Data has a very short lifespan. The constant flux in modern businesses means that people change positions and jobs frequently, and data like contact details can degrade at a rate as high as 30% per year.
To stay on top of things, businesses have to improve the quality of their data regularly. If they don’t, they risk frustrating their marketing efforts with inaccurate data. To avoid this, they can do four things: cleanse their data, enhance their data, build a new database, and make use of a data management service. In this blog, I'll explain the benefits of each.
Data cleansing
Data cleansing converts a neglected, outdated database into a revenue-generating asset by using one of three techniques: by matching it with live up-to-date databases, by verifying it through DNS email, and by verifying the data by telephone.
The primary aim of cleansing data is to update what data you already have, but it can also involve deleting duplicates and filling in sections of missing data. It is a good option for businesses whose data has served them well in the past and whose data would be sufficient for their current objective if it was only updated. Depending on its goals, a business could choose to clean the whole database or just a section.
Data enrichment
Today, message relevance is everything, and audience segmentation is one of the most important steps in any campaign. To ensure that you understand and segment your audience properly, you need to work with accurate and in-depth data that goes well beyond the basic demographics. If your data doesn’t afford you such insight, you may need to supplement your data with a few extra data fields. But what if the data required is not enough to warrant the purchase of a new data list?
Rather than buying a new database, you could enrich your existing database. First, determine what kind of data you need to support your campaign, and then identify the fields missing from your existing database. Then you’ll have to decide whether to build a new database or enhance what you have. Bear in mind that there are additional benefits to a new bespoke database and that in the long run, it may be a better investment.
Building a database
Though sometimes seen as an expensive solution, building data from the source is often the best way to ensure the greatest ROI from your data. By including only data that helps you achieve your goals, a bespoke database ensures that you reach the people most likely to become customers.
Like enhanced data, a bespoke database will include the data fields necessary for accurate segmentation and message relevance. This gives you better engagement rates for both email and phone campaigns. Also, because bespoke databases tend to be smaller, they are easier and cheaper to manage.
Data management
Unlike the three data improvement measures mentioned above, data management is an ongoing service. By maintaining your data on a continual basis, such a solution ensures that your data is always accurate and relevant to your objectives. At GCL, we know that marketing objectives change according to the time of year. We take this into account when regularly auditing your database, and ensure that your database always contains the data needed to support your next campaign.
If you would like to know more about what data building can do for the success of your campaigns, visit our website for more information.
Image Credit: Assistek
