Why Data Verification is Crucial for Decision-Making and Strategy ?

       Customer acquisition is one of the most critical pain points for any business and in a fluctuating economic climate, data acquisition is entirely based on authenticated data verification. The usual processes of data accumulation that every organization does with fraught with over 35% defects. Hence data validation and verification become very important.

       Bad data can impact any companies marketing and sales activities adversely, from waste of resources to time, bad data can increase in expenses too. So, accruing quality data is important for better sales and marketing efforts. Let us deep dive and understand how data verification as a whole helps in improving customer experience, and your own sales and marketing functions.

Before we go into the concepts of what and how, let us take a quick look at general data verification protocols

      Data Sample Due Diligence - Before sifting through a large cache of data, it is better to check a sample of the data and determine the quality of data, against a preset acceptable error rate.

      Authenticate the Database – Ensure that the entire database contains, all set data parameters by checking number of records, data ID and cross verify with source and destination data fields

      Check the Data Format – Ahead of incorporating the data, it is essential to determine the overall health of the data set by establishing what changes need to be made, so that the target format is met. Filter incomplete sets, duplicate sets and empty field values. This as a whole will help you in driving a more effective demand generation

Now let us go into the concepts of Data verification

The Impact of Data Verification on Costs & Outcomes

       When your focus is to collect detailed customer information which covers demographics, preferences, social footprint and also behavioral aspects, one needs to also understand the pitfalls of such data opportunities.

       Also, every company’s need might vary based on the type of industry, market or ecosystem they operate in. A B2C company’s requirement might be more focused on a customer’s social information, whilst a B2B company might be more interested in revenues, clients, and what are the kinds of business solutions and areas of growth a target is focused on.

       So, if data is not valid based on the requirements, the consequences might have a long-term impact on growth as well as short term complications on revenue.

The Common Areas of Mistakes in Data Verification

      To save costs and to avert a lasting consequence on business growth, every company which focuses on data collection and building databases for their business should avoid the following mistakes that everyone commits.

            Not verifying the data adequately: Missing out on cross verifying Customer’s postal address, email address and phone numbers can be very impactful. If any of these things are invalid, then your resources and time spent on running any form of campaign with invalid data will be futile. You need to have clean data to drive a successful customer focused campaign.

           Focus on checking data at the point of acquisition & preservation – As mentioned earlier valid emails, valid addresses, valid phone numbers they are the most critical data assets a company can possess. And this can be collected from applications, web forms, point of sales, carts and events. At all these points of acquiring data they need to be verified before it goes in to your database and this should be made accessible to all relevant departments in the company. The same data should be periodically screened and filtered and updated at the point of retention.

Using Verified Customer Database for Improving Business Outcomes

       Valid customer data is critical for business development and stabilizing an organization’s bottom line. company’s can understand their customers better with valid data, which helps them build customized offerings for their clients.

       This in turn will help the company, improve sales, create a culture of upselling and deliver targeted marketing. Verified customer data can help companies drive their communications better and improve customer loyalty. Finally, it is all about accurate data, and this streamlines business growth and progress.

What Next?

       If you are keen on developing better data verification standards for your company and implement better data verification strategies which can help with your sales and marketing efforts or if you just want to benefit from our experienced team of professionals who can bring to you verified data services then you can see for yourself on how we can provide customized data solutions for all your needs.