Data Quality's importance can't be understated. Data Quality can only be taken as a central part of any organization's approach to data coming in and being produced by the organization's knowledge workers. This article gives a good overview of the ways in which an organization can fail to succeed in Data Quality.
Regardless of whether you’re running a multi-channel campaign or a single-platform project, your marketing efforts’ success depends, to a large extent, on the quality of data at your disposal. Nowadays, more than ever, B2B marketers rely on data stored in such formats as a targeted cold calling list, email/mailing list, marketing/sales contact database, and sophisticated CRM database. Social media also has greatly contributed to the data supply and demand situation as business insights become increasingly tied to customers’, vendors’,employees’, and competitors’ information online.
However, despite the growing focus on data-drivenmarketing campaigns, a lot of companies are still struggling in terms of having sound data quality programs. According to Forrester, only 12% of companies base key business activities on intelligence provided by quality data. This leads to considerable inefficiencies which the Gartner Group estimates cost the average firm about $8.2 million each year.
While you may think that these figures may not be readily applicable to your marketing campaigns, the fact that poor data quality leads to wasted resources is reason enough for you to start considering (or reconsidering) your approach to marketing data quality. Here are six key tips to help you begin your evaluation:
1. Adopt a data management plan. Pull your company out of the 88% that haven’t yet seriously considered the need to systematically approach managing business and marketing-related data. Outline the set of specific procedures and guidelines you need to follow in order to ensure high data quality in your contact database, calling list, email list, and other marketing databanks from acquisition/development to maintenance/updating.2. Cleanse databases regularly. As much as 78% of B2B marketers say they update and clean up their database at most three times annually. However, superficial database cleansing can only take your marketing efficiency so far. A more thorough database cleanup approach requires analyzing the whole process of marketing data acquisition, storage/removal, and retrieval in order to find flaws in the system that cause deterioration of data quality.3. Involve both sales & marketing. When developing a strategy to address marketing data management issues, it’s more productive to actively involve both your marketing team and sales staff in the brainstorming process. There has to be some common grounds to work from when it comes to managing marketing databases. In this regard, the inputs from sales are just as important as those from marketing.4. Collaborate across departments. Aside from aligning marketing and sales in the data management process, there also has to be close collaboration between various departments, notably IT and those that handle supplier, employee, partner, and other company information. Oftentimes, marketing also relies on the quality of information from these internal sources.5. Consolidate data housing. Common data housing practices call for data to be incorporated only into the system where they originate or are typically used. With consolidation, data is made compatible and available to other systems in the company. Consolidation doesn’t contradict segmentation. In fact, it enhances calling list or email list segmentation by expanding the possible criteria set.6. Monitor relevant metrics. The analytics used to gauge data quality and its impact on the marketing campaign are as varied as the number of databases involved. In order to see past the blur of countless metrics, it’s best to match these with data sources and purposes and start from there.
At first glance, the above points may seem to require a lot of work. However, the payoff in terms of optimizing your marketing processes is worth more than the time and resources you put in.
Oz du Soleil's insight:
Great, detailed article. Marketers really need to pay attention to this. Marketers rely on data but often their data collection and data stewardship are lacking.
Despite the growing number of companies that are investing in big data plans, approximately half of businesses do not have a clear data quality strategy, according to Information Management.
Oz du Soleil's insight:
I ged paid to clean up the big messes that have been ignored for a long time. But seriously, I would rather businesses avoid the consequenses of crap data. Not just paying for clean-up, there can be lawsuits, and just the embarassment of sending mail out to "Mr. Ann Williams."
Excel Services in Microsoft SharePoint Server is a shared service that you can use to publish Microsoft Excel workbooks on SharePoint Server. We use Excel Web Services for BI4Dynamics On-Line Demo that is our experience.Strengths,Weaknesses,Features.
Fundata (German: Fundatten; Hungarian: Fundáta) is a commune in Braşov County, Romania, in the historic region of Transylvania. It is composed of three villages: Fundata, Fundăţica (Kleinkertzberg; Kisfundáta) and Şirnea (Schirnen; Sirnea).
A traditional lifestyle of herding sheep and cows is preserved, augmented by tourism. Indeed, Şirnea was declared the country's first tourist village in 1968. Aside from the mountainous scenery, attractions in Fundata include a wooden Romanian Orthodox church (1830) and one of stone (1939-1943); in Şirnea, there is a church from 1893-1894 as well as an ethnographic museum. There is an annual festival held around July 20, feast of the prophet Elijah, called Nedeia Munţilor ("Mountain Celebration"). Originally a "feast of two countries" (Transylvania and Wallachia), it was revived in 1969, and features folklore displays as well as local cheeses and meats.
Last Tuesday a data quality vendor put out a blog post Companies need to be educated on data quality that essentially said that companies need to be educated.
Oz du Soleil's insight:
Excellent article about Data Quality quickly diminishing based on some simple things that "someone" could have handled.
I think that Data Management is often something that falls through the cracks as we focus on what we're officially in charge of. Data Quality/Management is regularly assigned to no one. So, in Stephen's example: WHO was responsible for changing the zip code ... probably nobody. And sometimes it's a mystery as to who has the power to physicially make the change.
Folks, let's gt on top of our data and make Data Stewardship a priority.
One of the most asked questions I get is about industry standards. "How do we compare for likes, retweets, email open rates, website visitors, and every other marketing metric versus industry standards?
Oz du Soleil's insight:
Good Data Management means knowing what works for your business. Industry standards may be a good place to start but when we get down to the nitty gritty, your data should be about you--not the industry and nothe competirors.
Chris Penn does and excellent job of explaining why.
Sharing your scoops to your social media accounts is a must to distribute your curated content. Not only will it drive traffic and leads through your content, but it will help show your expertise with your followers.
How to integrate my topics' content to my website?
Integrating your curated content to your website or blog will allow you to increase your website visitors’ engagement, boost SEO and acquire new visitors. By redirecting your social media traffic to your website, Scoop.it will also help you generate more qualified traffic and leads from your curation work.
Distributing your curated content through a newsletter is a great way to nurture and engage your email subscribers will developing your traffic and visibility.
Creating engaging newsletters with your curated content is really easy.