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A single source of truth ensures that the entire organization makes its important decisions based on one single source of data. This source of data will be an integration of various data sources like multiple streams and recordings.
Marketing a single source of truth helps the marketing team to get a hold of all the kinds of marketing data they need at one point without even reaching out to the tech team. The marketing data can be ad campaigns, advertisements in newspapers and all sorts of marketing lead they generated. With all this information in one place, the marketing team can then judge their status based on the customer reach, traffic on the website, product engagement, etc. Having a knowledge of this will help them gaining insights on the areas they need to put efforts like customer, revenue and product based strategies for their future plans.
Conducting exploratory research seems tricky but an effective guide can help.
As much as we know why it is important for an organization to come up with a good single source of truth marketing, let us see what might happen otherwise:
When you don’t have an easily accessible single source of truth marketing in place, the marketers often have to reach out to the data analysts and data engineers to help them get the data they desire. This often leads to a longer wait time and disturbed workflow.
Marketing teams work by altering the course of data manually so that the data is made available to everyone in the organization. But it is no surprise what human interference can do to the credibility of the data. It creates unwanted biases, errors and dilutions in the data that will be going further into big business decisions.
When you think of marketing, the first thing that comes up is creativity. Well, how will you be creative if you don’t know where your organization stands? It is tough to figure that out from discrete data sources and it will be risky to build the entire marketing strategy on such discrepancy.
Fragmented data is not good the important business decisions. It shouldn’t be relied upon as fragmented data bring inconsistency to the decisions as well. Apart from that, it creates miscommunications between the teams with majorly different views on the same issue.
With switching data sources, it is a possibility that the marketers might miss the exact customer data that they needed. To be able to come up with new ideas and to reach out to your customers in all the ways possible, you need to see all the leads that there are.