It is the fast and evolving development of high-tech innovation that makes numerous organizations more amenable in taking the digital path and putting resources into active data research and management.
With numerous data delivered for and by your business, the best possible management and handling of raw data into helpful information turns into a critical matter. The job of taking care of your business’ increasing data will likewise turn out to be costly and time-wasting with growth.
One of the most secure, most practical solutions to address the proper management of business data is through outsourcing data management and data entry services. We have gathered an excerpt piece from “Data Services Drive Growth” by Corrie Brague the idea to overcome the challenges marketers face with customer data: integrating disparate data sources, improving data quality and providing data enrichment. Here we go!
Unfilled Desire for Clean, Consolidated Data
With each passing phase of a customer’s journey through discovery, evaluation, purchase and experience of a company’s product or service, the customer may be leaving different breadcrumbs of data as he or she interacts with the organization. Data is being collected online, through social channels, call centers, mobile devices, via sales and marketing efforts, and third parties. The result is that the organization often relies on a complex mix of scattered data. Bits and pieces of the complete customer picture are scattered across the organization with differing levels of quality.
According to an InfoTrends study, 80% of marketers surveyed realized that a data quality strategy is critical for their customer and marketing databases. However, more than half of those companies surveyed did not have regularly enforced data management best practices. In a CMO Council survey, only 13% of marketers felt there was a data strategy in place that the entire organization understood and was working toward.
Help is needed. Without an accurate and complete view of the customer, organizations struggle to understand preferences, tailor communication, respond to customer needs quickly and, ultimately, optimize the customer’s experience.
The Holy Grail of Customer Understanding
Creation of a personalized experience has been referred to as a “holy grail” when it comes to customer experience, communications and marketing collateral. Marketers experience a huge lift when data is used to personalize the message. Data enrichment deepens reach and the understanding of the customer by leveraging additional internal and external data sources to append additional data attributes, allowing for a more complete view of the customer.
Leading types of data enrichment include augmenting with additional contact, demographic, financial, interests and hobbies, lifestyle and life event data. Marketers’ desire to know more is backed with a data enrichment strategy.
However, most marketers are not executing the strategy alone. According to the InfoTrends study, the majority of the companies were leveraging a third party to perform data enrichment services with a substantial total spend of $8.5 billion and a mean of $1.5 million.
The Opportunity for Data Service Providers
According to InfoTrends, these data services represent a double-digit growth opportunity with the highest propensity to outsource data services within the mid-market firms employing fewer than 5,000 people. Marketers’ willingness to outsource is blended beautifully with the need for a partner with expertise.
These are classic data management problems easily solved with expertise in data profiling, standardization, cleansing, matching and merging the disparate sources of customer data into an accurate and complete single view.