Who knew? It turns out that Mom taught us everything we need to know about best practices for 1st party data hygiene!
For Mother’s Day, let’s review Mom’s words of wisdom. Sit back, read, and relax – but take your feet off the coffee table!
Don’t Throw Your Money out of the Window!
Did you know?
- Poor-quality data costs the average U.S. business $15M per year due to lost productivity and wasted resources. (Garner)
- A report from Forrester found that less than 0.5% of all data is analyzed and used – yet a 10% increase in data accessibility will result in a $65M+ additional net income for the typical Fortune 1000 company.
- Research from Experian found that poor-quality data impacted 94% of respondents – causing additional expenses and damaging the reliability of their analytics.
Clean your Room!
Dirty data is a drain on resources and effectiveness, yet 92% of business leaders have challenges maintaining good quality data. (Experion).
A survey of marketing professionals (Forrest) reported the following consequence of poor data: (the survey allowed more than one response)
- 37% reported wasted marketing spend because of poor data quality.
- 35% reported inaccurate targeting.
- 30% reported that they lost customers.
- 29% reported reduced productivity.
- 28% reported a negative impact on customer experience.
- 24% reported inaccurate marketing performance results.
What are some solutions?
- A data management platform (DMP) helps marketers centralize their data to ensure it is clean and accurate.
- A customer data platform (CDP) consolidates and integrates data from multiple channels and sources to build a single, unified profile around each customer.
Learn More About the Importance of Data Quality
Make Sure your Socks Match!
Whether it’s scattered, mismatched socks or data…the result is the same…inefficiency, and wasted time and money. Regularly review your data to ensure it’s accurate and up to date. 70% of surveyed marketers believe they have inconsistent or poor-quality customer data. (Forester)
What’s the solution? Merge/Purge!
Merge/Purge is the process of merging records from one data source or multiple data sources and eliminating duplicate records. The goal of Merge/Purge is to produce one unique record that contains all the valuable data – but eliminates redundancies. This is especially critical when a business or association is attempting to create a mailing list to market their products or services.
PGM provides powerful data matching, deduplication, householding, and consolidation by leveraging sophisticated matching algorithms to identify unique relationships.
Multiple collection sources often cause differences in spelling, data field distribution, formal vs. informal references, and missing elements.
Combine data from multiple sources to compile a single view of each customer.
- Address and Non-Address data parsing, matching, and consolidation.
- Identify duplicates to increase efficiency and reduce costs.
- Detect and eliminate duplicates so they can be deleted from the customer database and mailing lists.
- Use “householding” techniques to identify members of the same household or to identify employees of a single company at the corporate level.
- Combine records by matching different forms of the same name or firm such as “Bill” and “William” or “AT&T and “ATT.”
- Utilize suppression lists to remove records that shouldn’t be included in a campaign.
- Multiple match levels:
- Residential (Location/Address)
Here is an example of 8 records all belonging to the same individual! Porch Group Media’s 1st party data Merge/Purge services can analyze and consolidate this example into one record.
You Don’t Call…You Don’t Write!
Maintaining accurate customer addresses, emails and phone numbers is essential for customer communication and for customer targeting on social media. Porch Group Media’s 1st party data hygiene services can:
- Validate emails – check that the email is valid, has correct syntax, that the domain exists, and that the mailbox doesn’t reject mail.
- Append missing phones or emails to customer records and append all emails available for the individual or household – providing more data points for a better match for social media marketing.
- Reverse append missing emails to customer records based on available data such as name and address, or phone number.
- Reverse append missing phone numbers to customer records based on available records such as name and address, or email.
- Validate client phone numbers by comparing them to our database of validated and tested values.
- Perform DNC (Do Not Call) phone scrubbing upon client request.
Porch Group Media can hygiene customer postal records. Here is a list of some of the available options:
- Standardize names and addresses
- Identify gender code
- NCOA (National Change of Address)
- PCOA (Proprietary Change of Address)
- DPV Validation (Delivery Point Validation)
- CASS (Code Accuracy Support System)
- Geo-Code Processing (Append Lat/Long and FIPS data
- Identify dwelling types
- Deceased Scrubbing (Removing records of deceased individuals)
- Flag Customers who are moving and their move stage
- Flag In-Market Customers
Don’t Forget to Send a Housewarming Gift!
Mom is right, send a gift! But how do you know when your customers are moving? And why is it important to track?
Well…. here’s why:
- The average business loses 20% of its customer base to moving in any given year. (Welcome Wagon)
- The success rate of selling to new customers is 5-2% while selling to a customer you already have is 60-70%. (Harvard Business School)
- Movers spend more in the first 6 months of a move than the average consumer will spend in three years. (Porch Group Media)
- 90% of movers will try new brands and services. (Porch Group Media)
- 3 in 5 make purchases before moving. (Porch Group Media)
- On average movers spend around $11,000 per move. (Porch Group Media)
With Porch Group Media’s MoverMatch program, we can flag your customers during every stage of their move – from pre-move to post-move. With insights into 90+% of all U.S. homebuyers per year, you can learn if your customers are moving before they move, and in some cases provide the future address of verified pre-movers.
Remember, Mom Knows Best!
Contact Porch Group Media for all your 1st Party Data Hygiene Services and Solutions.