Data management might not be the sexiest of topics but there’s no doubt that it’s a business investment that can have a big impact right across the organisation. Strong data management underpins many different aspects of business infrastructure, from the decisions that inform strategy, to the insight that the marketing team has to work with. It can also improve the internal function of the business, in particular the cohesion between the sales and marketing teams.
Sharing insights and saving money
More efficient business structures are the pot of gold at the end of the rainbow these days and data has a big role to play in that. Strong data management ensures data isn’t duplicated and mistakes aren’t made when it’s shared between teams. Well defined core metrics, as well as marketing segments and key information such as customer lifetime value enable marketing to be optimised to waste less time and generate more revenue. Insights such as this give the sales team more to work with and provide more fully formed leads.
Common understanding between teams
Strong data management ensures consistency and reliability of data right across the sales and marketing teams. Shared metrics are dependable and both teams have a common understanding of the business’ KPIs. This helps to keep lines of communication open and ensure sales and marketing can genuinely work together from the same page. It also helps to avoid the mistakes, miscommunications and false assumptions that can hold everyone back.
The impact of analytics is increasingly felt right across an organisation and strong data management is at the heart of this. Analytics activities, from defining metrics and key attributes to risk management and statistical models all rely on effective data management to work well. This begins with the process of ensuring that specific data is captured to create necessary reports and insights and ensures that the right data ends up in the right place. Where there is solid data management then it’s much easier to align marketing analytics tactics with sales objectives and strategic goals so that the two teams work better together.
Real opportunity for growth
Where there is strong data management there is clarity on data definition and on the meaning and content of reports that are circulated throughout the organisation and intra-team. This enables the use of data within the business to be optimised. Data becomes a clear and useful resource so that both sales and marketing teams understand how key data has informed the strategy and decisions of the other – and highlights how the two can best support each other.
It’s very easy for sales and marketing teams to work side by side but with little understanding of what the other does or how their work impacts on the other team. Where this is the case, businesses are rarely working at an optimum level. Strong data management provides the kind of perspective that ensures operational confidence as a result of integration throughout the organisation. Both teams have easy access to the data that informs the decisions of the other, as well as the results. Compliance is better managed across both teams and crucially all this insight is available in real time. It’s this kind of clarity and confidence that can give both sales and marketing teams the insights to really thrive.
If you’d like to find out more about how we can help you improve the relationship between your sales and marketing teams get in touch with Marathon Professional Services today on 020 8329 1000.