Impact of Data Quality on Marketing Campaign Profitability

Impact of Data Quality on Marketing Campaign Profitability

The survival and growth of an organization is majorly dependent on its customers. The age old saying “Customer is King” accentuates the importance of customers in any business. It is a challenge for an organization to get new customers and also to stay connected with their existing customers. Organizations opt for different marketing campaigns to acquire customers and for customer retention to make sales and get high business profitability.

Every year organizations spend millions of dollars towards their marketing efforts and the ROI is not as expected because of poor quality of data. Poor quality of data not only has an impact on the campaign profitability but also ruins your brand image.

The results of a marketing campaign is analyzed to know the bounce rate, click through rate and open rate which helps redefining the marketing strategies of the organization. Only if the marketing campaign is success, organizations will be able to analyze their marketing efforts and take appropriate measure to increase their brand awareness and get better sales.

Organizations come up with compelling processes to make their brand aware across the globe.

The success of a marketing campaign and profitability from it is directly proportional to the data quality. From Email Marketing, Social Media Marketing or Telemarketing the success of the marketing campaign purely lies in the quality of data. The importance of data is not only to get new customers but also for customer retention which is to retain the customers over a period of time. Failing to maintain customer database is a huge loss opportunity to the organization, and thus governing of customer database is key to get repeating customers for an organization.

As per researchers 78% of the organizations opt for data-driven business model but 70% of the marketers believe that their organizations data quality is poor and they have inconsistent customer database, this has a huge impact on customer retention. With passage of every year data gets stale, as per a study 25% of data goes stale every year, which means the data which was used in last year marketing campaign would not yield the expected results and organizations are far from where they ought to be. Poor Data quality used in the marketing efforts drains major investments on squandered resources resulting to missed sales and new business opportunities.

Over the years organizations have their own database and it is very important for organizations to evaluate the data for its correctness, failing which there is accumulation of bad data over a period of time hampering to the growth of the business. When there is an issue in the data quality it means there is business process issues. There is a fixed process defined by organization where there is complete audit of data being done. The responsibility of ensuring the data quality is majorly by C-Level executives along with the IT team who share the responsibility to ensure there is no bad data seeping into the system.

Analyzing the quality of data in the organizational database

To evaluate the data quality it is required to have data from a third party data provider which will be used as benchmark to compare the data available and conclude what is the percentage of inaccurate data and replace those with accurate, validated contacts.

Databeyz contact database with millions of contact information can be the benchmark to cleanse, verify and validate your existing marketing database. You can also opt for new contact list with most accurate, reliable contact information gathered from authentic sources for your marketing efforts to make a huge difference in your sales.