Accurate location information may not be the most exciting topic for your next dinner party, but under the hood most businesses depend on it to fuel their business processes, and to help them reach the right audience to drive marketing results. The ability to access accurate location information is impacting many of our customers because strong marketing relies on location. Let’s explore why.
Inaccurate Location Data Impacts Business Growth
Inaccurate location data can be a major inhibitor to growth in your business. Marketing relies on location, and with more than 85% of customer data tied to a location component, it’s important that your company operate on valid and accurate data.
Customer and prospect data isn’t static – customers move, postal codes change and rural areas become urbanized. As these changes occur, customer location information quickly becomes outdated. In fact, research by Sirius Decisions shows that 30% of B2B data is out of date within 12 months. To put this into perspective, if your company has a database of 100,000 records and neglects to implement address quality measures, over 50% of your customer records would be entirely outdated in just over 3 years!
The Impact of Outdated Data on Marketing
Outdated data has an impact on sales and marketing. It’s estimated that 30% of marketing campaigns never make it to the intended recipient. That’s wasted marketing dollars, time and efforts – but most of all lost sales opportunities!
According to a study by the Direct Marketing Association (DMA), every dollar spent on direct marketing advertising, on average, results in $12.61 in direct marketing-driven sales. Calculate how many marketing dollars you can save by focusing on data quality. Maintaining high data quality can help you drive better results and get you to your revenue targets that much faster.
We see that marketing relies on location, and location data acts as one of the information backbones for all your company operations. Having accurate location information allows you to move beyond simple addresses – it allows you to integrate cloud based solutions to integrate demographics, firmographics, proximity, drive time, drive distances and many other variables into your decision making process. This additional data can help you gain invaluable insights about your customers, and identify new markets.
Accurate location information solutions will allow your company to:
- Visualize your market penetration to help you plan your new campaigns
- Prequalify and identify new entry markets to increase marketing reach
- Increase direct mail delivery by up to 30%
- Reduce customer churn and increase customer satisfaction
- Boost your campaign metrics
- and learn more about YOUR customers!
Click here to see a free demo of DMTI’s Location Hub for marketing!