Once you’ve established clear goals with measurable outcomes, you’ll need to consistently track your company’s performance as it works to meet those goals. To track the effectiveness of your data transformation, you’ll need a clear performance framework and KPIs to align with.
Sample KPIs include:
- Expand addressable customer segments from 10 to 100 in three months
- Reduce nonhuman digital ad traffic from 35% to 5% in six months to save $1.5 million
- Reduce website bounce rate by 25% by delivering personalized content
- Suppress known buyers of specific SKUs from being exposed to cross-channel messaging for those products to save money in addressable media spending
Your team needs clear benchmarks for what success really looks like. This will allow them to align their work to precise metrics that prove your data transformation is working — which will let your investment continue.
It’s also essential to tie the success of your data transformation to your company’s overall business success. Vague goals like “better segmentation” aren’t relevant to your executive team’s success metrics. When you link data goals with higher-order business goals, you’ll increase the effectiveness of your data transformation project and garner more executive alignment and budget support.
An example of a clear data goal aligned with business success is:
- We’ll increase marketing effectiveness by 15% by driving customer acquisition through more efficient digital channels (like Instagram) instead of expensive traditional channels (like television)
Make sure your executive team knows which use cases you’ve based your goals on, and understands the value of your data transformation goals. It’s essential for your data transformation to be fully aligned with your company’s overall goals.
In our next chapter we’ll discuss how people fit into the data transformation process. Once you’ve built a compelling business case for a CDP, you’ll need to identify key stakeholders to work with. This all starts with creating a data center of excellence.