Data is the lifeblood for your marketing analytics, but bad data can derail your efforts without you even knowing it. Oftentimes, frustration from marketing technology stems from trying to plug in poor quality data or simply the wrong data for the insights you’re trying to get. The articles I’ve been reading this week highlight the importance of using good data to get good results, and how you can do that more effectively.
Why Bad Data Is Wasting Your Marketing Efforts. Business2Community: “In fact, the proportion of inaccurate data in a database has risen from 5 per cent to 22 per cent from 2013 to now, with human error being blamed for more than half of the issues. Specifically, 42 percent of respondents to Experian said they believed poor data quality was causing problems in their marketing campaigns. If we allow this situation to go unchecked, marketing departments are going to become less and less effective, since the number of valid contacts is continually shrinking. The marketing list will wither away as the data quality is eroded, and marketers are going to keep pushing up their budgets and pouring money down the drain.”
Are You Victim of Data Quality Procrastination? Loyalty 360: “There are many studies that attempt to quantify exactly how much one bad record will cost; some say it’s 10 times more expensive to complete a unit of simple work with bad data, and others say it costs about $1 to verify a record as it is entered, about $10 dollars to fix it later, and $100 if nothing is done, as the ramifications of the mistakes are felt over and over again. While it’s difficult to exactly pin down a dollar amount, there are ramifications that go even beyond financial revenue.”
Headache Or Opportunity? The Profusion Of Marketing Data. MarketingLand: “Gaining earlier insights about buyers’ interests, business relationships and propensities — The more you can learn about your personas and prospects the better. Today, marketers usually must wait for prospects to come to their company’s website and provide identifying (lead) data before they gain enough info to really personalize messaging. As adtech and martech converge, more data will become available earlier in the ‘funnel,’ the top of which will become much more expansive as a result of such integrated advertising.”
Leveraging Marketing Data Without Over Investing in New Tech. Chief Marketer: “Start by stepping back and determining a single objective that would be solved by the better use of data. Increasing the effectiveness of a single channel such as direct mail is often a great place to start. Then turn the objective into a question, such as ‘What if through smarter targeting I could decrease my direct mail costs and increase my ROI?’ Now apply data to solve for your answer.”
Unlocking the Promise of Big Data for Marketing in Five Steps. Inside Big Data: “To understand the true business impact of marketing activities, it is not enough to simply look at basic metrics such as clicks, likes and opens. Big picture thinking must also apply to how organizations view their marketing data. To do this, it’s important to separate execution from measurement and utilize a dedicated system to correlate everything from efficacy of creative assets in driving desired actions, to targeting and audience segmentation information, to high-level business impact data, such as spend and revenue. This will eliminate manual cycles, correlate disjointed information and streamline resources.”
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