User information is the quintessence of a business and it keeps on piling up Year over Year (YoY), making its management a big deal for organizations.
Every year, around 40% growth is witnessed in corporate data. Around 20% of this data is bad or duplicate and ought to be removed before you shell out millions, needlessly.Where does duplicate data come from?
Multiple sources of data are a major reason behind duplicate data. A customer/prospect may provide different information responding to multiple marketing campaigns. In addition, data augmentation through list purchases could be adding to your duplicate data woes.
Marketing data is the lifeblood of your business, incorrect marketing data can cost you an alarming sum of money if neglected. According to Sirius Decisions, each incorrect/duplicate record, if left unattended, may cost your organization up to $100 in sales and marketing productivity.
Let’s take a look at the impact duplicate data can have on your business.
Damaged brand reputation
Communication efficiency can be ensured by keeping your lead data clean and up to date. Customer/prospect contact data is the source of existing, new and referral business. With duplicate data, the probability of bombarding a customer or prospect with multiple phone calls or emails is very high. This, in turn, can simply mar your engagement strategy and have an adverse effect on your brand reputation.
Inability to make informed decisions
Informed business decisions are those which are data driven and if you want to make data-driven decisions, ensure that your data is accurate, whole and original. Duplicate data, for example, could be exaggerating your marketing performance reports and can lead to inaccurate ROI measurements. It may also be impacting your marketing attribution analysis.
Inefficient sales and marketing efforts
Marketing automation platforms charge you for the size of your lead database. That is, you continue paying more for the unnecessary duplicates that keep piling up in your database. When you run campaigns for those duplicate leads, untargeted messaging will lead to flattened click-through rates and wastage of your money and time.
You may further also fail to get a precise view of your customers, unable to identify where they actually are in the buying process, which may result in wrong market segmentation.
Preventing data duplication is the key to avoiding all the above problems. It’s an automated process of identifying possible duplicates and merging them using algorithms and data processing in your lead database.
Clean data means error-free data, which if ensured before running your marketing campaigns, can help you save tons of money at once. Cleaning your data costs significantly less as compared to cost incurred by duplicate data.
Preventing data duplication in the first place costs even less – as much as $1 per record. The plus is you get augmented revenue, eventually.