Quality data can significantly influence the trajectory of your campaigns, impacting everything from customer experience to revenue growth. Assessing the quality of your data becomes not just a task but a crucial strategy in ensuring that your marketing efforts are both effective and efficient.
Each of these 8 factors plays a vital role in maintaining a robust database that serves as the foundation for all your marketing strategies:
1. Email Bounce Rates: An acceptable benchmark for hard bounces is 2% or less. A high hard bounce rate indicates outdated, invalid email addresses or syntax errors that can have a negative impact on your sender reputation.
Ways to improve – cleanse/verify your list on a regular basis, use a double opt-in method, authenticate your domain for SPF, DMARC, DKIM, and create content that does not trigger spam.
2. Undeliverable Mail: Like email bounce rates, high instances of undeliverable mail can signal inaccuracies in your physical address data.
Ways to improve –
- NCOALINK®: USPS’ 48-month change of address database including CASS, DPV®, LACS® and SuiteLink®
- Address Enhancement
- MaxCOA: Proprietary Change-Of-Address
- DSF2™: Identifies Deliverable Addresses and Specific Address Attributes
- DMA/MPS: Do Not Mail Suppression
- Deceased Processing
3. Completeness: This dimension deals with how complete your data records are, including any missing, incomplete, or redundant information. Completeness measures if the data is sufficient to deliver meaningful inferences and decisions for your campaign goals.
Ways to improve – Multi-Source Data Enhancement, GeoCoding, and Radius & Distance Processing to fill in missing information.
4. Validity: Validity checks if the data in question adheres to the specific syntax (format, type, range) of its definition. For example, ZIP codes are valid if they contain the correct characters for the region. In a calendar, months are valid if they match the standard global names. Using business rules is a systematic approach to assess the data validity.
Ways to improve – data hygiene, merge/purge, enrich with geographic and demographic context.
5. Timeliness: Assessing if your data is up-to-date and relevant to your current marketing needs.
Ways to improve – establish clear standards and policies for data collection, update, and delivery; automate data processes and workflows.
6. Consistency: This dimension ensures that the data matches across different systems. Inconsistencies can lead to significant insight errors with lower confidence in analysis and reporting.
Ways to improve – governance of a robust CRM platform.
7. Data Storage Costs: Poor data quality can lead to higher processing and storage costs for your business.
Ways to improve – data model and analysis to identify areas where costs can be optimized.
8. Lineage: Knowing where your data originated from can help assess its reliability and accuracy.
Ways to improve – partner with a quality data vendor.
Benefits of High-Quality Data
The payoff for maintaining high data quality is significant. By prioritizing data health, businesses can expect to:
- Increase Revenue: Accurate and targeted data leads to more effective and personalized marketing campaigns, driving higher conversion rates and revenue.
- Enhance Customer Experience: With reliable data, marketers can create more meaningful, personalized, and engaging interactions, fostering better customer relationships and loyalty.
- Reduce Marketing Costs: High-quality data reduces the risk of wasting misdirected efforts and resources, ensuring marketing budgets are spent efficiently.
- Gain Accurate Insights: Clean, consistent, and comprehensive data provides the foundation for accurate analytics and business intelligence, informing strategic decisions.
- Improve Brand Trust: Good quality data helps to build a company’s reputation.
- Mitigate Risk: Governance and compliances are easier met with good data to drive business decisions.
In conclusion – marketers who commit to regular assessments of their data health position themselves for greater success, leveraging their insights to boost ROI. It’s not just about having the most data but having the best quality data that truly sets you apart.
Anchor’s tool – File View is a detailed report of your data health identifying key areas to improve your data that will have a measurable impact on your marketing ROI.
We analyze a 10,000-record sample from the file you provide and calculate your potential savings by taking the percentages indicated in the summary and applying it to the entire file. A free report that will show you all the factors influencing your quality of data.