What’s the elephant in your business? Every company has one! I’m talking about the thing that costs you money, customers and insight. Could it be returned mail? How about fraudulent transactions? Whatever the problem, it all stems from one big beast – bad address data. Customer communication, fraud prevention, predictive analytics and ultimately, your bottom line, all hinge on the quality of your address data. Don’t believe me? Allow me to show you.
Curate Creative Communication
The poorest form of communication is none at all. Losing touch with your best customers, unpaid invoices, undelivered merchandise – all caused by an inaccurate address. However, obtaining and maintaining correct address data means you reach your intended recipient. But, it also means you gain deeper customer knowledge. Data appends are designed to take a small piece of your customer’s profile, and create a whole picture.
Let’s start with contact information. From an address, you can append contact details such as full name, phone number, email address and social handles. By adding more contact info, you can create personalized, multichannel marketing campaigns, or reach your customer via their preferred method of communication for higher response rates.
With a single address, you can also access an encyclopedia of information about a single person or an entire household. Using demographics and psychographics, messages can be tailored to fit your audience. Completing your customer avatar also helps you identify the unique attributes of your best customer so you can target prospects just like them.
Identity verification is the most important aspect of protecting yourself against fraudulent transactions. This becomes a much faster process with correct addresses. With clean address data, identity verification becomes a matter of quickly cross-referencing name and other contact information to that valid address. With Melissa’s Personator Web Service, this can be done in real time.
Identity verification is integral to any fraud prevention routine. It will hinder money-laundering schemes, identity theft and many other forms of fraud that infect the internet today. Maintaining compliance with KYC and AML initiatives not only protect your organization, but your clients as well.
Powerful Predictive Analytics
Predictive analytics are only possible with clean, correct and current data. Without correct data, business decisions based on faulty analytics could have far-reaching and long-lasting negative impacts. GeoCoder® corrects, updates and appends addresses, then converts that written address into exact longitude/latitude coordinates. This creates a compelling visual map of your customers’ addresses for analytical consumption as well as logistics and marketing.
Once your addresses are standardized and up to date, you can add location intelligence. Geographic information like census tract/block number, voting district or county name with FIPS code, helps optimize route planning and resource allocation, enrich data for analytics, utilities management (water/gas/waste), and risk assessment.
The Bottom Line
77% of companies believe their bottom line is negatively affected by inaccurate and/or incomplete data. Bad address data causes waste associated with undeliverable mail and lost opportunities to connect with your clients. It makes fraud prevention more cumbersome and reliable analytics impossible. Customer satisfaction plummets and too much time is spent correcting errors caused by inaccurate data. Bad data almost always means lower profits.
Name It and Tame It
We encourage organizations of all types to address the elephant in their business. See what’s costing you money, clients or insights. Once you do that, it’s easy to tame it. Global Address Verification is a perfect start. It will verify, standardize and update addresses for 240+ countries so you can increase ROI, reduce fraud and enable better business decisions.
Melissa has been in the business of data quality for more than 30 years. We’re called the “address experts” for our deep domain experience in address management. Our philosophy is this – if you have a correct address, why not know more? Melissa can help with each aspect of transforming your address data into comprehensive customer profiles, fraud prevention initiatives and predictive analytics to drive reliable business decisions. Melissa will help you name and tame your elephant. Call 1-800-MELISSA or visit sign up to learn more, here.