In a competitive business climate, it's important that companies maintain a firm grasp on their marketing data in order to keep a finger on the market's pulse. Customers' tastes are rapidly changing, as are the technologies that they use to keep in touch with their brands. For this reason, data quality is vital - business leaders need to keep collecting information about the people around them, and they must always be sure that it's current.
This is the key to beating the competition. After all, if a rival company has better data, it's likely to do more business in turn.
Of course, having high-quality data doesn't guarantee success - it merely puts you in position to compete. According to Business 2 Community, it's much like filling out a bracket in March Madness. If you've spent all season watching college basketball and studying the game's statistics, you'll be in a good place to win your office pool, but you're not assured of anything. Upsets can still happen.
Collecting data is always better than not, though. The companies that focus on data management will certainly have an advantage over those that don't.
"Managing a marketing database is like standing at the free throw line, practicing shot after shot," marketing professional Lauren Brubaker explained, according to the news source. "It might not be as exciting as other aspects of the job, but in the end it likely means the difference between a win and loss. It ensures that marketing data is complete, accurate, actionable, and free from incomplete contacts or incorrect data."
Business, like sports, is all about preparation. The companies who prepare better than their rivals will undoubtedly be in a better position to succeed. After that, it's a matter of hoping a few lucky bounces go their way when it matters.