Today, having large quantities of customer data is something businesses expect. Using that data to facilitate marketing campaigns is also standard practice. But, not all data is created equal. And quality is greater than quantity. Poor quality data will do little for your business, as the insights you pull from it won’t be rooted in reality. High quality data has the potential to increase the results of your marketing in impactful ways—generating more sales and higher profits. It’s simple: Better data = better relationships = better customer experiences.
But, how does one know what type of data they're working with? Are their insights really in line with customer behavior? Let's take a look at the five most important components of data quality.
This seems like a no-brainer, but if you’re sending a promotion to Jane Doe in Idaho and, in reality, Ms. Doe moved to California three years ago, you have a problem. Having accurate locations, ages, and other demographic information can be the difference between a successful and failed campaign.
Your database alone is good, but in order to truly develop a well-rounded customer view, you must enrich what you have with third party sources. Adding demographic, geographic, social, and lifestyle data together can paint the ultimate picture of each customer, on an individual level.
Things like duplicate data, unmatched records, and partial entries hold you back from creating accurate and comprehensive customer profiles. You want a list that is clean, complete, and concise, so that your customer metrics and marketing analytics are accurate.
Your data is only as smart, and as good, as the time it was collected. If your records aren’t updating in real (or near-real) time, the accuracy is greatly decreased—circling back to the initial issue that inaccurate information presents (see point 1).
Even with a plethora of truly accurate, enriched, clean, and timely data, it still takes a great deal of analytic power to inform how to use this data to create meaningful engagement. The better understanding you have of your customers, the better you can predict things like future behavior, churn potential, LTV etc.
The Bottom Line
There are several components that impact the quality of your data, and therefore the success of your marketing. By keeping your data, accurate, enriched, clean, up-to-date, and intelligent, you are positioned to grow your business, increase your sales, and increase things like customer LTV and purchase frequency.
Ready to see how ZyloTech can help your company easily solve all five of these challenges? Get in touch with us to learn more.