Data quality is more important than it has ever been and for brands within the insurance sector – it is essential!
Ensuring that the customer and prospect data you hold is accurate, up to date and compliant is a benchmark of responsible data management and marketing. Consumers expect it, the law requires it and it delivers massive cost savings, better ROI and reduces the risk of brand damage.
The Covid-19 pandemic has seen a huge shift in consumer behaviour, trust and brand loyalty in the insurance sector . The Edelman Trust Report – Brand Trust in 2020 – shows 44% of Insurance consumers are open to switching to alternative providers that have demonstrated a more compassionate and personal approach to communication this year. The importance of personal experience has become central to any successful marketing channel in 2020, and building that trust through personal, timely and accurate communication is essential to your brands reputation, growth and retention. The Croud 2020 ‘Covid 19 and the financial Vertical’ express that 60% of consumers agree that personal experiences ensure that much needed consumer loyalty.
A key part of maintaining this trust is through the consumer data you hold and how you use it. Data quality is the first step to ensuring brand reputation and loyalty in this uncertain time. The best place to start is through the identification and suppression of individuals who have moved from the address you have in your database using a credible suppression file such as REaD Groups definitive Gone Away Suppression file (GAS). Why compromise the success of your campaigns, risking the reputation of your brand and trust of your customers or prospects by continuing to send communications to individuals using their old address?
Using a credible gone away suppression service will bring many business benefits:
- Reduce campaign costs and improve ROI
- Prevent the brand damage caused by sending mail addressed to previous occupants
- Help you to adhere to the data quality requirement under Data Protection Act 2018
- Help you to keep in touch with customers and supporters and maximise retention and LTV
Keeping your student database clean and accurate has never been more important for your institution. By following legislation you can ensure a more effective and altogether improved approach to responsible marketing, improving campaign targeting, reducing costs and increasing ROI. Your data has never been easier to achieve and maintain!
Bad data is bad news for your institutions decision making, marketing campaigns and overall brand reputation.
You must ensure all deceased contacts are removed to avoid unnecessary upset to those receiving it.
In line with Article 5.1 (d) and GDPR regulations it is the law to keep your student and prospect data clean and accurate.
Clean, accurate and good quality data means better, more informed decisions and more targeted campaigns for your students.
It is essential to have good quality data to enhance campaign performance and brand reputation.
Reduce costs and improve delivery rate.
Increase your institutions brand reputation with more accurately addressed and delivered campaigns, decreasing the damage done by incorrectly mailing to goneaways and deceased records.
Students and prospects expect their data to be accurate and managed responsibly and compliantly.
It has never been easier to manage your data responsibly and maintain a high standard for accuracy and compliance. With a range of providers and choice of services available to suit your requirements in the education sector.
- Integration via API for real-time screening
There really is no excuse not to keep your data clean compliant and ready for action!
Talk to our education leads and data cleaning experts at REaD today to find out the best data quality solution for you https://readgroup.co.uk/services/data-quality/
Data quality is more important than it has ever been. Ensuring that the customer and prospect data that you hold is accurate, up to date and compliant is a benchmark of responsible data management and marketing. Consumers expect it, the law requires it and it delivers massive cost savings, better ROI and reduces the risk of brand damage.
A key part of maintaining the quality of the consumer data you hold is the identification and suppression of individuals who have moved from the address you have in your database – using a credible suppression file such as REaD Groups definitive Gone Away Suppression file (GAS).
Why compromise the success of your campaigns and risk the reputation of your business by continuing to send communications to individuals using their old address?
Using a credible gone away suppression service will bring many business benefits:
• Reduce campaign costs and improve ROI
• Prevent the brand damage caused by sending mail addressed to previous occupants
• Help you to adhere to the data quality requirement under Data Protection Act 2018
• Help you to keep in touch with customers and supporters and maximise retention and LTV
Keeping your data clean and accurate has never been more important for your business. Removing deceased contacts and gone-aways is the right thing to do to to adhere to legislation and responsible marketing practices. Ensuring data is accurate will also improve campaign targeting, reduce costs and increase ROI. And it has never been easier to achieve and maintain.
Here are just 10 good reasons to make data quality a priority in your business!
Your data is decaying at a faster rate than ever before – bad data is bad news for your business decisions, marketing campaigns and brand!
You MUST remove deceased contacts to avoid unnecessary distress to relatives and associated brand damage caused by continuing to contact deceased individuals.
It’s the law to keep your customer and prospect data clean and accurate! GDPR Article 5.1 (d) specifies explicitly that data must be kept “accurate and, where necessary, kept up to date”.
Clean, accurate and good quality data means better, more informed decisions and more targeted campaigns.
Good quality data is proven to improve campaign performance.
Reduce campaign costs and improve delivery rate by removing inaccurate data.
Improve campaign ROI by only sending campaigns that are accurately addressed and delivered to the right individual.
Protect your brand from the reputational damage caused by sending incorrectly addressed mail and mailing goneaways.
Improved customer perception and brand experience. Consumers expect their data to be accurate and managed responsibly and compliantly.
It has never been easier to manage your data responsibly and maintain a high standards for accuracy and compliance. With a choice of providers and a range of services available to suit any requirements and frequency – managed, self-service, automated, integrated via API for real-time screening – there really is no excuse not to keep you data clean, compliant and ready for action!
One of the interesting – and worrying pieces – of feedback we have been getting here at REaD Group during the Covid-19 crisis is around use of data hygiene products. As more and more businesses move on-line to reach and engage their customers, there seems to be a feeling that this removes the reason to clean the customer base.
The logic seems to be that if there is no mailing planned, and therefore nothing physical going to the address, then there is no need to ensure the person is still at that address, hasn’t moved or passed away. We have had this feedback from a university, a major retailer and a smaller charity.
I’m sorry, but I have some news for you – this isn’t a choice, it is the law!
Under section 5.1 (d) of GDPR, copied for interest below, the guidance is to ensure you keep any names and addresses you hold up to date. And not just because you might want to mail them or send something to them.
But don’t take our word for it, check with your compliance team.
Of course, there is a reason for this and it is about consumer trust. If I share personal details with you, I expect you to keep that information up to date. It is the least you can do really. As a consumer, I will try to share with you information on when my circumstances change but sometimes I will forget. So, using available tools to do so makes sense.
And that trust manifests itself in many ways, I will buy more from the brands I trust, that I believe are doing the right thing, that treat me in the right way.
Talking of brand, there is another side to this. One that is sadly very relevant right now and that is that some of your customers will have passed away. If you do not put measures in place to ensure you are screening your data to identify deceased contacts, could cause serious distress and brand damage. At REaD Group, we feel this is so important that we have created The Bereavement Register (TBR) Daily. TBR Daily allows you to match your data against the deaths that have been registered the day before to keep your data as up to date as possible.
So next time you find yourself thinking that you don’t need to clean the data that you hold – because you are currently not mailing – please think again! For your benefit and for the end consumer.
Relevant statement in the GDPR Article 5.1 (d):
Personal data shall be;
(d) accurate and, where necessary, kept up to date; every reasonable step must be taken to ensure that personal data that are inaccurate, having regard to the purposes for which they are processed, are erased or rectified without delay (‘accuracy’);
We are now well and truly embedded in the 4th industrial revolution. With the transformative development and adoption of technology has come the dramatic increase in the volume and importance of the fuel that drives that technology – data. Having been working in the data industry for more than 30 years, I have seen ﬁrst-hand the dramatic growth and impact that data is having on consumers and businesses.
The stats are staggering – IBM research from 2019 calculated that 90% of the data that exists today was created in the last two years and the IDC estimate that over 2.5 quintillion bytes of data is created every day at the current pace. Stop and think about that for a moment. That’s a phenomenal amount of data to collect, process and hold, however data savvy you are! And with this vast – and ever growing – volume of data comes greater responsibility. In the GDPR era, that responsibility has legal implications and the potential for business damaging ﬁnes and reputational damage.
The old adage ‘garbage in, garbage out’ has never been more true or more important for businesses. Good quality data means better business decisions, better marketing and more proﬁtable relationships. As a strong proponent of responsible data management and, transparency, I am talking to clients and partners every day about data quality and I am encouraged that this is now very much on the agenda.
Ultimately, the message is simple – treat your data assets with the respect and care they deserve and reap the many rewards.
By Chris Turner, Head of REaDConnect, REaD Group
Data Quality isn’t sexy. I’m under no illusions – and I won’t attempt to convince anyone otherwise! In the data world it has always been overshadowed by the much more exciting work conducted by insight and data analytics teams. Personally, when I think of ‘data scientists’ I picture individuals with futuristic-looking headwear concocting miraculous solutions and shouting ‘Eureka!’.
However, by ignoring the first step of ensuring that your data is up to date and accurate you impact on the success and profitability achieved by these subsequent (albeit more glamorous) data projects. No longer something to be put off or overlooked – data quality should be championed and recognised as the bedrock to campaign success!
As well as being fundamental to campaign performance, it is crucially now law to keep data up-to-date and accurate! Article 5.1d of the GDPR clearly states that:
personal data shall be accurate and, where necessary, kept up to date; every reasonable step must be taken to ensure that personal data that are inaccurate, having regard to the purposes for which they are processed, are erased or rectified without delay.
Since the Regulation’s implementation and the ICO’s ‘Your Data Matters’ campaign (designed to educate the public about its rights under GDPR), consumer expectations around data quality have never been higher.
Research finds that 72% of consumers expect companies that hold their data should get it right every time or most of the time. But what they actually experience is a different story, with almost half of consumers stating that companies get their data wrong sometimes or more often than not. [GDPR Impact Series 2018: Accuracy and Relevancy]
There is also the potential for costly brand damage to consider. An individual who has recently moved address and is still receiving the mail of the previous occupant will most likely be less than impressed and less likely to use the brand who is sending them inaccurate mailings. Furthermore, a bereaved family who are still receiving mailing addressed to a deceased relative will be caused unnecessary distress and anguish.
No longer a burden!
The important thing to remember is that data quality should be a priority for all companies, not just larger business. While in the past data cleaning often involved a lot of manual processes that took up a lot of time and resources, the entire process can now be automated. Easy to implement, cost-effective solutions that are delivered in real-time are now available, such as REaD Group’s REaDConnect.
25% of businesses say that accessing accurate data is a problem
The reasons for general data hygiene have never changed, and it is high time that businesses realised their obligation to comply with GDPR. More than this, however, this all ties into the underlying principle of the new Regulation: putting the customer first. It may not be sexy; it may not be glamorous – but data quality should now be top of the agenda. Clean your data and the rest will follow.
Contact us today for your free data quality consultation!
According to a recent dun&bradstreet report, The Past, Present and Future of Data, one in five businesses admit they have lost a customer due to incomplete or inaccurate data.
And this was identified as being a challenge across businesses of all sizes: 25% of businesses with over 500 employees, 32% of businesses with between 250 and 500 employees and 16% of smaller businesses (0 -10 employees) having lost customers as a result of using poor quality data.
That’s pretty damning stuff. Particularly when you consider that it costs anything from five to 25 times more to acquire a new customer than to retain one. Even at the lower end of that scale, very few businesses can afford to be losing customers, revenue and sacrificing hard won LTV at that rate.
Data has undoubtedly become an integral part of how businesses function today, but it is essential to ensure that this data is the RIGHT data.
58% of businesses worry about the accuracy and completeness of their data [dun&bradstreet – The Past, Present and Future of Data 2019]
Continuing to market to the previous address of individuals who have relocated will waste precious marketing budget (which could be better allocated elsewhere) and risk losing contact with customers who may become lapsed as a result. The current occupiers of that property will also be far less likely to engage with a brand that is inundating them with a previous-tenant’s mail.
Similarly, failing to screen for deceased contacts in your database will also waste marketing spend – and more importantly will have the potential to cause distress to the families of those still being contacted. Why risk damaging your brand’s reputation? Furthermore, why risk inviting penalties from the ICO for non-compliance to GDPR Article 5?
In these competitive times, with consumers that are more demanding and less loyal than ever, losing customers due to inaccurate data is pretty poor business and, in reality, a very easily avoided reason to lose a customer!
As the memories of Christmas overindulgence and lethargic bliss begin to fade, we must begrudgingly turn our attention to the new year. Back to business. While the usual resolutions of healthier eating and gym memberships may, in some cases, not last till the end of the month, there is a certain resolution we recommend you make in 2019…and stick to! Quite simply – CLEAN YOUR DATA.
Data is the cornerstone to any campaign. By using poor quality data, you immediately put yourself at a disadvantage and this will have a knock-on effect to the rest of your marketing endeavours. Ensuring your data is clean and accurate from the start will provide the best foundation for all subsequent activity.
Not Just Good Sense, But Law!
One of the key requirements of last year’s new data regulation (GDPR) is that inaccurate data must be rectified and cleaned without delay – or deleted (Article 5(1)d). The primary focus for many companies in the lead up to GDPR’s implementation was understanding the legal bases for processing data, with the majority concentrating on consent. However, it has been very encouraging to see more and more businesses acknowledging their obligation to data accuracy.
We have it on good authority from some of the UK’s leading retail brands that data quality is high on the agenda for 2019:
‘‘to ensure we hold the most accurate and up to date customer data, as well as continuing to fulfil our obligations under GDPR and relevant mailing requirements.’’
Customer trust can be very difficult to cultivate. With a number of scandals surrounding data occurring last year this is more true now than ever. Consumers are becoming increasingly concerned about the data they share, and increasingly savvy when it comes to data protection law and their rights. In research conducted by REaD Group last year we found that more than 70% of consumers expect their data to be accurate [Source: Accuracy and Relevance – GDPR Impact Series 2018]. The tolerance for companies getting it wrong is decreasing all the time.
The risks of brand damage incurred from using poor quality data are huge. In the age of social media, headlines are no longer necessary for news to go viral – anyone with a Twitter account can now wreak untold damage with 280 words and a well-placed hashtag!
More than the prospect of brand damage, companies now have a duty to consumers to be transparent and responsible when handling their data. This is, after all, why GDPR was introduced. This responsibility extends to ensuring that data used for campaigns is accurate.
Unnecessary distress and anguish is caused by continuing to contact deceased individuals in your database – and will certainly make most people think twice about continuing to use your brand in future. Many consumers now consider it a given that companies make the effort to keep track of relocations and goneaways.
Unlike dragging yourself out of bed at silly o’clock for that early morning run or eating that quinoa salad (while your colleague demolishes that burger and chips) – data quality doesn’t have to be a struggle! With established and trusted data quality services such as GAS, TBR and GAS Reactive from REaD Group – available via a choice of flexible delivery methods to suit organisational and technology requirements, it is now achievable and affordable to optimise the accuracy of your data.
Start this year right – contact us today for your free data quality consultation!
By Jon Cano-Lopez
So, it is 184 days – or six months if you prefer – since The General Data Protection Regulation – aka GDPR – became enforceable.
In the run up to the enforcement date – and in the months following – there has continued to be a huge amount of uncertainty and misinformation around GDPR and in some cases some down-right panic mongering. The avalanche of re-permissioning messages in the weeks preceding May 25th was testament to a prevalence of some database damaging advice.
One data protection lawyer we know likened it to watching lemmings throwing themselves off a cliff!
However, despite the hysteria and here-say the threatened “GDPR data apocalypse” has not materialised. And as we reflect on 2018 and the period since “GDPR day” here are some reasons to be cheerful…
Embracing the spirit of GDPR
REaD Group have been consistent in our view that GDPR is a good thing for consumers – and for business.
And six months on, our view has not changed. In fact, we are even more confident that embracing the principles of the GDPR will only enhance direct marketing – increasing transparency and trust and leading to more positive, long term and profitable relationships between consumers and brands.
The Regulations are not about catching out businesses (who are doing the right thing!). They are about the enforcement of practices that should be in place anyway. Keeping your customers and their rights, privacy and preferences at the heart of your business and being transparent in how you are processing personal data will not only help to protect you from the risk of fines but also enhance your brand reputation, value and relationships. Ultimately, if you are doing things right, it will be reflected in your bottom line.
The Data Economy is thriving
And although the reference to data being the “new oil” has been somewhat over-used, there is truth in the concept. Projections from European Data Market Study for the growth of data economy are extremely positive, with the value of the data economy in Europe projected to be worth €739 billion by 2020.
The rise of the CDO!
Gartner have predicted that through 2019, 90% of large organizations will have hired a CDO.
Another indicator of the growing importance of data is the rise of the Chief Data Officer (CDO) – elevating data strategy to Board level. The appointment of a CDO in many organisations – and across diverse industries – indicates a growing recognition of data as a driver of value and competitive advantage. Data driven decisioning is increasingly becoming a business imperative.
Results from the latest IPA Bellwether Report also provide cause for cautious optimism, with total marketing budgets revised higher during the third quarter of 2018, extending the current period of growth to six years.
After an initial period of post-GDPR caution and inertia, there has been some signs of resurgence for direct marketing, with many businesses successfully utilising third party data and direct mail for acquisition marketing campaigns under the Legitimate Interest basis.
The industry view is also optimistic. In independently conducted research, over 78% of direct brands asked have projected equivalent or an increase in spend on data driven marketing.
Third party data – use it responsibly and reap the rewards
Well, we have been saying this for some time, but to borrow from the recently published DMA advice: Using third party data under the GDPR.
“There is nothing in the GDPR that prohibits the use of third-party data provided that it is undertaken in the right way, with the appropriate safe guards.”
The message is clear – and provides much needed clarity for marketers. The direct marketing industry should have the confidence and conviction to continue to use responsibly sourced and permissioned third party data to optimise the quality and value of their data and data strategy.
Plus, new ways of utilising open source data have provided more opportunities to target direct marketing to addresses – using postcode level data to send partiality addressed mail.
GDPR data quality obligations – don’t bury your head in the sand!
There is a growing realisation that the data quality obligations introduced by GDPR cannot be ignored. Article 5.1 (d) is clear – reasonable and demonstrable efforts must be made to keep all personal data held and processed by a business clean and up to date -or deleted.
Our independent survey indicated those who utilise data quality services appreciate “not having to worry about the accuracy of contact lists when launching marketing campaigns”.
And data quality is now being seen as a ‘must do’ to ensure compliance with GDPR, minimise wasted communications and limit potential reputational damage.
Rapid innovation in technology is also impacting positively on data driven marketing – with developments in DaaS, AI and machine learning delivering even greater opportunities for data optimisation, enrichment and real-time interaction.
Key take aways from the last six months? Businesses and marketers should see GDPR as an opportunity to be more responsible and accountable, to get their data and data strategy in order – get it right and the future is bright!