Better Data = Higher ROI (If You Can Measure It Properly)
- AUTHOR Josh Rosenberg
- February 13, 2013
- No Comments
Kim Zimmerman wrote a great article today in DemandGenReport called Marketers Cleaning Up Their Data To Improve Targeting, ROI. The article states “poor records can significantly impact the cost and success rate of a marketing campaign”. The crux of the issue is this: bad data causes companies to lose money by making it harder to target the proper audience (losing potential revenue) and by costing them time and money to clean up the bad data.
As we focus more and more on digital marketing (and the reporting and analytics that comes with it) it is increasingly critical to have clean data to maximize the opportunities and potential deals that come out of your campaigns and keep all the back end measurements accurate. Bad data not only decreases the distribution of your marketing campaigns, but it also causes key performance numbers, like campaign ROI, to get skewed as well. In short a marketing campaign that gets sent to a database with a lot of bad information will not be able to provide the same value as a campaign sent to clean, targeted, lists.
When you think about cleaning up your database also consider this: how valuable is a clean database if you are still unable to accurately track metrics like lead velocity, ROI, and campaign influence or correctly forecast how campaigns will perform in the future? Having a high quality, scalable marketing performance management system in place to track key metrics and accurately report on marketing analytics is just as important as having clean data in your database. The most successful marketers are able to use clean data to target campaigns to the right audience and then measure the results with program that provides accurate marketing analytics on the back end.
So as you clean up your database also consider taking the next step to putting marketing analytics tools in place to truly maximize marketing’s contribution to the bottom line.