Data quality increasingly underpins everything that modern marketers do and how business decisions are made. As we move away from gut feel towards a more scientific way of deciding our marketing actions, based on customer data, ensuring that data is of the right quality becomes a priority.
As we move towards a more customer-centric approach to marketing, let’s start by getting the customers’ details right.
For every 1% of data quality improvement, marketing is said to be able to generate 5-6% of incremental revenue*. Improvements in data quality means you can reach more customers, increasing the size of your opportunity and your revenue.
Improving data quality reduces costs as you eliminate the waste that comes with duplicate records and non-contactable customers. You can also identify and exclude any chronic low responding segments to improve results.
Data must be accurate for the records you need to remove to be matched and suppressed effectively. These may be email unsubscribes, deceased customer records or customers who have already been declined for product offers such as insurance.
High standards of data hygiene allow customer preferences to be followed when organisations have a holistic view of the customer across channels, especially in the realm of data privacy.
Under the new Australian Privacy Principles in force from March 2014, the data you hold and use to communicate with your customers must be accurate, complete and up-to-date. There are fines of up to $1.7m for non-compliance, so make sure your organisation is getting it right.
Data analyst skills are critical in this data-driven era and demand is outstripping supply.
Organisations depend on the actionable insights analysts provide and can no longer afford to be paying them to spend the majority of their time resolving data quality issues instead of doing what they are paid to do – analytics.
Give your analysts good quality data to work with and they can be more productive, more effective and give you the competitive advantage you need.
Data cleansing and enhancement services include:
* The importance of Clean Marketing Data for Higher Conversion Rates, Michael Powers, Oct 2013
Want to find out more? A no-obligation report on the current condition of your data is the next step. Click here for more information on our Data Quality Audit.
How good is your data quality?
Don’t guess, find out! Click here for more about our Data Quality Audit that shows you how much more effective your data-driven marketing can be.