Data is vital to every business. It can be used to generate revenue, cut costs, boost customer perception, improve customer intelligence, determine store catchment areas, make growth projections and ramp up efficiency.
Poor quality data can be expensive. 33% of Experian research respondents claim that inaccurate data costs them up to 10% of their annual marketing budget. Despite this, only 25% of businesses claim to measure the accuracy of their data, focusing on collecting more data rather than cleaning the data they already have.
In our recent report ‘Unlocking the power of data: the cost of dirty data and how to improve its accuracy‘, you’ll discover how organisations can leverage data to build a clear picture of your business with highly effective strategies and razor-sharp insights. A few key takeaways from this report include:
- Immediacy is key – Accurate data allows organisations to deliver rapid responses, boosting customer perception and ROI.
- Identify ownership of data – 33% of businesses cannot pinpoint who is responsible for data in their organisation.
- Help organisations reach individuals with the right information at the right time – Implement processes to allow different data sets to feed into one another and achieve a single customer view.
- Gain crucial insights – Help customers attract, engage, convert and retain customers with tailored communications.
- Treat data management as an ongoing process – 59% of data inaccuracies are due to out-of-date data.
- Track lifetime customer value – Ascertain key interests based on past purchases and trends in purchasing behaviour.
Visit the Experian QAS website to download the whitepaper and discover how organisations dramatically boost ROI by unlocking the power of data.