Is Your Customer Data A House of Cards?
Managing customer data is complicated:
Mountains of data to manage
Inputs come from a number of sources, in inconsistent formats
Patchwork of systems and sources (Average of 36 data-gathering systems and vendors used for marketing efforts) 1
Complex, customized data requests to support critical business initiatives
Rules-based linking doesn't effectively match up associated records
But it's so critical to your business. To make things even more complicated, data isn't static.
By some estimates, data can decay up to 5.5% per month7
And the longer you take, the more costly things can become
Doing nothing is costly. Sirius Decisions states that per record, it costs11:
Data doesn't just support your business, it is your business. See what it takes to build a solid customer data foundation.
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Sources:
1 Forbes Insights & Sitecore, "Customers for Life: Technology Strategies for Attracting and Keeping Customers"
2 CDC National Vital Statistics System, National Marriage and Divorce Rate Trends
3 USPS, Guide to Move Update
4 Melissa Data Corp., Non-USPS Change of Address Report
5 Dun & Bradstreet, Best Practices in Registration Data Management
6 Penn Schoen Berland & Future Workplace, "Multiple Generations @ Work" Survey
7 RingLead, Analysis of U.S. Department of Labor Statistics
8 Ovum Research, "Bad Data Costing US Business $700 Billion a Year"
9 Gartner, "Measuring the Business Value of Data Quality"
10 Ponemon Institute LLC, True Cost of Compliance Report
11 SiriusDecisions via PRWeb