Companies should ideally be focused on data quality at all times. Whether they're in the dead of winter or the dog days of mid-August, it's always important to have accurate information about one's customers. But it's never more important to maintain effective database management practices than during the holiday season - as shopping activity picks up and companies work aggressively to meet their marketing goals, precise knowledge is of the essence.
With Hanukkah and Christmas both now in the rear-view mirror and businesses looking back on their holiday marketing efforts, it might now be time for them to wonder: Are their levels of data quality to credit - or blame - for their business this past season?
With any business that handles a spike in holiday sales, data likely plays a significant role. If you work in retail, you likely tried to target consumers with personalized product suggestions based on their individual shopping tastes. That requires knowing their buying histories, for one thing. For another, it also relies upon accurate contact information. If your business has the perfect product pitch but delivers it to the wrong address, your efforts are all for naught.
According to Smart Data Collective, data quality was an especially major concern this year, as the cost of the average American's Christmas shopping reached a whopping $750. The news source pointed out that companies needed accurate consumer information in order to compete for their slice of that fiscal pie.
"So much time, effort, and money is expended creating data-driven deliverables that carry a high expectation of quality for which users believe they have clearly communicated their requirements," the source stated. "Everyone expects the quality of their data to be nice and not naughty."
It's true. This holiday season, having high-quality knowledge of consumers was essential. If your company didn't measure up, then 2014 will be a long year of playing catch-up.