Data to Help Support Business Growth
The ability to analyse and exploit data is increasingly important to businesses nowadays. Companies are required to have the capability to react quickly to change in demand from customers and global trends to continue the business growth. To help them make smart decisions, companies implement Business Intelligence (BI). BI tools feed managers with the knowledge to make insightful decisions. BI also provides them with reports on useful information for decision-makers. Nonetheless, to achieve an effective BI reports, clean and accurate data is required.
Importance of Good, Accurate Data
Data cleansing, data cleaning, or data scrubbing is the process of detecting and correcting (or removing) corrupt or inaccurate records from a record set, table, or database and refers to identifying incomplete, incorrect, inaccurate or irrelevant parts of the data and then replacing, modifying, or deleting the dirty or coarse data (Wu, 2013). Some people might argue that performing data cleansing are usually costly and therefore can be omitted. Truth to be told, working with “dirty” data might be more expensive and cause problems such as emailing obsolete email addresses and calling wrong numbers. Clean data will eliminate these wasteful efforts, saving valuable marketing dollars. Besides, the cost incurred from “cleaning” this data can be easily offset by the benefits given.
Ability to perform advanced analytics.
A clean database can provide a helicopter view of customers’ data, such as customers’ engagement and transactions. With this on hand, defining personas, upsell and cross-sell, or even understanding lifetime value will be an easy task to do. We can further use this data to optimize advanced analytics to improve marketing campaigns or investments.
Provide a better customer experience
Accurate and relevant data allows companies to segment their customers into groups based on their buying preferences, demographics, and behavior that lead to targeted and personalized marketing. This marketing strategy would lead to better customer experience, thus raise sales and accelerate business growth.
Integration with online data
Combining demographics data provided from customer profile with other sources such as social media and other online platform give a more clear and compelling view of the customer. This online data enrichment is more likely to be successful when the database itself is clean and accurate. This clear, detailed picture of the customer makes a world of difference in doing a high-performance targeting, messaging and experience strategies.
Related articles
Does your business need a CRM system?
8 Ways to Fund Your Business Growth
