Of course, setting a data strategy isn’t a one-time task. It requires ongoing work, vision and a lot of effort to make successful. Think of your data strategy as a road map to achieving your short- and long-term goals, crafted in such a way that it’s capable of meeting your existing needs and future ones too as your business changes, evolves and grows.
Unfortunately, there’s no one-size-fits-all approach to setting a data strategy. Finding what works depends on what your company does and its maturity and corporate culture, among other things.
But no matter the situation or circumstances, anyone can successfully start here. Answer these questions first to lay a solid data strategy foundation:
The Data Strategy Planning Questions To Ask Yourself
Goals & Objectives
· What are your goals?
· What do you want to learn about your customers?
· Do you know who your customers are?
· What does success look like to you?
· Who will oversee your data strategy?
· Do you have a legal compliance and consent process?
· What is your auditing process to ensure data quality and accuracy?
· What type of platform do you need to unify, manage and segment data?
· Does your infrastructure allow data to integrate with other systems?
· Do you have the technical expertise to handle these data integrations?
· Do you have a plan for sharing data across departments?
· What reporting capabilities do you need?
· What data do you need to measure business impact?
· What data can you access now?
· Do you need to enhance your data sets to fill any gaps?
· Is your data aggregated holistically?
Segmentation and Modeling
· How will you segment your audiences for activation?
· Do you want to use look-alike modeling or offline modeling?
· Can you use propensity modeling based on your data?
· Where will you activate your audience segments?
· Does your DSP enable search, social dynamic creative and more?
· How can you use your data to optimize your campaigns?
Answering all these questions upfront in the planning phase can make creating and implementing a data strategy more efficient and much easier down the road. And once you have your data strategy, with the right reporting tools, you can reap a lot of benefits. Here are just a few: