With the digital world growing competitive by the day, everyone is trying to understand their customers better and make finance, product development, and marketing decisions based on real data for a better return on investment (ROI). If you don’t make use of data, there is a chance you will lag behind or, at least, use more money and energy to keep up with your data-driven competitors. That said, data needs to be accurate and of high quality to be useful. Bad data is inaccurate, unreliable, unsecured, static, uncontrolled, noncompliant, and dormant. While poor data can be a significant threat to data-driven brands, from another angle, it can be seen as a market gap and an opportunity for businesses to improve.
Good data quality enables,
Better decision making
Good quality data not only leads to more accurate and realistic decision making but also boosts your confidence as you make the decisions. It takes away the need to guesstimate and saves you the unnecessary costs of trials and errors.
As part of the value chain proposition, it's critical you know who your prospects are – something that you can only manage analyzing and understanding data. Using high-quality data from your current customer base, you can create user personas and anticipate the needs of the new opportunities and target markets.
There are many forms of digital marketing out there, and each one of them works differently for different products in various niches. Good data quality will help you identify what’s working and what’s not. For example, if you are running a social media campaign and there are no prospects coming from Instagram, but Facebook seems to bring them in in droves, you can either ditch Instagram and switch all your focus to Facebook or review the approach you used on Instagram for a more successful campaign.
Better Customer Relations
You cannot succeed in any industry if you have poor customer relations. Most people only want to do business with brands they can trust. Creating that bond with your customers starts with understanding what they want. You can create customer personas using the information you already have in your database to imagine their interests and preferences. Having good quality data also helps you prepare proper marketing content and avoid spamming and message duplication, which can be annoying
Being in possession of good quality data gives you a clearer picture of your industry and its dynamics. Your marketing messages will be more specific, and your projections in market changes will bear more accuracy. It will also be easier for you to anticipate the needs of your customers, which will help you beat your rivals to sales.
Generally, the data is collected to make the decisions that will positively impact the success of the business and increase revenue. For many companies, managing quality data can seem like an overwhelming task. Proper data management is the key to data-driven success. Make your data quality management easier with a comprehensive data quality platform.