Categories: Customer Data Platform,
When hearing about the power of big data, many businesses are inclined to dive in head first, collecting as much data as possible. However, when it comes to big data, quality is far more important than quantity. Rather than focusing on how much data you can collect, you should focus your strategy on collecting the right types of data and maintaining high quality and updated datasets.
Why Is High Quality Data So Important?
One of the primary purposes of having a data-driven marketing campaign is to increase your conversion rate and improve the ROI of your marketing strategy. However, mismanaged data strategies can actually have the reverse effect. If the data you’re analyzing is incorrect or outdated, then the insights gained from that data will be misleading. In turn, you’ll be creating a marketing strategy based on false insights that could end up reducing conversions rather than increasing them. This can be prevented by ensuring your data is of high quality and by implementing a strategy that focuses on data quality rather than quantity.
What Constitutes High-Quality Data?
When implementing a plan to capture the highest quality of data, you need to know what types of data you’re after. There are a number of elements that go into determining whether data is of high quality.
The data must be relevant to your goals. The first step is determining what you hope to gain from the data. Identify a target market that’s most relevant to your mission and go after the specific datasets that will support the questions you’re seeking to answer. In the case of marketing, the most relevant data is updated customer information. Focus on specific metrics that will help you answer your customer-related questions, and collect data that will support or expand upon those questions.
The data must be clean and up-to-date. Even if you’re heavily focused on collecting the best data, low quality or incorrect data will still slip through the cracks. This is where data cleansing comes in. With routine data cleansing, you can rid your big data of all the improperly formatted, incorrect, or outdated data that is holding back your analysis, so you can maintain the highest level of data integrity.
The data must be integrated. Once all data is clean and of relevance to your company, the next step is ensuring the data is properly integrated. This will allow you to gain a complete view of your company by eliminating the silos that result in data misinterpretation. The cloud offers the ideal platform for data integration, providing you a single place to consolidate data from various departments, so you can align your sales and marketing departments and strengthen your data insights.
How to Maintain Data Quality
While it sounds easy enough on the surface, capturing, cleaning, and integrating data is actually an involved and complex process. Marketing automation tools can simplify the struggle by providing you with a single, cloud-based platform, which is ideal for data integration. With data management software, you can automate the formatting and synchronization process, so your data remains accurate and up to date. Marketing automation also helps you create a targeted and personalized marketing strategy, which will aid you in implementing a strategic plan for data collection.
Leadspace’s customer data platform enables marketers to maintain high-quality data and leverage it well for marketing campaigns. To learn more today, watch the webinar: CDP: Is it Really Your Single Source of Truth for Sales and Marketing?