Don’t Waste on Data Quality
Data quality problems cost U.S. businesses more than $600 billion a year, according to The Data Warehousing Institute. (14 Dec 2007)
How does that happen? How come companies are losing this much money and not even realizing there’s a way to save up?
Again, the major problem usually lies in the source the data is received from and the way it is processed (if processed at all) before it enters the database/warehouse. Then there’s also the currency of data, its accuracy, completeness, relevance and consistency.
When dealing with leads, a few of these problems can be avoided by using Online Lead Generation (OLG) techniques instead of buying from a big data provider with huge outdated databases. A recent Christopher Petix’s article titled Marketers Should Avoid ‘Dirty Data’ discusses the major benefits of OLG as opposed to buying from data providers. Here are a few I thought really make OLG technique stand out:
– collecting new data for every campaign
– ability to set parameters for data collection
– consumers fill out information related to their demographics AND specify their interest in a specific product or service
– strict data cleansing processes, double-filtering
All of the above ensure a hugher degree of relevance, and, as a result, really help you save the money you’d waste otherwise on reaching out irrelevant leads.
So called “dirty data” not only wastes contact center agents’ time, it also wastes a marketer’s budget–and optimizing budgets is crucial in the current market conditions.
That’s where you realize that data quality could be taken care of in advance, but you’re stuck with your dirty data and need to deal with it (and consequently spend more).
Data quality has the ability to save marketers a considerable amount of money and is a completely transparent process.
What could be simpler?