A 2018 Gartner study found that inaccurate and outdated data costs businesses by an average of $15 million per year. This is an astounding figure, particularly when the solution is so much simpler. Plus, by now, the cost is probably much higher.
Solutions like data cleansing and enhancement, APIs and automation, and even more advanced tools like IBM z/OS mainframes can make a dramatic difference in saving time and money. But what is marketing data, and how are these tools used to make such a big difference?
What Is Marketing Data?
Marketing data is all of the machine-readable information that can help inform a marketing strategy. Marketing data can include:
- Demographic information: physical and email addresses
- Firmographic data: company names, locations, and details
- Technographic data: company tech stacks, workflows, and products
- Chronographic data: changes in a company resulting in potential sales triggers
- Intent data: predictive algorithms to determine what a customer may do next based on their behavior patterns
Each of these types of data can help marketers to develop a more targeted marketing campaign to increase interaction and sales.
However, over time outdated data turns into data rot. Moreover, legacy data migration can bring in all kinds of false leads and outdated information that can tank a marketing strategy.
What Should a Data Strategy Include?
It is clear from the potential pitfalls mentioned above that having a data strategy in the form of the right technologies to interpret and organize data is a crucial first step in any marketing campaign.
- Cleansing and Enhancement: Data quality issues are recurring and require ongoing maintenance. Cleansing can help with incomplete, inconsistent, incorrect, and duplicate data which results in fewer errors, better client relations, better reporting, fewer corruption issues, and stronger business strategies writ large.
- APIs and Automation: Application Programming Interface (API) helps to support software and web services to conduct data correction automatically.
- IBM z/OS Mainframes: Postal software for mainframes helps to reliably ensure accurate customer order processing, financial transactions, production and inventory control, and much more, with the added bonus of responsive technical support and extensive online documentation.
Anchor Software has the tools and expertise to keep your data in the best shape possible. Anchor Software can assist with everything from data cleansing and enhancement to APIs, automation tools, and systems like IBM z/OS mainframes.
So if your business is looking to maximize time and resources to implement more effective data processes, Anchor Software is the place to call.
