When speaking of growth marketing, data plays a crucial part, and it is the most beneficial marketing asset for your brand. Using a data-driven strategy assists businesses in increasing return on investment from their marketing endeavors, curtailing the purchasing cycle, and raising consumer lifetime value.
However, due to the ever-changing organizational landscape, data that business growth marketers traditionally used to make optimization choices have become inaccessible as everyone is now shifting towards a privacy-centric world. It is where data-driven approaches come in handy to help organizations understand the role of data privacy in growth marketing.
In numerous ways, the shift of growth marketing towards a privacy-centric world would not be feasible without an ever-growing data volume. In modern times, the behavior, preferences and specific client actions can get traced through various channels; from search advertising and social platforms to mobile and web applications.
With access to this volume of data and the specificity of the information, marketing companies can comprehend how each prospective client moves through the marketing funnel.
Even when the significance of data privacy in growth marketing remains well acknowledged in marketing processes, executing an effective data privacy workflow isn’t effortless. Here are some of the top challenges that businesses face in organizing and deriving value from their growth marketing data.
Data is increasing at an incredible speed. According to research, 90% of global data was generated in just between 2018–2019, and the rate is only increasing. Due to this, managing and storing data and keeping it private can be a challenging task.
- Data stored in numerous places
Marketing companies embrace best in-class mechanisms for diverse growth marketing requirements. You now have detailed tools for social marketing, email marketing, SEO, website analytics, SEM, and marketing automation, and that’s just scraping the surface. As a result, growth marketing data privacy lives in all of these disparate mechanisms.
After looking at these challenges, you might be thinking that executing data-driven growth marketing will be an impossible endeavor. However, the best part is, there are administrative structure and strategy best practices that will assist companies in optimizing data privacy for growth marketing.
- Consider data as a product, not as a project.
A thriving growth marketing company grows based on the outcomes of continuous experimentation. Rather than considering your data as a one-time task that you put and forget after you’ve completed your initial set of dashboards, your data must grow as your product and marketing requirements change.
As you understand more about the market, product, users, and channels, there comes additional data sources to analyze.
Therefore, treating your data for growth marketing as a product with growing needs allows companies to enhance their marketing processes. Apart from this, when creating your data workflow, you should be able to account for a continuously expanding data model.
Just because you own a specific collection of data sources and definitions currently does not imply that it will stay the same a year from now. You must ensure that you can quickly and effortlessly update your data privacy model by executing a flat data format where growth analysts can work directly with the information sources.
- Keep all your growth marketing data in one place.
To witness the full impact of every experiment on the entire client journey, you must organize and merge your data. Rather than examining data straight from the sources, you must centralize the information in one place with the help of a data warehouse to keep it safe in this privacy-centric world.
In this way, you can establish connections and relationships from the data using diverse growth marketing strategies and tools. Furthermore, by merging and combining data, you will also find insights that you may not have been able to witness earlier.
- Design for adaptable analysis.
When your data model evolves, the related questions you want to examine must also change with every marketing experiment and campaign. A flat data model will let you accomplish a detailed examination of questions you hadn’t thought about before.
Besides, it is better to guarantee that your company has the tools and team with the required skill sets to accomplish deep research of particular questions — to not only comprehend what has changed but to analyze why a change happened.
In a nutsell, data-driven growth marketing strategies exceed their equivalents significantly. Generating correct and timely insights from data allows you to make the right business decisions. To accomplish this, you must guarantee that your growth marketing organization holds the right level of attention, flexibility, consolidation, agility, and cooperation in collecting and analyzing data for better growth marketing mechanics to stay ahead of the competition.