It all starts with good address data!
We start this article by asking you what hurdles are resonating in your business today, we’re talking about the things costing you money, from returned mail & merchandise, fraudulent transactions or even deeper insight to your data to allow for more effective marketing & communication efforts. Whatever the case it stems from bad address data.
Almost every company (77%) believe these stigma’s lie within their data, which inevitably entails bad data to progressively lead to more negative outcomes,
Consider a rule of thumb, where just being able to attain and verify a clean up to date record at the point of entering your company’s system can cost little to nothing, it only starts to amount as the correction costs come in, as a list starts to accumulate within a company’s system having to clean and reverify a batch of records or a list of bad data.
Lastly is the “failure cost” the embodying amount businesses pay when more and more issues arise from having bad address data, from logistical, fraudulent transactions, lost opportunities and man-hours spent.
To simply put it, bad data means higher costs in back draws and lower profits.
Location is vital in today’s customer demand
As we are continuously revolutionized by technology, we can see that our digital era has not stood still, to keep up in the age of the consumer, firms must be well adapted to this current landscape to fully understand their customers. Address data and location intelligence is a fundamental entity for also connecting organisations with their prospects, allowing a full spectrum across a range of systems delivering value and practices on point of sale, relationship management, marketing and the ins and outs of the whole customer experience area.
It is only through these types of tools that businesses can fulfil a customer-centric approach, enabling a mark on their whereabouts when
interacting in locations on their smartphones, stores, branches, iOS applications to driving cars with connected devices are just a start to the ever-growing list of digital touchpoints.
A study was shown in regards to engagement across all stages of the customer life cycle, 72% of younger consumers in today’s world between the ages of 18 to 25 are open to very open in allowing brands to use their location data, piecing together a tailored or “personalised” experience for them in comparison to only 53% of 45 to 55-year-olds.
Being able to offer promotional discounts, memberships and other deals, location intelligence and address data is an essential component for enabling a business to compete on digital customer experiences and engage with prospects based on location with offerings at the perfect place, and the perfect time, and will be critical to further serving the necessity of future consumers and boosting business growth.
Protecting your organisation,
Financial services and similar institutions can also see similar benefits to obtaining better address data, not only on a retail aspect but being able to maintain compliance with KYC and AML initiatives, which serves to be a crucial element in protecting its very own against fraudulent activity, like theft of personal identity and money-laundering schemes. Holding precise address and location data gives an identity verification process an easy outlay being a matter of cross-referencing a name and other contact information to a valid address or verified location.
This can proceed also within the healthcare sector, holding a large emphasis on upholding good data quality practices for patient records, the characteristics include; accuracy, consistency and relevancy, which correct address data is vital for maintaining these efforts.
The age of the consumer is clear.
Today’s digital surroundings will continue to drive towards further optimised engagement efforts, we know that consumers perceive more value towards a brand that can understand its customer preferences, tailoring its approach to giving them a more personalised experience across their whole customer journey, unfortunately, not every business is capitalising on these opportunities, prominent use of customer data is critical, which is why organisations that have adapted to today’s age tend to stand out, which further exhibits the potential for address data and location intelligence.