This year, a number of business initiatives will bring attention to data quality, as the completeness and integrity of customer information can have a clear impact on near-term profitability. Companies that take steps to improve the quality, integration, accessibility and value of their customer information may realize dividends across these ten initiatives in 2010. This week, we look at areas that are especially critical for marketing. Next week we’ll look at operational efficiency, compliance and risk management.
1. Customer Onboarding. Given the cost of acquiring new customers, organizations will look to strengthen the quality and effectiveness of their customer onboarding experience. Studies show that getting the first 90 days right may produce greater returns than other comparable investments. In addition to significantly lower attrition rates, in some industries this initial period can account for as much as 70% of all cross-sell activity.
2. Predictive Analytics. CNN recently reported how companies are drowning in data and how gaining meaningful insight can take more effort than ever. Each week, businesses waste 5.3 hours per employee due to inefficient processes. It’s no wonder that one of the fastest growing fields involves predictive analytics—technologies that parse, compare and evaluate diverse, disconnected pieces of information in real time so users can make more informed decisions.
3. Postal Savings. While postal rates will not increase in 2010, the US Postal Service will assess fees against companies that do not update addresses when customers move—and that could cost mailers as much as seven cents per piece. At the same time, new postal discounts are being offered to those who convert address data and mailing specifications into barcodes under the new Intelligent Mail® program.
To be successful, organizations need to find effective ways to deal with long-term issues such as ownership, disparate systems and overall data quality—while being opportunistic when it comes to low-hanging fruit and critical business issues. Solutions like our SpectrumTM Technology Platform complement your existing business platforms, making it easier to improve the quality, accessibility and value of your data assets. Obviously, there are many other ways data affects marketing results… what initiatives are critical for your business?
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