Data is one of the most valuable assets in a company’s arsenal, especially when it comes to marketing. The data you gather through website analytics, in-store traffic, and your CRM can provide a lot of insight. So, the big question is: are you getting that data fast enough to act on it?
What is Data Driven Marketing?
Data driven marketing is the practice of using data garnered through customer interactions – be they online or in-person – to gain insights into customer preferences and motivations. These insights provide companies with an understanding of how best to reach new and existing markets.
However, the data you gather is only as valuable as the actionable insights it can generate. As a result, outdated data is a big challenge because not only is it basically unusable, but it also amounts to time and effort wasted.
The Challenge of Outdated Data
The marketing climate is quick to pivot, so working with outdated data can be more common than many might think. One study found that 83% of companies polled have challenges with old or outdated data.
Data become outdated quickly as clients change jobs, but even more so, it is the data modeling practices that often become outdated. The result is that many companies abandon their data and opt for blanket marketing tactics, thereby losing out on valuable insights that can help tailor messages to more effectively target key sectors.
Another report found that marketers often lack trust in data analytics. Without trust, less effort is placed in maintaining data, and the result is the data isn’t given the attention it is due to keep it up-to-date and working for you.
How Can You Make Sure You Are Receiving Up-to-Date Data?
Keeping your data in good shape and up-to-date does require patience and attention to detail. Maintaining the health and effectiveness of your data insight gathering processes can require more effort, but the good news is it will almost certainly pay off.
The best way to keep your data and analytics up-to-date is by partnering with experts in the field who can help navigate this continually evolving landscape.
Anchor Software has the tools and know-how to keep your data in the best shape possible–everything from data cleansing and enhancement to APIs and automation tools and advanced tools for high-end systems like IBM z/OS mainframes.
