Here’s How: Data Inventory Analysis

by Jenny on April 16, 2020 Comments Off on Here’s How: Data Inventory Analysis

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:

 

DATA CATEGORY EXAMPLES APPLICATION
Customer Database Purchase History
Registration Forms
Contact Lists
In/Outbound Communication
Transactional data can be used to measure process efficiency and identify operational pain-points.
Primary Research Customer Satisfaction
Product Usage
Lifestyle/Behaviors
Brand Perception
Increase ROI from past projects by revisiting results data and analytics with a fresh perspective.
Secondary Data Online Articles
Purchased Reports
Journals/Publications
Source Memberships
Use the vast array of data that is available for public use to establish benchmarks or hypothesis.
Buyer Personas Consumers
Prospects
Competitors
Defectors
Having segment personas, even if they’re incomplete, will aid in personalized content development.
CRM System Loyalty Data
Messaging Impact
Action/Engagement
Return Visits
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
Market Share
Sales Geo-Mapping
Industry Growth
Understanding your environment is vital to brand positioning and differentiation strategies.
S.W.O.T. Analysis New Competitors
Market Evolution
Trends & Shifts
Internal Assessment
Looking internally through and external lens will offer perspective and an often needed “reality check.”
Social Media Data Engagement/Frequency
Scheduling Accuracy
Content Effectiveness
Competitive Audit
It’s no longer enough to just be present on social media. Brands have to be strategic and efficient.
Website Analytics Data Visits & Activities
Keyword Frequency
Search Ranking
Downloads/Actions
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!

 

 

 

Jenny

Jenny Dinnen is President of Sales and Marketing at MacKenzie Corporation. Driven to maximize customer's value and exceed expectations, Jenny carries a can-do attitude wherever she goes. She maintains open communication channels with both her clients and her staff to ensure all goals and objectives are being met in an expeditious manner. Jenny is a big-picture thinker who leads MacKenzie in developing strategies for growth while maintaining a focus on the core services that have made the company a success. Basically, when something needs to get done, go see Jenny. Before joining MacKenzie, Jenny worked at HD Supply as a Marketing Manager and Household Auto Finance in their marketing department. Jenny received her undergrad degree in Marketing from the University of Colorado (Boulder) and her MBA from the University of Redlands.

JennyHere’s How: Data Inventory Analysis