Customer Record Accuracy Depends on Quality External Data
Data-driven data quality management doesn't require a lengthy implementation period, expensive software or new project teams with external consultants. It can deliver the core information, along with the accompanying data quality scores necessary to build an accurate master customer view, in as little as 30 days.
In a recent assessment undertaken by a major U.S. manufacturer, data-driven, address-hygiene improvements alone increased duplicate account recognition by almost 20 percent. In total, this affected more than $5 billion dollars of customer value, changed 7 percent of the loyalty classification for customers, revealed an entire new population of repeat buyers and gave the marketing department new customer profiles to use in prospecting campaigns.
All of this knowledge had gone undetected with the previous data-quality management process.
The Impact of Data-Driven Data Quality Management
In this economy, where new business is hard to come by, companies are trying to maximize the value of existing customers, so pinpoint accuracy of customer data is more critical than ever. Meanwhile, customers, inundated with advertising clutter and increasingly accustomed to one-to-one marketing campaigns, have little tolerance for a misdirected pitch.
Data-driven data quality management not only corrects, updates and validates your data, but more importantly, it allows you to make a powerful impression on your customer.
Dylan Purse is the product manager of list processing at Experian Marketing Services. He can be reached at email@example.com.