Recent marketing hype has been about new analytics and big data, and becoming marketing technologists. However, there are some fundamentals which must first be addressed, and a key stumbling block to effective marketing is the general poor quality of data. Data quality is non-negotiable. In a recent study, Britain’s Royal Mail Data Services found that the average impact on businesses was a cost of 6% of annual revenue. While there was some variance among respondents, clearly no company can afford to ignore this problem.
This concern with data quality is not limited to the United Kingdom. Experian’s data quality arm, in their annual benchmark report on global data quality, reported that while most businesses globally (and 95% in the US) use data to meet their business objectives, less than 44% of them trust their data.
Customer Experience is Top of Mind for 2017
Some 56% of the respondents in Experian’s report want to serve their customers better in 2017, and recognize that a key factor in achieving this is better data. Providing a rich customer experience is the name of the game, and poor or erroneous information about that customer could cause the end of that relationship. It has become apparent to most …