Implementing Data Marketing strategy (part 2).
How to implement effective Data-driven Marketing strategies? The second step is to ensure data quality across the entire organization.
Data Quality & Quantity optimization.
Data quality is critical when it comes to generating new opportunities and improving marketing efficiency. Accurate and complete data is key for increased engagement and conversion rates, especially to segment the customer and prospect base and personalize communications.
Improving data quality can drastically improve the overall marketing and sales performance of a company. Working with messy data will lead to wrong conclusions and decisions. Indeed, according to a recent Forrester study, 90% of marketers indicate that their marketing campaigns have been negatively affected by low-quality and inaccurate data resulting in financial and business losses.
The consequences should not be taken lightly:
- Wasted marketing budget, decreased revenue and conversions rates
- Increased customer churn, reduced customer satisfaction and damaged brand reputation
- Loss of confidence from employer and colleagues
While problems caused by data quality are easy to explain, those coming from data quantity are still relatively new and require particular attention. The overwhelming volume of data made available to marketing teams has led to a decrease in data quality and processing capabilities.
Among the most common issues we can note:
- Collecting the right data for a given business need
- Compiling and reconciling collected data
- Analyzing data and finding meaningful insights
- Turning data insights into action
Bad data is always costly, but without proper measures, a business may not only lose potential revenue but face issues with privacy regulations (GDPR, CCPA, CASL, and many others). Identifying the exact nature of the problem is essential to implement corrective measures to ensure data accuracy, completeness, and compliance.