Data Driven: The Battle of Prepositions
4. Fit Into Existing Data Reporting Cycle: After the initial sales cycle for the new marketing initiative is complete and the KPIs are in place, the new metrics are added to the existing analysis and reporting processes to show up on the next reporting dashboard that is presented to management for discussion and next-step actions. The results now look different with the new marketing initiative added into the mix.
In some cases, management teams may choose to blaze a new trail with the newest marketing initiatives and start with No. 2, above. After all, someone has to go first!
Now, if we choose to take the second approach where we are integrating data "with" new marketing initiatives, a completely different conversation happens. In this context, a cyclical process does not make sense. Rather, we need more of an ongoing data process where response data, in general, is collected, normalized and massaged, put into a reporting framework either weekly, monthly or in real-time. This data is now always current and available on demand for a query on the IT side.
The second part of the cycling process, where analysis is delivered to management and discussion happens leading to questions, is now on a demand basis. In this scenario, management meets with the IT, merchandise, marketing and sales teams when necessary to fish out answers to important questions with its key strategists. This may be a regular reporting time or for an ad hoc question that arises. In our discussion today, the new marketing initiative is the ad hoc question.
In this approach, the four best practices mentioned above happen in a different order, with No. 3 taking place first. The initial meeting is scheduled to introduce the new marketing initiative with a strategic team where objectives are determined and KPIs are created that will drive a scorecard to measure the outcome. Once this is all established, the marketing team gets out into the trade arena to learn what others are doing and proceeds to the trial and error part of the initiative.