We build a marketing database or data warehouse for the main purpose of more efficiently and profitably servicing our customers and prospects today and in the future. When a publisher has many titles or products, both online and off, or is seeking to expand into new markets, having a data warehouse is a must.
For example, a publisher of several titles that also produces conferences and offers special online content, such as webcasts or paid reports, must have a marketing database. Without it, a publisher would not know how to cross-sell the various titles or online products most effectively. The fulfillment files for each would most likely be separate and not allow for an efficient usage of information for promotions. And, even if all were fulfilled from the same source, the data would likely not be integrated at a customer level nor easily accessible for marketing.
Although a fulfillment file contains a wealth of information, its structure is rigid (built for fulfillment rather than marketing), and it lacks complete information about the customer and typically deals with only one product. Thus, alone, it will not meet all of the needs to efficiently target communications to your customers or prospects across the company.
This article covers the key points that must be taken into consideration to ensure success in building a marketing database or data warehouse, in particular:
• Why Build a Marketing Database?
• Key Profit Drivers
• What Functional Areas Must It Support?
• Who Will be Using the Database and What Must It Deliver?
• What Should be Stored on the Database?
• How Often Should the Database be Updated?
• Should the Database be Built In-house or Outsourced?
• Quantifying Profit
Why Build a Marketing Database?
There are three key functions of a marketing database:
1. To most efficiently maintain your data in an organized fashion
2. To better support corporate functions
3. To better support marketing functions
Related story: Sources of Profit From Your Database