As the Analyst and Public Relations Manager for Experian Data Quality, Erin Haselkorn leverages her understanding of data quality to help organizations better understand leading data management strategies and how to create actionable insights. She is the author of numerous data quality research reports, guest blog posts and articles. During her seven years at Experian Data Quality, Erin has helped numerous clients gain a deeper understanding of their customers through data and analytics. Before Experian Data Quality, Erin worked at Granite Telecommunications. Erin holds a bachelor’s degree in communications from the College of Charleston.
Big data is something many of us talk about and use to become a data-driven organization. Data is being used today for many different key initiatives, especially around operational efficiency, product development and customer experience.
The old saying ‘information is power’ could not be more true today. The information we house in our databases is used to do everything from getting a better understanding our customer, providing a better customer experience, improving operational efficiency and ensuring more informed business decisions.
The desire for data and data-driven insight has proliferated across our businesses. In fact, the concept has become so important that 97 percent of U.S. companies feel driven to turn data into insight. Behind this drive are customers: Companies want to better understand their customer needs so they can find more of them and increase the value of existing clients.
Email is the top communication channel for many organizations as they look to stay in touch with customers and promote products and services. However, many companies are dealing with poor email list hygiene that can disrupt communication through this critical channel.
Data is playing an ever increasing part in our lives and this trend is expected to continue in 2015. The concepts of big data and data-driven insight certainly aren’t going away any time soon. With that in mind, there are five insights from a recent Experian Data Quality study that you should keep in mind this year.
Data is an essential part of any organization today. We rely on it to tell us about our customers, what products we should invest in, how we should adjust our sales and marketing strategies, what new markets to invest in and much more. We have become obsessed with data and the insight it can provide.
However, the information we are often relying on for critical business decisions is flawed. On average, organizations in the U.S. believe 32 percent of their data is inaccurate. That is a 28 percent increase over last year’s figure of 25 percent. When one considers how much data is used across the business, it is easy to see how this high level of inaccuracy can create wide-spread business problems. Many organizations experience consequences such as a poor customer experience, impacts to revenue or efficiency, and much more.
Many of us today are in the market for data quality solutions. In fact, 89 percent of companies are planning to invest in some sort of data quality solution in the next year, with an average of a half a million dollars in budget. But, some companies are already spending much more. Thirteen percent are spending between two and five million dollars and seven percent are spending over five million dollars.
This high degree of investment is not something that should be taken lightly. Companies need to be sure they are working with the right vendors and selecting solutions that can have a material impact on the quality of data and show a return on investment.
As marketers, one of the top things we are worried about is the new data-driven age. Information is changing the way we function and creating entirely new roles and responsibilities within our industry. I recently attended a Garter webinar, Focus on: Data-Driven Marketing, where they said that data causes the most anxiety for marketers.
We are left wondering:
It seems that every time I go into a store today, I am offered a loyalty card. From one of my favorite local restaurants to my shoe store VIP program, I feel like I am getting a host of emails and points at every turn. Statistics support my theory: according to a recent Experian Data Quality study, 91 percent of organizations use loyalty programs.
Why did they become so prevalent? Today’s consumer is more empowered than ever before and driving major change within business. In the era of Yelp, digital channels and a 24/7 shopping cycle, organizations have less control.
Data is an increasingly important part of organizations today. It can be leveraged for traditional operations and efficiency, but now is also being used to gain a better understanding of the consumer, prompt personalized marketing messages and determine a host of new product innovations.
The increasing use of data is putting a greater spotlight on information and how it is used. But many companies have issues with their data. In fact, a recent Experian Data Quality study found that U.S. companies believe on average a quarter of the information in their databases is inaccurate.
Today’s consumer expects a lot from us marketers. They want consistent communication, across all channels they use and with messages tailored to just their interests. This is accomplished through what’s known as personalization, or changing user interactions based on data, such as purchases, demographics or preferences.
Marketers see major opportunity for a whole new level of consumer engagement and more marketing-influenced revenue sources via personalization. In fact, three out of four organizations personalize their marketing messages or are in the process of doing so.