Ever had to write a case study about an existing customer but had to jump through hoops to get access to the data for your report? How about no visibility into how your marketing was impacting sales so your reporting was at best directional but not precise?
Very simply, data democracy refers to cultivating a culture of data accessibility throughout an organization. Here are four reasons marketers need a data democracy more than ever.
1. It makes you smarter
Being able to see how your marketing impacts the different parts of your business is critical to your success. Public relations can help salvage a rocky relationship with customers. Lead nurturing via a marketing campaign can have a direct impact on lost opportunities. If you can see the cause and effect you will know what levers to pull (or not to pull).
2. It makes you more agile
In a flat world of internet business it is critical to be light on your feet. Having access to timely information can help you change directions, or, experiment to see which of two ideas works better. If you cannot see the results of your actions and campaigns because they are stuck in some server how can you move fast and stay ahead of the competition?
3. It allows closed-loop measurement
Historically (and even today) most marketing organizations tracked their success through the generation of leads. However the feedback loop from sales teams that informs marketers which leads converted to customers and, which customers had the greatest lifetime value for the businessis invaluable in measuring marketing success and honing their targeting.
4. It encourages company-wide integration
And last but not least the sharing of data across departments in an organization facilitates integration, coordination and cross-departmental synergies. These relationships ensure job functions in a company aren't siloed and everyone is contributing to the company's success together.
So, I call on all marketers to lead their organizations towards data democracy! But, at the same time I would like to caution you to have the proper controls in place to protect your data from misuse, theft or falling into the wrong hands.
Is your company a Data Democracy? Please let us know how you are sharing information in your company to become a better business!