This is a continuation of our Foundation of Data Series discussing Measurement Strategies. Read the first blog in the series here.
We already know that clean data is important to all aspects of decision-making. However, how do you determine that your data is clean? Start by creating an outline or a plan for how you will measure your data. Having a plan for measuring success will allow you to determine how clean your data actually is. This is where a measurement strategy comes into play.
A measurement strategy is a plan that utilizes your business's goals to determine how certain departments will help to achieve them. It begins with an objective like “Growing market share in X industry.” You then create your goals and plan out how to achieve those objectives. A marketer might address this objective by creating goals that look like, “Growing Brand Awareness by X%”, “Achieving X% higher conversions across all channels”, and “Increasing engagement in new demographics.” You would then determine what KPIs and metrics you would use to measure your success in achieving your goals.
Clean data is a vital foundation for measurement strategies because it gives your team guidance on how to properly structure and analyze your data. Using the goal "Increasing engagement in new demographics" from above, you will need to be able to track engagement. Utilizing a concise naming convention to determine which campaigns are targeting those new demographics, you can easily build reports and visualizations to analyze campaign performance and track their engagement.
Looking for a more in-depth discussion on Measurement Strategies and their use cases? Feel free to schedule a consultation with us.