From data chaos to clarity: Rescue your business from inefficiency

In our work with startups and small businesses, I encounter many marketing tech stacks - combining an array of email service providers, website hosting, prospecting tools, marketing automation & sequencing tools, a calendar app...  and in each of these cases, we encounter frustration and confusion.  WHAT DATA IS RIGHT? and, a great deal of manual manipulating.

In one case, for example, a client is using HubSpot for a segment of their marketing and Salesforce for another, plus SproutSocial.  There are a couple challenges in this case that are acutely felt and often create additional project work for my team:

• manually moving contacts by spreadsheet, back and forth (Tick-tock, there goes your time clock)
• creating by default, multiple lists to ensure clear data insight- in case
• How do we know we are removing contacts from one platform when they opt-out in the other?
• Can we send them marketing emails? what about Sales (1/1) emails? 
• Can we automate...?

But there are other complications.  In this case, the client is a healthcare company which means data also needs to meet HIPAA compliance.  And there's the cost of maintaining multiple platforms.  And who has access to what in which platform?  

And in another case, a client is using a combination of LemList, Apollo, HubSpot, and Calendly to drive their prospecting and lead engagement.  It works.  And it even saves them a little cash.  But again - what information is accurate? What can we trust as the indicator of what automations to send or how to engage as the next step when the contact information is spread across multiple platforms?  

And, the even bigger problem - as this startup starts to look for investor funding - How can we create clear data that shows the:

• Cost of Acquisition?  
• Conversion rates by lifecycle stage? or
• Time to first contact at each stage?  

A best practice approach often includes creating a Single Source of Truth (SSOT).  SSOT refers to a centralized, authoritative source of information within an organization that is used to make decisions and is considered the definitive reference for particular data or knowledge. This ensures that everyone in the organization is using consistent and accurate information. The concept is commonly applied to data management, but it can also extend to other areas such as documents, processes, or knowledge.

Here are some key reasons why having a Single Source of Truth is crucial for your business:

Consistency and Accuracy: A SSOT helps maintain consistency and accuracy across the organization by providing a standardized and reliable reference point for information. This reduces the risk of errors and conflicting data.

Decision-making: When all stakeholders have access to the same reliable information, it facilitates better decision-making. Leaders can confidently base their decisions on accurate and up-to-date data, leading to more informed and effective choices.

Efficiency: Having a centralized source of information streamlines processes and workflows. Employees don't waste time searching for or reconciling conflicting data from different sources. This improves overall efficiency and productivity.

Collaboration: A SSOT promotes collaboration by ensuring that everyone is working with the same set of information. This is especially important in larger organizations with multiple departments or teams that need to coordinate their efforts.

Compliance: In industries where regulatory compliance is crucial, a SSOT helps ensure that the organization adheres to regulations by providing a consistent and auditable record of relevant data.

Cost Savings: By avoiding errors, reducing duplication of effort, and minimizing the time spent searching for information, a SSOT contributes to cost savings for the organization.

Data Integrity: A SSOT helps maintain the integrity of data by enforcing standards and preventing the use of outdated or incorrect information. This is particularly important as data evolves and is updated over time.

Implementing a Single Source of Truth often involves developing and enforcing data governance policies, utilizing centralized databases or repositories, and fostering a culture of data integrity and collaboration within the organization. It's a strategic approach to information management that supports the overall effectiveness and success of the business.

Does your organization have a single source of truth? 

One of my favorite approaches is to limit and streamline the number of platforms & tools used.  But it is a bit more than that.   

• Define your objectives - what are you goals? how do you prioritize your data sets?
• Creating a data governance framework (sunset policy)
• Inventory your data - what are the critical elements to include within the SSOT?
• Properly communicate this across key stakeholders and data users  & train in best practices
• Define a system for managing the various platforms... monitor & maintain
• Reducing the number of platforms  with centralized storage 
• Ongoing audit, evaluation and improvement 

By following these steps and regularly reviewing and updating your SSOT strategy, you can create a robust and enduring Single Source of Truth for your organization.

If you're looking to streamline your processes, save time and improve the quality of your marketing & sales funnels, adopting a Single Source of Truth might just be your next-best approach.  Grab a time here to connect and map your next steps.