As the levels of competition within our modern consumer market continue to rise, data-driven insights are the game changers for brands of every size, in every industry. Those who prioritize and harness the power of data-driven insights to understand their customers, their market and their competitors will always have an advantage over those who do not.
With that in mind, we have some good news. Chances are your brand is currently sitting on a treasure trove of customer insights, you just may not know it yet. Between sales data, market information, and prior market research, a lotdata can be learned by revisiting old data files with new objectives in mind.
Data Inventory Analysis is a valuable project on its own, but it’s even more powerful when it’s the beginning phase of an ongoing data-driven brand strategy. Regardless of where our clients are along their data journey, we always recommend starting from the beginning to ensure we leave no stone unturned. This is how we maximize ROI from past projects, establish a solid foundation for future projects, and develop a framework to guide our next steps.
So, what exactly is included in a Data Inventory Analysis? We’re glad you asked.
Here’s an overview of the Data Inventory Checklist we created to walk clients through the process:
|Customer Database||Purchase History
|Transactional data can be used to measure process efficiency and identify operational pain-points.|
|Primary Research||Customer Satisfaction
|Increase ROI from past projects by revisiting results data and analytics with a fresh perspective.|
|Secondary Data||Online Articles
|Use the vast array of data that is available for public use to establish benchmarks or hypothesis.|
|Having segment personas, even if they’re incomplete, will aid in personalized content development.|
|CRM System||Loyalty Data
|If you have a CRM system then you have a flow of valuable data, but it’s not always put to use.|
|Market Information||Market Reach/Impact
|Understanding your environment is vital to brand positioning and differentiation strategies.|
|S.W.O.T. Analysis||New Competitors
Trends & Shifts
|Looking internally through and external lens will offer perspective and an often needed “reality check.”|
|Social Media Data||Engagement/Frequency
|It’s no longer enough to just be present on social media. Brands have to be strategic and efficient.|
|Website Analytics Data||Visits & Activities
|How consumers interact with your brand online is a sign of how relevant you’ll be as eCommerce keeps growing.|
Interested in conducting a Data Inventory Analysis of your own? We can show you the way. Give us a shout to get the conversation started!