Is your company struggling with data quality? Don’t worry; you are not the only organisation to be in that situation.
All good marketing strategies ultimately rely on clean, accurate and up-to-date data. Segmented and stored securely, your marketing data becomes the most valuable marketing asset in the company. This might seem obvious; however the number of companies still ignoring these facts makes it a worthy topic. Data management is a challenge that requires on going attention.
Here are 6 ways to improve data quality resulting in more profitable and compliant marketing:
1. Data standardisation
Keeping your data in a consistent and standardised format saves you both time and money. It is also the basis for understanding how healthy your data really is. Once standardised, segmentation, profiling and trend spotting become far easier to achieve. Keep it neat and tidy.
2. Data storage requirement
The question here is really to understand what you want to achieve with your data. Implementing a CRM tool just for the sake of it has little to do with gaining good results. However, a consolidated single customer view can have a massive impact on understanding your marketing data. It might be that your ideal solution can be achieved in-house or through outsourcing.
3. Data compliance
Just make sure that it contains the essential information for all marketing channels and is compliant with each marketing method.
4. Security and back-up
Ensure that all of your data is secure and backed up regularly. The impact of losing your marketing data or having it used illegally externally could have a significant financial implication as well as causing brand perception issues.
Have you identified your most valuable customers or prospects? Do you know the profile of your target companies and contacts? Is your current data containing organisations unlikely to require your services? These are the types of questions that would underpin data profile driven marketing.
6. Opt-in management and suppression
Regardless of the tools or methods used for marketing execution, managing and maintaining opt-in is not only a legal requirement but also one of the easiest ways to minimise wastage of your marketing budget. Suppressing incorrect email addresses and recipients that either should not or expressed a wish not to receive your communications is an essential requirement.
Improvement of Data strategy is a task for all departments and covers every instance where data is touched, updated, changed or improved.
The benefit of clean and accurate data has a direct impact on the bottom line. It avoids budget waste, increases results and enhances the perception of your brand. With increased customer retention and loyalty in the offering, the question is, can you afford not to explore these simple ways of improving your data strategy?