Data is one of our most valuable marketing assets, so why is it that so many organisations neglect to maintain it?
How many times a quarter does this irksome question, or similar pop up “how many marketable contacts are in our database?” Now ask yourself how much time and manual effort is involved in answering this question. While on the surface it’s a simple question, the reality can be different.
First things first, what does marketable mean? Is it simply having a valid email address, or is there a requirement to have other fields populated for lead creation, segmentation purposes or for compliance with local data privacy laws? Do these requirements differ from region to region, or even country to country?
To add a further complication, how do you go about answering these questions if there are multiple versions of the same field or picklist with varying degrees of completeness?
Enter, database governance - the overall management of the availability, usability, integrity and security of data used in an enterprise. Without it, these questions are virtually impossible to answer with confidence and within a reasonable time scale.
Add the cost of bad data into the equation and investment in a database governance framework is a no-brainer. According to the SiriusDecisions 1-10-100 rule it costs:
- $1 to verify a record as it is entered,
- $10 to cleanse and de-dupe it, and
- $100 if nothing is done, as the ramifications of the mistakes are felt over and over again.
So with a 400k data base, the cost of bad data would be $40,000,000 – ouch!
Data is one of our most valuable marketing assets, so why is it that so many organisations neglect to maintain it? Building a database governance framework is complicated, involves multiple stakeholders and specialist skills, as well as being very time consuming and frankly not glamourous work.
So if you want to take the database blindfold off but you are experiencing these road blocks, get in touch today to find out how CRMT can help you to create and maintain a healthier database, produce better quality leads and ultimately execute more successful campaigns.
Written by Joanna Mills – Account Director, CRMT