Customer data is one of the most important assets a business can have today. Ensuring your data is high quality is extremely important.
Customer data is one of the most important assets a business can have today. Ensuring your data is high quality is extremely important. Research from the DMA has found that data can deteriorate by up to 70% annually!
Obviously, customer data is constantly changing over time. Ages, addresses, phone numbers and names making data outdated and less effective if not properly cleaned and managed. Squeaky clean data can be of huge advantage to a business improving response rates, conversions and more importantly ROI.
IMPACT OF POOR DATA QUALITY
Lack of quality data can potentially damage the growth of a business, by providing inaccurate data insights which can impact decision-making. Completing a regular data cleanses has become more important than ever to minimise the adverse effects of outdated data. But what are the effects of having poor quality data?
- Faulty Decision-making: The insights gathered from customer data may be inaccurate if the quality of data is low. Therefore, the objectives, goals and future campaigns planned based on this data may be flawed.
- Damaged Reputation: Since the new rules in GDPR came into play. Consumers have become even more aware of the use of their personal data. For example, by not cleansing your data properly may not update you unsubscribes leading to a breach in GDPR. Which can not only damage the reputation of the business but have legal and financial implications.
- Poor growth: Markets are becoming more competitive. Having poor quality data could prevent a business from developing a new product, entering a new market or understanding customer needs. These are factors which competitors would jump onto straight away leaving you miles behind.
- Decrease in Revenue: The results you get from your data will only be as good as the data that is being used to generate them. Not having quality data could potentially mean that target segments are not being targeted.
Our experienced team have been helping our clients manage their data for 25 years. Giving you more time to focus on the nuts and bolts. We have the knowledge to source, profile, cleanse and manage your data, ensuring you get the best results. Speak to a member of the team today to find out more.
