Don’t let bad data hurt your bottom line. Follow these tips to make sure your marketing is targeted and accurate.
In the new economy, getting the right information into the right hands at the right time is a potent cash driver. And while you likely know that better quality data produces better results, you might not realize just how much data integrity (or the lack thereof) can affect your return on investment (ROI).
Data integrity means you have accurate and valid data, and if you’re concerned about how good that consumer data you bought is, you’re not alone. A 2020 study by O’Reilly found, among other things, that companies are dealing with many data issues at the same time, one of which is a surfeit of data: Too many different sources, data that’s inconsistent, and data that’s old and tired.
Why is data integrity so important? And what are the actual impacts on your bottom line?
Start by measuring your current data integrity
Do you know the quality of your data? In a 2017 webinar, InfoTrust and Forrester senior analyst Richard Joyce outlined three ways to measure data quality:
- Is my data really accurate and free of errors?
- Is my data complete? Does it collect information about my customers’ end-to-end journey on different devices and mediums? Does my data provide a 360-degree customer view?
- Is my data consistent throughout different platforms?
If the answer is no or I don’t know to any of those questions, you’re losing marketing performance and ROI due to low-quality data.
3 reasons you don’t have quality data
You probably already know your data quality is not where it should be. But why not? Where are those gaps and inaccuracies coming from?
- Consumer conduct isn’t linear: People don’t just see your ad, go to your website, and buy. They see lots of ads, and those competitor ads raise doubts about your product. This means the customer journey usually starts on one device such as a mobile phone and finishes on another like a laptop. So, how do you keep this human connection to close the sale?
BDEX data solves this problem by giving you the ability to market to consumers via multiple devices and channels, including email, social media, direct mail, and mobile. We utilize information from more than 75 vetted partners and 400 million mobile-to-email ID connections matching up different sources with the same consumers on different devices to help you find and target prospects across different platforms.
- Incorrect deployment: Businesses continually report data loss, among other problems, such as misfiring pixels, or a pixel that is no longer available. This type of error can cause major data gaps. With custom real-time tags placed on thousands of websites, apps, and platforms, BDEX can track users across multiple channels, which gives you up-to-the-second data not available anywhere else.
- A faulty data supply chain and insufficient integration: Data should connect from each source to a specific consumer, so the lack of dependable data is a major problem for all businesses, no matter their size. Again, BDEX offers a solution with accurate, specific, and processed data. Other companies collect or buy the same data from the same sources, so information just gets passed around in a variety of files and formats. These must be collected and categorized by your team, which leads to errors and time-consuming manual work on files.
BDEX removes the need for time-consuming and error-prone manual data cleansing by immediately sorting and identifying the data points that come into our exchange platform to ensure its accuracy and relevance. Learn more about the overuse of 3rd-party data, and how better data comes from better sources.
How good or bad data affects your ROI
The old axiom, garbage in, garbage out, certainly applies to the data world. Without complete and accurate data, you can’t collect good information.
- Let’s say you’re missing data for one day: That’s 3% of your monthly data, which means you could miss a large number of website visitors. And what if that day happens to be during a sale or a shopping holiday like Cyber Monday?
Solve this problem with real-time targeting. At BDEX, we place custom real-time tags on thousands of websites and apps, tracking consumers across their many channels. This gives you real-time data to reach the right person more effectively at the right moment, which means your data is never outdated.
- Quality data means better budgets: Improved data quality opens the door to more accurate measurement of marketing campaign effectiveness and impact. This means you can put your marketing dollars where they’ll give you the most bang for your buck.
- Better data means more accurate analytics: This can help you find your best customers, which can then inform your campaign targeting to focus on high-value audiences.
- Improved data quality lets you develop better marketing plans: This is the best driver of ROI. Having the best data will allow more predictable results from your marketing plans. You’ll know where to put your marketing dollars to get a maximum ROI. It will instill greater confidence that you’re making the right investments.
BDEX The First Name in Quality Data
The tools at BDEX help you get the quality data you need, right when you need it, which means higher ROI for your business.
We don’t just place custom, real-time tags across thousands of websites, apps, and platforms to deliver the most current data available. We also gather user data across multiple channels, and our BDEX Identity Graph helps you use this data to better identify who you’re targeting.
Make real human connections with BDEX. Contact the team today to get started transforming the quality and accuracy of your data.