We instinctively know that good quality, clean data is likely to lead to better marketing results. What has always been difficult to pin down is exactly what impact data quality has on the bottom line. However, in recent research conducted by Jim Conning’s Data Services team at Royal Mail and DataIQ it has been revealed poor quality contact data is costing organisations a staggering 5.9% of turnover on average.
To put this into context, the average large business in the UK turns over £291m so the cost of poor quality contact data for a large business is running at £17.2m annually. The same survey of 272 marketers also found quality of contact data to have the highest impact on campaign performance scoring an average of 3.48 out of 5.
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The report also makes the connection between the upcoming regulatory changes with GDPR and a marked decline in the use of third party data. Only 2 years ago, there were less than 40% of marketers relying solely on data gathered themselves. This number is almost half of marketers now and correlates directly with a reduction in users of third party data. The now measurable cost of poor data and the positive impact of good quality contact data serve to bolster an already strong case for investment in data quality processes, services and software.
Cygnus from The Software Bureau has long since been the go-to solution for data cleansing. The unique embedded suppression function provides brands, charities and marketing service providers with access to all the major suppression and home mover data without negotiating individual deals with file owners.
Find out everything you need to know about using suppression and home mover data in our free 16-page guide. Included in the guide is a comparison table for each of the file providers to help you understand the differences between them.
