW we collect them. Depending on the resources, we can decide how much secondary and tertiary data we can collect and set a strategy to get the primary data.
Where do we store the data collected? It’s not only a matter of storage but organisation. The data collected could be helpful to the company at different levels, and it’s wise to consider this feature among others.
The main features in data storage are:
Law. Every country has different regulations for data. Even if the majority of the countries are aligned with the GDPR, it is a good practice to double-check if your company complies with every regulation.
Accessibility. The data collected are helpful for other departments. Plus, due to the resources involved, you want to maximise the effort and have the best return from them. So, make sure they are accessible for anyone who might need them.
Use. Depending on the use we want to make of data, we might decide on different storage options. For example, if you collected emails, you might want to use them for email campaigns. So the best place could be e CRM or email marketing software.
For our Hotel, we decide to store the data in a CRM, comprehensive of email marketing and social media tools.
Last but not least, data analysis. Again, we want to make good use of the data you collected. Using predictive models, we can forecast the flow of customers’ behaviour and therefore prepare the best strategies. To know some of the best tools, please refer to Data Analysis Tools: web, social media, email marketing, data modelling.
The data collected for the Hotel showed that bookings of people aged 20-30 are raising in our location. To increase our brand awareness, we decide to run a campaign on Instagram to attract them.
Data are a big thing and require an appropriate strategy to collect, store, analyse, distribute and use.
Each company can structure its approach based on its needs. I spoke about a single goal, but it's a simple model because companies use data for many objectives in different units (sales, marketing, logistic, stock and more).
The following picture is an example of a Data Ecosystem.
You can download the full presentation here: