Clean data the cornerstone of a successful business strategy
According to Larry Pogir, executive chairman at Blue Label Data Solutions, through partnering with a number of companies, including credit bureaus, to safeguard that data is continually updated, they have been able to ensure that they have the latest information on hand to be used by their analytics team for accurate and targeted campaigns. He adds that hot or targeted lead generation offers a conversation rate of around 10% to 20%, whereas cold calling provides only a 1% return. In addition, contactability is in the region of 80% for all generated leads.
Constant updating
Many organisations believe that they have accurate and up-to-date information. However, the reality is that data is often only 80% accurate as people often do not update their information should they move address, change their marital status or their employment. Only if information is constantly updated can it be used effectively. For example, vital information such as who drives a car, lives in a house, or who has life insurance can be paramount for targeted marketing and sales campaigns.
"Recent, clean and accurate data can be the cornerstone of a successful business and marketing strategy - moving campaigns from 'spray and pray' to a more targeted approach that is aimed at the right people. A 'spray and pray' approach will often only lead to 1% of sales, which does not cover the costs of the seats required in a call centre. However, if the data is analysed and used correctly, sales are far more likely to increase exponentially," Pogir adds.
Using an SMS
"An SMS can be sent to individual customers and once they have opted in to receive such messages, systems are automatically updated in the call centre, allowing the call centre to 'jump on and follow up the lead'. Opting in or opting out is vital from a compliance perspective." Furthermore, systems which are automated and updated as and when an SMS is answered, are likely to lead to a sale. However, should an individual not be called within 24 hours of answering that SMS, the chances of closing the deal become more remote.
"All these elements ensure a successful marketing and sales campaign. However, recent, clean and accurate data is vital to ensure the most appropriate person is reached and leads are turned into sales. With the reams of data now available - and many competitors making use of their own - it has become a critical business practice to ensure one focuses on analytics," concludes Pogir.
