Better Data Quality Equals Higher Marketing ROI
Surprisingly enough, less than 0.5% of all data is ever analyzed and used according to Forrester. Richard Joyce, Senior Analyst at Forrester, said that “Just a 10% increase in data accessibility will result in more than $65 million additional net income for a typical Fortune 1000 company.”
A recent research on The ROI of Data Quality revealed that while 78% of marketers believe that data-driven marketing is crucial for their organization, 70% believe they have poor quality or inconsistent customer data.
In other words, the desire to be a data-driven organization is high, but the majority of businesses today acknowledge that they are far from where they ought to be.
Measuring the ROI of Analytics & Data Quality
Senior executives still crave direct attribution of improved data quality to a more profitable bottom line. In a webinar organised by InfoTrust and Forrester, several approaches to measure the ROI of analytics were identified.
- More Effective Budget Allocation: With improved data quality, marketing campaigns can be more accurately measured for impact and effectiveness.
- Finding the Best Customers: With enhanced digital analytics, companies can better understand their customer lifetime value, which allows them to identify their most profitable customer segments.
- Improved Value Proposition: Through rigorous testing, companies can determine which components of their value propositions are resonating with their ideal customers, and which are not.
- Better Overall Marketing Planning: The best driver of ROI from enhanced data quality is the ability to develop better marketing plans that will deliver more predictable results.
Read more at Forbes
