Identifying consumer vulnerability

What does the UK Energy Crisis mean for Utility Brands and how can they protect their consumers?

Over the past two weeks, news of an Energy Crisis in the UK has built concern for utility brands and consumers. This crisis maps out an increase in wholesale energy prices meaning greater pressure on smaller utility brands (those prioritising greener energy and localism) and consequently greater energy bills for consumers. These soaring prices will undoubtedly see a rise in inflation, ultimately making the cost of living that bit more expensive for most households in the UK, making data quality and identifying vulnerable consumers an essential part of any Utility Brands communication.

At least 6 suppliers have already decided to exit the UK market amid threats of rising wholesale prices, leaving at least 835,000 households open to new suppliers. Ofgem have ensured that these households will be protected by energy price caps, yet new suppliers must ensure these consumer records are accurate. Establishing a trusted and seamless relationship from the get-go.

How can Utility Brands Secure Customer Loyalty?

According to the energy regulator Ofgem, energy bills are estimated to rise between 12-43% from October. Customers want to know that their provider is doing everything possible to protect their data. This means keeping data clean and up to date for marketing communication needs to be timely, informative, and accurate.

The importance of having an up-to-date database will allow utility brands to contact consumers at the correct address with information regarding their personal tariff, utility bills and changes to energy prices. Ensuring consumer wellbeing is central to the marketing strategy over the coming months. Having up to date gives you a much better understanding of the way your customer behaves.

Overall, if you want to increase your customer base and establish a sense of trust and transparency between your brand and your customer, you need to do everything you can to optimize your communications and, having accurate customer data will improve your marketing strategy while building trust and loyalty.

What can Utility Brands do to Identify Vulnerable Consumers?

The cherry on the top for lower-income households will be the latest government proposal to increase National Insurance payments and decrease Universal Credit. Utility brands, therefore, need to prioritise identifying vulnerable consumers and those most likely to struggle with rising costs.

REaD Group’s Consumer Vulnerability Score Model can identify these consumers, helping brands tailor their communications, and helping with debt ratio, identifying potential problems for consumers before major issues occur. It also allows utility brands to tailor home visits, and maintenance management to suit consumer needs, avoiding costly reputational damage, adhering to best practice guidelines and ultimately, protecting the consumer’s wellbeing.

For more information on our utility specific data products go to our

Utility Sector Page

Or request more information on our Consumer Vulnerability Score Model

by going to our Contact Page

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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 Group’s 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?

Reduce campaign costs and improve ROI

Mailing goneaways will hit you where it hurts – in the pocket! Continuing to send mail to individuals at their old address is a waste of your marketing budget.

The following case study is based on real campaign metrics:
  • Client A has a database of 1 million records selected for an acquisition mailing campaign
  • Suppression flagging using the GAS file identified 10% of the individuals in the database had changed address
  • That’s 100k individuals flagged and suppressed as goneaways
  • Based on their pack price of £0.50 removing those goneaways saved £50,000
  • Even if the response rate from those you suppress is a quarter of the rest of the file (and that is high), you are spending £50k unnecessarily and which could be deployed in better performing channels
Risk of brand damage of sending mail addressed to previous occupants

“I have received a letter to my address in someone else’s name. Please help – I am concerned someone is using my address fraudulently.”

Sending mail to old addresses risks the reputation of your organisation. At best, the receipt of mail addressed to someone not currently at the address will be the cause of irritation – and risks your mailing becoming a regular feature in the recycle bin. And worse, it is the cause of anxiety around address mis-use and identity theft.

There is always the argument that “the person who has moved in will look like one of my good prospects anyway so they will probably respond”. Actually, the chances of gaining a new customer or supporter is unlikely.

Avoiding being the cause of irritation, distress and damage to your brand’s reputation by continuing to contact individuals at their old address is easy and cost effective so why risk it?

Legal requirement under Data Protection Act 2018

Fundamentally, it is the law to keep your customer and prospect data clean and accurate. GDPR Article 5.1 (d) – entrenched in UK law as the Data Protection Act 2018 – specifies explicitly that data must be kept “accurate and, where necessary, kept up to date.”

This applies to customers and prospects data and includes ensuring address information is accurate before it is processed. By choosing not to suppress movers, you are actively breaking the law.

Losing touch with customers and supporters

We all know the relative costs of acquiring new customers or supporters versus retaining them. Flagging goneaways alerts you to the fact that a customer has moved so you have the opportunity to apply a relocation database – such as REaD’s GAS Reactive – and reduce the loss of valuable customers and supporters at their new address. Lots of your competitors are marketing to new movers, and yet they are your customer!

So, what next?

We can’t express strongly enough that the cost and risks of using old addresses will always vastly outweigh the investment in using a credible Gone Away Suppression service despite the small possibility of acquiring a new customer at that address.

Time to talk to REaD Group about applying the GAS File to your database!

Get in touch 

Or discover more about our suite of Goneaway and Suppression products:

REaD Group: Data Quality – market leading data cleaning and suppression

REaD>Online – Online data platform from REaD Group

 

Download the full report here

It’s been over three years since the General Data Protection Regulation (GDPR) was introduced. Since then, there have been plenty of headlines devoted to enterprise-level data breaches but very little on how SMEs have been fairing. Do they understand the GDPR and are they interpreting the legislation in the correct way? More than that, what is the quality of the data they hold and indeed, how do they store it?

This is what we set out to find in this survey. We wanted to gain a greater understanding of the quality of the data that SMEs hold on their customers and prospects, and the extent to which the GDPR is understood and has been adopted.

What is an SME?

According to the UK Government* , the usual definition of small and medium sized enterprises (SMEs) is any business with fewer than 250 employees. There were 6 million SMEs in the UK in 2020, which was over 99% of all businesses. There were 5.7 million micro-businesses (0-9 employees) in the UK in 2020, accounting for 96% of all businesses.

For the purposes of this survey, we based SMEs on the size of their turnover, classing any business of a turnover of up to £25 million as an SME.

* House of Commons Library Briefing Paper, Business Statistics, 22 January 2021 [accessed 25 June 2021].

The Questions:

In our survey we asked 1,110 business owners and directors a number of questions:

  • Whether they store their customer and prospect data in a CRM and/or other database
  • Whether they run any data cleaning or update processes on the data they hold
  • Whether they use physical mailing for communicating with and/or marketing to their customers
  • Whether they were familiar with GDPR
  • Whether they were aware that GDPR requires data to be kept clean and accurate or be deleted

The Results:

Surprisingly, the survey results revealed that only two-fifths (40%) of SMEs hold their customer and prospect data (i.e. consumer data) in a CRM and/or other database; a number that seemed surprisingly low, given that most businesses need to maintain contact with their customers. This would seem to suggest that the remaining three-fifths (60%) either do not hold any customer data or that they hold it in a format they do not consider to be a database, such as Excel or on paper.

The good news is that awareness of the GDPR was high amongst the majority of SMEs (85%) and that these businesses are also aware that data must be kept clean and accurate or be deleted (89%). It’s good to see that, three years after it was introduced, most understand the importance of the legal requirements for managing data. The larger the company (by turnover), the greater the familiarity.

However, what the survey also revealed was that, while three-quarters (75%) of those with a CRM and/or other database do run data cleaning or update processes on their data, one quarter (25%) do not, despite the fact that 93% were aware of the need to clean and update or delete their data. And with two-fifths (42%) of all respondents using the data they hold for direct mailing/marketing, this raises the question of how accurate, up-to-date and compliant the data they hold for these purposes is?

Of all SMEs surveyed (irrespective of whether they have a CRM/database or not), nearly two-thirds (61%) said they do not run any data cleaning or update processes on the data they hold. This is despite the fact that over four-fifths (85%) were familiar with GDPR and almost four-fifths (79%) were aware of the legal requirement to keep data clean and accurate or delete it.

Survey Methodology:

Small businesses x 1,110

The Companies Act defines an SME for accounting purposes as having a turnover of not more than £6.5m, however for this survey, the turnover range was grouped to £25m. On this basis the weighted response for this group is 1,110, with the emphasis on turnovers up to £4.9m.

Research conducted by Customer Care Research (CCR)

The research was conducted amongst 1,200 business owners and directors in June 2021. The results have been weighted by turnover, region and sector to be representative of all UK businesses with a turnover of £250,000+. Where response percentages are quoted it refers to the weighted sample.

Only 41% of SMEs hold their data in a CRM/database

To set the scene, we wanted to find out how many SMEs hold their customer and prospect data in a CRM and/or similar database.

We found that 40% (439) of the SMEs we surveyed indicated they have a customer and prospect database in a CRM or similar format. Given that businesses need to maintain contact with their customers for sales and marketing, and never more so than over the past 15 months, this appears to be a relatively low percentage. It would appear that the number of SMEs who could benefit from the business advantages of a CRM could be greatly improved. There are many benefits to a CRM, but two key ones are offering a 360-degree real-time view of a prospect or customer, and keeping that individual’s data safe, secure and up-to-date.

Our survey found that only 34% of those with a turnover of up to £4.9m said they had data in a CRM/database, although this rose to 65% in the £5m-£24.9m category.

When looking at all SMEs with a turnover range up to £25m, 40% (439) have their data in a CRM or other database: meaning that a significant 60% (671) did not.

Examining different business sectors in more detail, retail (80%), hospitality (76%), transport (70%) and construction (69%) are the least likely to have a CRM or other database, which seems surprising, especially when considering the retail sector.

Q1. Do you have customer and prospect data (i.e. consumer data) in a CRM and/or other database?

More than half of SMEs do not clean their data

We asked all survey respondents whether they run any data cleaning or update processes on the data they hold. This question was asked of all respondents, rather than just those with a CRM or other database, to capture any respondents who considered they held their data via another means.

Overall, approximately the same proportion, 39% (432) of SMEs said they ran data cleaning or update processes on their data, but 61% (678) said they did not. We can assume this is either because they simply didn’t and/or because they felt they did not hold data in a CRM or other database.

75% (330) of SMEs who said they had a CRM or other database ran a data cleaning or update process, but a significant 25% (109) indicated they did not. In addition, 51% (569) indicated they did not have customer data in a CRM or other database AND they did not run any data cleaning or update processes on any data they held. Considering most businesses have a need for customer data in one form or another, this is a surprisingly large percentage.

Of those SMEs with a turnover of less than £25m who have a customer CRM or other database, 25% did not run any data cleaning processes, reducing to 15% for businesses with a turnover over £25m. On an overall basis, the figure for all respondents was 61% for the lesser turnover group and 38% for the larger.

Whilst the figure of 25% of those SMEs with a CRM or other database not running any cleaning processes is high enough, assuming most companies needed to keep some form of customer data, the overall figure of 59% is surprisingly high. The results also showed that the larger the business, the
better it is at running data cleaning or update processes.

Q2. Do you run any data cleaning or update processes on the data that you hold?

42% of SMEs use Direct Mail

When asked whether they use physical mailing for communicating with and/or marketing to their customers, 42% (506) of all respondents confirmed they did, a very slightly greater number of respondents than those who indicated they kept a database (491). Presumably these additional respondents must also have some form of data, stored offline or via a different method.

From a turnover point of view, only 23% of SMEs with a turnover of less than £1 million communicate in this way. This percentage rises as turnover increases, to a peak of 60% in the £5-9,9 million range, although more than half of SMEs in the £10million+ category also use direct mail.

Considering those SMEs who said they had a CRM or other database, 60%(265) carried out physical mailings. The results also showed that 30% (199) of those who said they didn’t have a CRM or other database do use physical mailings. While this can only be based on speculation, perhaps
these communications are not data targeted?

Q3. Do you use physical mailing (e.g letters, brochures or catalogues etc) for communicating with and/or marketing to your customers?

85% of SMEs are familiar with the GDPR

Overall, awareness of GDPR is high: 67% (744) of all SME respondents said they were familiar with the GDPR, with a further 18% (200) answering that they were ‘a little’ familiar. Fifteen percent were not familiar with it at all. So overall, 85% had some familiarity with GDPR, regardless of whether they had customer data in a CRM or other database.

Taking just those SME respondents who said they had a CRM or database (see Q1), 84% (367) were familiar, with a further 11% a little familiar. Only 6% (25) were not familiar. This is positive news as it means that the majority of those who hold customer or prospect data are familiar with the regulations governing their storage of that data.

Of those who did not have a CRM or other customer database, 21% did not have some familiarity with GDPR.

Perhaps not surprisingly, the larger the company in turnover terms, generally the greater their familiarity with GDPR (<£1m = 56%, £2m-£4.9m = 77%, £15m-24.9m = 82%).

All industry groupings were more than 80% familiar, with services ranking most highly, followed by retail, construction and manufacturing.

Q4. Are you familiar with the GDPR?

80% of SMEs are aware that the GDPR requires data to be kept clean and accurate

80% (960) of all respondents were aware that GDPR requires data to be kept clean and accurate or be deleted, with 79% of SMEs being aware. This means that meaning that one-fifth (21%) of SMEs were not.

Again, the greater the company size (turnover) the greater the awareness, ranging from <£1m = 67%, £2m-£4.9m = 87% and £15m-24.9m+ = 92%. The same was true for company size, with 79% of companies up to 249 aware of this GDPR requirement, increasing to 83% in companies of 250+ employees.

From an industry sector point of view, hospitality (36%), transport (33%) and construction (31%) indicated they were the least aware, with financial, property and business services showing the greatest familiarity with this GDPR requirement.

Of those who said they had customer data in a CRM or other database, 93% (455) were aware that GDPR requires data to be kept clean, accurate or deleted.

Of the 312 SMEs who had a CRM or other database and were aware of the GDPR requirement, 75% (312) ran cleaning or updating processes, however 25% did not.

Q5. Are you aware that the GDPR requires data to be kept clean and accurate or be deleted?

What have we learned?

Irrespective of the format it is held in, centralising the data a company holds into some kind of CRM or database is important, because it makes the storage, management and upkeep so much easier and, as a result, any marketing processes so much more efficient and effective too.

It was also interesting to learn that a quarter (25%) of those with a CRM and/or other database do not run data cleaning or update processes on their data. Not only is there a legal requirement for those who have a database to keep it clean and updated, but it also makes good business sense: with two-fifths (42%) of the total SME respondents using the data they hold for direct mailing/marketing, having accurate, up-to-date customer and prospect data is key to avoid wasting time, money and effort sending out direct mail that will not reach its target.

And for the third (30%) who are carrying out direct mailing activities without a CRM or database, how are they managing their data? Another survey suggests that for organisations without a CRM tool, 87% are still relying on spreadsheets as the main tool to manage customer data but if data is the new oil , then we need to be taking much better care of it!

It was positive to see that awareness of the GDPR and the requirement to keep data clean and accurate (or else delete it) was so high amongst the UK’s SMEs, which would indicate that the GDPR has firmly embedded itself. And while the majority of SMEs (92%) with a CRM or other database were aware of the need to clean and update or delete their data, there are a proportion (25%) who remain behind the curve and who are still not running the necessary cleaning or updating processes required by GDPR, demonstrating that there’s still room for improvement.

For those who are keeping their data clean and up-to-date, it’s important to keep in mind that data should still be sourced from a reputable supplier so that compliance with the GDPR is maintained.

For more information on our suite of data quality products.

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Data quality is more important than it has ever been and for brands within the financial sector – it is essential!

 

Ensuring 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 for the retail banking 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

Unleash the power of your Data with REaD today!

Contact our financial lead 

Learn more about our Goneaway and Suppression files here 

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

Read  more about Why gone-away suppression is a must!

Contact our team to find out more about using the Gone Away Suppression file (GAS) 

While perusing Twitter a couple of weeks ago, I came across a tweet that caught my eye.  No, not another amusing clip of dog chasing its tail or a cat in a hat but a note from a women who had just received a letter addresses to her husband. The letter was to advise him that, as he had been identified as being in a vulnerable category – due to an underlying condition – he should self-isolate to protect himself from Covid-19.

Why is that worthy of a post on Twitter you may ask?  Well, it turns out her husband had sadly passed away 4 years ago – yes FOUR YEARS AGO!  From the tone of the Tweet it sounded like she didn’t know whether to cry or laugh but ultimately, she was left with a negative impression of the sender – as would anyone in a similar situation or just reading the tweet.

This is a shocking example of bad data management having a very real impact on an individual.  Clearly, the potential for causing unnecessary distress is huge – and I suspect this experience is being replicated in thousands of households across the UK.  For many, sadly the loss will be a lot more recent than four years ago – and as a direct result of the Covid-19 pandemic.  With even more potential for causing pain and creating the worst impression!

And it is not just local authorities who could be inadvertently sending out communications to deceased individuals.  Retail, financial service and utility providers and not-for-profits are also sending out communications to deceased individuals via mail and email.  Everything from mail order catalogues, special offers, subscriptions, charity appeals to travel brochures and other well-meaning communications. These are, naturally, being received, opened and read by relatives and loved ones.  A formula for distress and bad press.

Of course, any distress and damage is unintentional –  as you would assume that no businesses would knowingly send communications to a deceased individual.  Here lies the biggest frustration of this scenario – it is very easily avoided if the right data management practices are in place.

It may not be the sexiest aspect of data –  but data cleansing should categorically be a fundamental aspect of data management practices for all government bodies, businesses and not-for-profits.

With a choice of different 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 to be contacting deceased individuals!

Don’t be the cause of unnecessary distress and protect your reputation by implementing a regular deceased screening service ASAP.  Especially given the current circumstances – why risk it?

Find out about REaD Group’s market leading data cleaning and deceased screening.

More about The Bereavement Register and TBR Daily

two hands holding a crystal ball with '2020' written on it in red writing

As we find our feet in the new decade, we consider the big drivers and trends we can expect to see this year (and beyond!). From data quality, third party data and advances in automation, there is plenty on the horizon!

One of the big areas of concern in the data world we’ve seen lately has been around ethics/values and we expect there to be increased emphasis on this subject throughout this year. Where data-driven marketing is concerned, one of the key questions is how we can gain the trust of consumers to an extent where they are happy to share their personal data.

The principal of giving brands the right to be personal is only effective if the brand has access to quality data. There is a correlative relationship between trust vs sharing data – the more a customer trusts a business the happier they will be to share their data.

In a recent Dun & Bradstreet report, half of the 500 business leaders interviewed said their business wouldn’t survive without top quality data, while over two-thirds (69%) agreed that having access to more data supports revenue generation.

A large proportion of this trust comes down to transparency and companies being open and honest about how consumer data is being processed. At REaD Group, we are strong advocates for best practice; we are able to take any record from our suite and identify the point of collection as well as the legal basis on which it is being processed. We believe this should be a mandatory requirement for all personal data utilised in today’s climate.

First party data vs third party data

While first party data is naturally an asset, the advantages and capabilities of third party data should never be overlooked. Third party data offers a whole range of possibilities – enabling businesses to find their best customers, drive more informed decisions, gain more value from their marketing activity and delivering ROI.

Some 54% of the business leaders interviewed by D&B said that third-party data is valuable for enhancing the data that they hold in their organisation, while a similar proportion (56%) agreed that they would benefit from more of it.

But again, trust is crucial. You can only trust the data you’ve got if you can maintain its quality. And can you trust the supplier of the data if it’s third party data?

Buying third party data

You should always be sure to conduct thorough due diligence on a supplier before purchasing marketing data. You need to be able to trust the quality of the data – there are a number of questions you should always ask when choosing a provider (see our handy checklist here).

Permission must be accurately tracked and evidence the due diligence that was applied to it at the point of collection. This all aligns to a fundamental requirement of the Data Protection Act 2018 – privacy by design. Any credible data supplier should be able to demonstrate this level of transparency.

Keeping data clean

We can expect to see data hygiene continuing to rise to the top of the agenda this year. Businesses are recognising more and more that it is a requirement of GDPR that data must be kept up-to-date and accurate. This realisation is beginning to trickle down from the bigger players to the mid-size market and should continue to progress to smaller companies and SME’s throughout 2020.

Regardless of the size of your business, keeping data clean needn’t be a cumbersome task. Take one of our clients, Stannp, a print management provider which offers companies a fully digital, integrated solution to their direct mail needs.

As keeping data up-to-date and accurate is now law, Stannp wanted to provide its clients with the ability to clean their direct mail campaign data in realtime.

We provided them with a fully automated data cleaning solution which provides realtime access to our data cleaning products, GAS and TBR. Clients upload their data to the platform and are given the option to plug into REaDConnect before launching a campaign, delivering a bespoke data cleaning solution that is moulded to their requirements.

Research shows that the higher the quality of data an organisation holds, the more efficient and effective an organisation is, and data quality is a top priority for 41% of UK data leaders, according to a Big Data LDN report.

Automation

As the list of processes that can be automated continues to grow, automation is certainly something that will continue to be important in 2020. The prevalence of API’s isn’t a huge surprise given the efficiency, speed, accuracy and enhanced information security that automation can offer.

For companies with vast quantities of data, automation is able to alleviate the ‘heavy lifting’ involved with the management and processing that such an asset demands. Automating your data cleansing process will provide access to cleaner data, leading to increased insight, better decision-making, triggered campaigns, live personalisation and improved business planning.

In addition to improving regulatory compliance and increasing customer loyalty, automation can also provide customers with a better experience and offer brand protection. It reduces processing costs, uses less infrastructure and improves resilience, and removes or reduces manual processes and associated resource time, leaving it to be redeployed on more creative activities.

Quality data and data quality

What all of this illustrates essentially is the importance of trust and transparency, especially in 2020. If you are able to demonstrate to your customers that you adhere to the principles of both data quality and quality data, then they will be reassured that their data will be looked after according to the data protection laws, and they in turn will trust you. Let’s make this year the year of responsible marketing!

'one in five (19%) businesses have lost a customer due to incomplete or inaccurate data.' image of large hand and arm dropping a customer

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!

Contact us today about REaD Group’s market leading data cleaning products!