A research by Experian Data Quality has found that an average company loses 12% of its revenue due to bad data. When added across US businesses, this makes a whopping $600 billion!
You cannot afford to not worry about it.
Duplicate data has a potentially negative effect on your marketing ROI.
Isn’t it frustrating to get bounce backs rolling into your inbox? Yet, many marketing professionals continue to undervalue the influence of bad data on their company’s ROI. They fail to realize that duplicate data makes them over-project marketing and sales.
Here’s how marketers tend to miscalculate:
Supposedly, they observe 100,000 leads in the CRM. They would probably project that 15-20% (i.e. 15,000 – 20,000) of these leads will turn into your customers once an email campaign is launched.
Now, let’s see what actually happens.
Say, approximately 10% of the recorded leads are duplicates. This will mean that you actually have 90,000 leads in your CRM, which further indicates that you will actually have 13,500 – 18,000 customers.
Explained below is how duplicate records lower the efficiency of marketing campaigns and affect the ROI of your business.
Additional Costs and Lesser ROI
Duplicate records can cost your organization as much as a few millions. If, for instance, one duplicate record costs you $100, just imagine how much it would cost sending the same catalogue to one lead five times. Not only does it harm your brand’s reputation, you can end up incurring unnecessary print costs. Duplicate records also negatively impact response rates and your marketing ROI.
To cut costs, you must be able to identify duplicates in your database. An effective data cleansing solution will help you reduce marketing costs while helping you prevent any new duplicates from entering into the CRM.
Lack of Single-Customer View
When you record a prospect’s information multiple times, it becomes challenging to get a clear picture of their behavior and analyze their interaction with your brand. Evaluating your marketing and sales efforts also becomes a daunting task.
Bad Brand Reputation
If you don’t take into account the health of your customer data, they will not take care of your business’ health. Customers bring you more business and referrals. Clear communication with them is essential for building brand reputation. Bombarding their inbox multiple times with the same information will make them perceive your brand in a negative light.
Less Informed Decisions
Using inaccurate data will cause you to make wrong business forecasts, take less informed decisions, or set unachievable targets.
Missed Sales Opportunities
Duplicate records can cost you in terms of missed sales opportunities. Imagine the time spent on chasing the wrong prospect. This time could be better spent contacting the right leads.
Data must be cleaned and managed at every customer touchpoint to align with your customers’ emotions. Clean data refers to error-free and unique data. If timely implemented, data deduplication can save you millions.
Need A Quick and Effective Solution to Deduplicate Your Data Automatically and Clean It Regularly?
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