Definitions & Responsibilities for Market Data Strategy

Market Data Strategy consults with other organizations to set a strategy that will best leverage customer, prospect and marketplace information to drive market data execution plans.

Market Data Strategy consults with the Marketing Management, Sales and Integrated Marketing Communications functions in the strategic use of the database marketing principles of segmentation, targeting, list selection, testing and analysis to achieve their business objectives and to improve the effectiveness of their marketing and sales programs. With an understanding of the business objectives of their assigned segment, the market data strategist leverages customer, prospect and marketplace information to conduct analysis and make recommendations on marketing strategies, targets and tactics. The Market Data Strategy specialty is where the marketing strategy is turned into actionable direct marketing plans. Theoretical notions about how customers and prospects buy, select vendors, select solutions, and prefer delivery of solutions, all come to life through the efforts of the Market Data Strategy professional.

The Market Data Strategist is responsible for understanding and integrating often disparate data sources into coherent views to provide customer-centric analyses and enable data-driven marketing program design. The strategist enables the execution of marketing programs by developing the plan, tactics, methodology, and evaluation system to ensure that the highest quality customer and market information is brought to bear on the campaigns to customers and prospects. The Market Data Strategist continually evaluates the effectiveness of campaigns and uses that evaluative information to improve future campaigns. Improvements to the system save marketing dollars, improve the quality of contacts to customers and prospects, and increase revenues.

Market Data Strategists draw upon primary research produced by Market Intelligence, secondary research, Competitive Intelligence, Market Analysis, market data, business data, and other customer and prospect information to develop the highest quality, most effective, and highest revenue-generating campaign execution plans.

Responsibilities

Uses consulting skills and business knowledge to provide thought leadership in design, execution and analysis of Marketing and Sales activities. Provides:

  • Detailed fact-based insight into the past, present and probable future behaviour of customers and prospects at all levels, from individual to the marketplace.
  • Database Marketing Opportunity assessment based on micro and macro behavioural factors
  • The design of market data strategies that communicate directions and offerings/solutions to the correct target segments
  • Design measurement and tracking strategies to track achievement against agreed goal and targets
  • Specifically provides innovation and thought leadership in the marketing and sales activities associated with brand and/or business unit customer set strategies and plans. Activities include:
    • Business process and planning support
    • Decision support and analysis
    • Statistical techniques applied to behavioural analysis in a continuum from simple to complex, as appropriate, applying to Market Data Analytics (including Market Assessment and Direct Marketing), Sales Forecasting and Analysis, Modeling (Choice/Media/Revenue), Expenditure studies, Analytic modeling, Econometric modeling, Pricing modeling, Buyer behavior modeling, Satisfaction modeling, Brand image modeling, Propensity modeling, Loyalty/Lifetime value modeling, General data mining, System Dynamic Modeling, Operations Research Modeling
    • Data acquisition, integration, preparation and maintenance
    • Audience selection by descriptive and predictive methods, preparation and management
    • Measurement, analysis and learning
    • Demonstrates a deep understanding of the underlying business information contained with disparate source systems
    • Provides expertise in the design associated with the integration and summarization of disparate data sources, developing metrics to describe and measure the accuracy, completeness and bias of data both at the source, integrated and summarized levels, as required, to ensure the stability and validity of business results
    • Provides requirements on system design, content, process and standards necessary to continuously improve the implementation of Database Marketing
    • Provides a high level of expertise in the selection and operation of the combination of tools required to solve business problems
    • Provides the level of management expertise necessary to combine both internal and vendor resources to deliver a successful project
    • Communicates business issues at a level appropriate to the target audience, participating in the formulation of action plans necessary to deliver successful projects
    • Possesses client and relationship management skills required to build sponsor relationship

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