Data Management Strategy

Creating an Effective Data Management Strategy

In News by olga

Data is essential to all businesses but there is a big difference between high quality and poor quality data.

Whilst high quality data can greatly help you to market and sell your products, as well as make important business decisions, poor quality data can lead you down the wrong path entirely, costing your business time, money and even its reputation.

In order to benefit from your data, you need to implement an effective data management strategy. Here we’ve identified the key aspects that it should include:

Setting a goal

Your first mission should be to develop a clear vision of what you want to achieve with your data management strategy. This will help to ensure your business is able to meet goals and expectations through effective data management.

Cleaning your data

Did you know that over a third of business data decays each year? This costs UK businesses over £180 million marketing to people who have moved house, passed away or are no longer interested in receiving their correspondence.

Cleaning your data is an essential part of an effective data management strategy, as it will help to save you money and improve your ROI on marketing campaigns. You can clean up your data by regularly going through it and removing duplicates, checking for spelling errors and verifying it against services like PAF and the telephone directory.

Enhancing your data

Regularly cleaning your data will enable you to benefit from carrying out data enhancement as part of your strategy. Enhancing your data involves adding extra information to the records you already have on file, to create more detailed customer profiles. The more you know about your customers, the better you’ll be able to tailor your marketing materials to meet their needs.

Enhancing customer data can increase retention by 4-5% and seeing as it costs more to win a new customer than keep an old one; it’s something that’s certainly worth doing!

Analysing your data

Analysing your data will allow you to gain valuable insight into various different things such as who your most profitable customers are and where you may have untapped opportunities. You will then be able to capitalise on these untapped opportunities to generate more revenue for your business.

Benefit from effective data management

Take your business to the next level with an effective data management strategy. Call us on 0800 612 1972 to get started.

Image Credit: Atos International