Does your business data really do justice to your marketing objectives? It’s estimated that inaccurate data records are costing businesses millions in lost revenue every year. Business data is shown to deteriorate at a rate of more than 40% annually, and yet many companies continue to rely on poor quality data long after it has outlived its profitable life. Very often they are unaware of the extent of the problem and how much it’s costing them in lost revenue and wasted marketing budget, such as with duplicate mailings and mailings to unidentified ‘goneaways’.
The importance of regularly cleansed and analysed data cannot be overemphasised. A properly optimised marketing database is the lifeblood of any modern B2B organisation, whatever its sector. Accurate data is proven to have a quantifiable impact on profitability, as well as the effectiveness of billing processes. Common data errors include ‘goneaways’, duplicate records, missing data, incorrect contact names, as well as partially out-of-date records – for example with incomplete mailing address but with valid phone numbers or emails, etc. To remain legal, all data must also be seen to comply with trading standards..
It is now possible to optimise your data using powerful new profiling tools. This smart software cleanses, expands and enhances every area of your database. It removes all ‘goneaways’ and duplicates; it checks email address formats; it searches for missing, incomplete or inaccurate fields; it identifies incorrect names and flags-up any illegal data that may be held on your database..
Automated data optimisation does more than give your data a vital spring clean; it completely redefines its value and possibilities. It is able to identify vital information that, if analysed correctly, can be turned into profitable sales, such as flagging-up the profiles of your best customers, calculating potential market penetration and measuring the potential of your untapped markets.
With markets becoming ever more competitive, a properly optimised database can boost response rates and claw back those vital performance percentage points that can mean the difference between profit and loss..