In the direct marketing business, we all know that data is king. Within every database, there are countless opportunities to modify and append your data for marketing purposes. Problem is this becomes dangerous if you’re not practicing proper database upkeep. This could easily lead to bad data and most importantly, loss of revenues and opportunities.
Data is your number one asset and it’s what generates your revenues. Optimizing your data should be one of your top priorities, and a few simple steps can not only help your business realize substantial cost savings, but can also greatly lift response rates and boost your company’s revenues.
7 ways to capture clean data and maintain a reliable customer database is an article in the Canada Post website that stresses to capture clean data from the very beginning. For businesses that are already established, obviously you may want to have your database revamped prior to taking on these practices:
- Consider every customer contact an opportunity to collect or validate data
- Make it easy for customers to give you information
- Collect data in a standard format across all points of capture
- Validate information as it’s being captured
- Validate email addresses extra-carefully
- Collect ‘nice-to-have’ data over time
- Follow privacy laws when collecting, storing and using data
More detailed information on the above practices is in the article. Some other interesting facts from the article that should convince you to start practicing good data habits:
- Bad data could cost as much as 25% of company revenues
- Clean data increases ROI by around 5%.
- One US magazine publisher flushed out their database, eliminating duplicates, and validating and correcting addresses. The improvements provided for better customer segmentation, leading to a 25% lift in response and 200% boost in ROI.
At IDRS, we have the capabilities to help you revamp your database and keep you on track with proper data practices. Reach out to our Data Services team today so we can start working on optimizing your data and improving your ROI. Contact a customer service rep today!