In a recent blog, on October 1, (”What is the Number One problem with marketing communications today?”) I blamed data abuse. Data abuse is running rampant through almost every business in the world. It’s of epidemic proportion causing billions of dollars of revenue loss each year.
If your company database has data files that are 24 to 36 months old without any updates, simply delete it from all computers and hard drives, never to be seen again. This is the hardest step to take, but remember, the data is useless and can cost you money. Sort of like an in-law that you hope to never have.
With the remaining data, start a simple analysis of the data. I usually look at geographic, good customer, good prospect, SIC, revenue, title, industry, or just about anything that yields a better view of the data. In this step, simple is better. As you move forward you’ll have a better idea of the best segments and customer profiles to use.
Buy new data based on your analysis. Test your hypothesis to make sure you are on the right path. This is the surest way to profitability. Then the data becomes useful because now it’s information and the dire end of data abuse!
Take these three simple steps to your boss or board of directors. Use it as a prescription for better marketing health from the MarketingDoc. But to make sure you don’t get kicked out of the office, tell them when your data abuse is cured, research from a leading data group reports you can anticipate two-thirds more in revenue.
Data abuse is costly – eliminate it today!
Call 800-251-3608 to get your prescription today! Reminder: We do make house calls.