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Does data quality matter? View from the business
 

Does data quality matter? View from the business

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Data quality issues can have impacts across the business from finance and operations to sales and marketing. In the case of the latter, poor data quality can significantly impact the effectiveness of ...

Data quality issues can have impacts across the business from finance and operations to sales and marketing. In the case of the latter, poor data quality can significantly impact the effectiveness of activities to acquire and retain customers, from campaign targeting, through lead qualification to opportunity conversion. Quantifying these issues and highlighting how they can be used to justify investment in data quality, this presentation to the joint BCS/DAMA June 2010 meeting seeks to bring to live the importance of data quality at the commercial end of the business.

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    Does data quality matter? View from the business Does data quality matter? View from the business Presentation Transcript

    • BCS DMSG/DAMA Does Data Quality matter? View from the business Simon Daniels Director, Marketing Operations Consulting Percassity Marketing Data Solutions
    • About me
      • Specialist in business marketing data strategy and marketing operations
      • Experience spanning the information and communication technology sector, working across Europe and North America
      • Roles at Apple, T-Mobile, Gartner and Progress Software
      • Co-founder of marketing operations consultancy Percassity Solutions
    • This is the plan…
      • Context
      • Sales and Marketing data
      • The Waterfall
      • Business case and metrics
      • Data quality in a 2.0 world
    • Data quality across organisations
      • Finance
      • Operations
      • Logistics
      • Human Resources
      • Sales and Marketing
    • Marketing data
      • Prospect and customer data in the average B2B organisation typically doubles every 12 to 18 months
      • Between 10% and 25% of customer and prospect records include critical data errors
      • Data deteriorates at anything from 3% per month (Gartner) to 75% per year (Brian Carroll)
      Source: SiriusDecisions.
    • Key dimensions for Sales & Marketing = De-duplication and matching ✔ Consistency O Completeness Email address validation Address Standardisation Compliancy Recency
    • Strategic shift? “ We’re seeing a strategic shift in approach in strong organizations, from one of data cleansing (a project with a set completion date) to data maintenance (ongoing policies and procedures to maintain data quality)” SiriusDecisions
    • Off-premises data quality deployment
      • Off-premises deployments of data quality tools have doubled compared to 2008
        • Nearly 17% of tool deployments (12% hosted, single-tenant, 5% in a SaaS model)
      Gartner
    • The demand waterfall Response Marketing Qualified Lead Sales Accepted Lead Opportunity Win/Loss
    • Impacts on the Demand Waterfall
      • Justification for investing in data quality is evident in the differences between organisations with average processes to those with a better approach
    • Impacts on the Demand Waterfall
      • Organisations that have an early-phase data strategy in place can expect a roughly 25 percent uplift in conversion rates between the inquiry and marketing qualified lead stages
        • Data capture including web forms
        • Contact list management
        • Campaign selections
      Source: SiriusDecisions. “ 89% of Best-in-Class firms reported positive performance in the time necessary in preparing customer data” Source: Aberdeen Group, “Customer Data Quality: Roadmap for Growth and Profitability”, June 2007
    • Impacts on the Demand Waterfall
      • Lack of quality hurts lead credibility at this first key handoff from marketing to sales
      • Improved unification of sales and marketing databases can contribute to a conversion stage increase of up to 12.5 percent
      • Lead scoring accuracy will also be impacted
      Source: SiriusDecisions.
    • Impacts on the Demand Waterfall
      • Invalid or erroneous lead information places a burden on Sales to rectify before actioning new opportunities
      • Up to a 5 percent savings in Sales time can be achieved with clean data
      Source: SiriusDecisions.
    • Cost of bad data Source: SiriusDecisions. Nearly 70% uplift!
    • Making the (business) case
      • Lead quality/prospect conversion
      • Legal and best practice compliancy
      • Campaign production and targeting
      • Sales time utilisation
      • IT resource
    • Metrics
      • Compare the number of names and the net percent of total database added each month to the number of contacts lost or no longer usable
      • Determine which market segments and which roles are under-represented and/or incomplete, and set priorities for improvement
      • Update at least quarterly to ensure short-term effects and current requirements are visible
    • Usable data 5.5m 3m
      • Opt-out
      • Invalid
      • Incomplete
      • Old
      UK business publishing company
    • Data quality in a 2.0 world
      • The step change to 2.0
        • Bottom Up as well as Top Down
        • Perpetual Beta - release early and release often
        • Focus on The Long Tail
        • Dynamic Self-Organising Communities
        • Mass Peer Publishing & Review
        • Empower the impassioned
    • Gary Palmer , Information Alchemy Achieve data quality by involving everyone who touches and uses data Users care passionately about data when it's part of what they do Only by seeing the true state of the data can users take responsibility Allow “Fitness for Purpose” standards to emerge Bottom Up & Top Down  Perpetual Beta  The Long Tail  Dynamic Self-Organising Communities  Mass Peer Publishing & Review  Empower the impassioned 
    • What it all means
      • Sales and Marketing are affected by data quality issues just life everyone else
      • Poor data quality can significantly impact the effectiveness of activities to acquire and retain customers
      • Use Web 2.0 thinking to engage business users to address the issues
      • No shortage of opportunities to build the business case
    • Acknowledgements
    • Simon Daniels [email_address] @mktginsightguy © Simon Daniels 2010 BCS DMSG/DAMA Does Data Quality matter? View from the business