As more businesses adopt data-driven business models, establishing a data governance strategy that focuses on attaining high-quality data will be necessary to achieve a competitive advantage. According to a study conducted by Forrester Consulting on behalf of Marketing Evolution, 21 cents of every media dollar spent by organizations in the last year was wasted due to poor data quality, resulting in inaccurate targeting (35%) and lost customers (30%). This study is just one example of the real cost of poor data quality that can be prevented through accurate data, including customer acquisition, quality management, and even hiring.
Your business will create an advantage over competitors by leveraging the insights gleaned from higher quality data analysis to target consumers more effectively, make better-informed decisions, and increase productivity.
Targeted Marketing – Leveraging high-quality data enables your business to curate a tailored marketing campaign, optimizing the customer experience. Targeting only consumers with a high probability of purchasing your products or services will reduce costly wasted marketing dollars and give your business the edge it needs to gain and retain customers while increasing brand awareness. Better data, better targeting.
Decision Making – The accuracy of the data used in internal decision making is crucial and can make the difference between success and failure. By analyzing, interpreting, and visualizing high-quality data, your business can more accurately determine competitive pricing, product innovations, scaling, and much more, giving your business a distinct advantage over competitors. Clean data unlocks the keys to success.
Productivity – Using high-quality data also improves productivity and operational efficiencies in your business, increasing its profitability. Utilizing data analytics, you can identify and reward your most productive employees and create strategies to improve performance for the less productive team members. Your data can also help identify and resolve gaps in your processes, and can even predict the productivity of new employees. In addition, data can help streamline business processes and increase sustainability by reducing the amount of waste created during product development. Conclusive data enables high performance.
Many companies are outsourcing their data solutions to professional organizations that have the skills necessary to ensure the reliability, integrity, and viability of their data. Liberty Source prides itself on its commitment to quality. Our proprietary methodologies enhance data-driven decisions giving you the competitive advantage your business needs to succeed.