FULL HOUSES: Turning Data into Audiences

Is it Time for Your Firm to Go on a Data Diet? (via Mitchell Osak Online)

22 July, 2011 at 11:31 am Tim Roberts ARTS Australia Leave a comment

Some good learnings for arts marketing and CRM in particular:

““less data is more.” How can your firm start a data diet?”

1. “Keep only the data that is needed for forecasting and execution”

2. “Collect only what is strategic to your business”

3. “Adopt a cross-organizational approach to data collection and management”

“How much information you collect will depend on the organization but the decision inevitably will boil down to the value and usability of the data versus the cost and risk of keeping it.”

In the effort to better target profitable customers and enable 1:1 marketing, companies have been collecting and managing as much customer information as they can get their hands on.  Many industries & leaders, such as credit cards (Capital One), retail (Amazon) and consumer goods (Dell) have built strong franchises through data-driven marketing. Although collecting as much data as possible makes sense for some firms, it doesn’t for others.  … Read More

via Mitchell Osak Online

Entry filed under: News. Tags: 11-marketing, amazon, analytics, capital-one, CRM, customer-insights, data-overload, data-warehousing, database-marketing, dell, financial-services-insurance-industry, healthcare-industry, marketing-branding, marketing-strategy, performance-improvement, retail-industry, security-breach, segementation, supply-chain-operations, too-much-data.