Your Data’s Rate of Decay
of time it takes for the information in your database to go bad. How? Because contact data is always changing. The U.S Census Bureau states that in the
U.S. we have a population of 316 million
annually. Some of the changes that occur include 2.3 million marriages, 1.2
million divorces, 4.3 million births, 2.5 million deaths, and 47 million moves.
That equals out to 57.3 changes per year and 4.8 changes per month. That means
that the data you are using for communications, analytics, and compliance
becomes stale quicker than you might think.
Decayed data contaminates your entire database, resulting in
poor quality data which is the main cause for 40% of all failed business
initiatives (according to a Gartner, Inc. study). Let’s look at the “1-10-100
Rule” which states it takes $1 to verify the accuracy of a customer record at
point-of-entry, $10 to clean it in batch form, and $100 per record if nothing
is done at all. This includes costs associated with undeliverable shipments,
low customer retention, and unsuccessful CRM initiatives.
The reality is that it isn’t enough to simply
have a data quality firewall at point of entry, because data changes after the
point of entry. Data should be cleansed periodically so that it doesn’t go
stale. It ends up costing you more not to have a solution in place that will
verify, cleanse, and guarantee that you have valid contact data then to have
So, what should you do about it? Fight it with data quality
tools. Combat bad data with solutions that keep it clean and up-to-date for
your organizational needs. From global address, phone, email, and name
verification solutions, and identify verification and data enrichment tools
that add demographic and geographic data -implement solutions that will provide
better business intelligence, analytics, and improved sales and marketing
Discover for yourself why more than 10,000 companies
worldwide rely on Melissa Data to gain a single, accurate, and trusted view of
critical information assets.
By Natalia Crawford