The more you know about your customers, the more likely you are to be successful. Information on who they are, what they buy and what moves them from browser to shopper helps your business be more effective and efficient. But it’s not just about getting the right data, it starts with making sure that the data you have is correct.
● Over 90% of businesses believe that data is essential in the success of their marketing campaigns
● 84% of businesses experience data challenges in the operation of their cross-channel promotions
● 54% of companies believe that their customer contact information is the most important piece of data when it comes to their marketing campaigns
● 25% of businesses in the US believe their data is currently inaccurate
What This Means To You
How accurate do you think your customer data is?
How much time and effort is wasted because the information you have on customers is wrong or outdated?
How much money is it costing you?
Look the types of marketing campaigns and promotions you are engaged in, especially customer direct campaigns. It costs you money to message each one of your targets.
Imagine the revenue potential you could realize by simply getting better data.
Start with your most active customers. When they are checking out either in-store or online, offer them a discount by simply reviewing and correcting their contact information.
Purge any bounce back emails or returned direct mail pieces that come back.
The next step would be weed out people who are not responding to your messaging.
Develop a list of customers who have not responded to your last 7-10 offers.
Send a dedicated message to them offering a deep discount. Keep the ones who reply or act on the message, purge the rest. In our next post, we’ll look at we’ll look specifically at email marketing and the cost of bad data. For more information on maximizing the impact of your customer communications,
Sources: MediaPost, Experian