According to Forrester, insights-driven businesses are setting the pace for global growth and are on track to earn $1.8 trillion by 2021. “These customer-obsessed firms systematically harness insights across their organization and implement them to create competitive advantage through software,” reports Forrester.
What are Insights-Driven Businesses?
Insights-driven businesses are fundamentally different. They don’t just talk about data. They understand the value of unlocking data insights to achieve better customer relationships, more seamless customer experiences, and a focus on actionable data.
In this article, we explain how creating a culture of data quality as the default, and by design, can help data managers and their companies set a similar course to drive business success.
Hurdles to Unlocking Data Insights
While data is the currency of our age, and there is certainly no shortage of it, there may be some hurdles to overcome to achieve good quality data that can be used for meaningful customer insights and interactions. We’ll discuss some of them first.
Many companies work in different data systems or platforms. For example, they may acquire new customer lists when they merge or take on partners. They might receive leads automatically from outside sources or collect customer data across multiple channels and touchpoints.
Many collect data at varying points and in varying ways. There are not just web forms, tradeshows, point-of-sale systems, apps, and business systems, but customer intelligence platforms as well. Risks of data fragmentation, inconsistency, and isolation creep in over time.
Lack of Actionable Data
There is a need to not just clean data at the onset, but continuously evaluate it to ensure it remains actionable. Companies merge, get acquired, or close. Contact information becomes obsolete as individuals change email addresses, location, jobs, or careers. The result is data that is no longer valid or actionable.
This frustrates internal teams as sales reps can’t reach prospects, and marketing teams can’t reach projected ROI. And it can impact the bottom line.
Lack of Adequate Technology
Sometimes achieving good data quality and unlocking data insights is hindered by system and software deficiencies. Because of cost concerns, fear of change, or other reasons, some companies operate in a technology vacuum. Legacy systems exist that can’t keep up with newer operating systems, demand, or business goals. Manual processes that could be automated continue at a snail’s pace. And sometimes, the problems a lack of adequate technology creates are compounded by a lack of human resources or knowledge.
The Heart of Most Corporate Data Systems
Regardless of the reasons behind it, poor data quality can lead to loss of operational efficiencies, campaign effectiveness, and competitive advantages. It can also have far-reaching consequences when it’s used for strategic decision-making. In fact, Gartner estimates poor data quality is the primary reason 40 percent of all business initiatives fail to achieve their targeted benefits.
But achieving high-quality data isn’t just a boon to operational efficiencies and campaign ROI. And it isn’t just about freeing teams from time-consuming, energy-wasting frustrations. Achieving high-quality customer data and insight is a key competitive advantage. As Forrester reported, insights-driven businesses grow at an average of more than 30 percent annually.
To help their company successfully leverage data, data managers must be vigilant to collect, correct, and store accurate data. This includes core data such as email addresses, phone numbers, and physical addresses, which remain the heart of most corporate database systems.
Unlocking Data Insights Starts with a Key Competitive Advantage
Understandably, first point of contact is always email in a digital world, but there is a need to assess the quality of phone numbers and physical addresses as well. With the latest additions and enhancements, BriteVerify now offers phone and address verifications along with email to help companies with a more focused approach on preventing data errors from entering or remaining in customer intelligence systems.
This ensures teams like marketing, sales, and customer success are armed with high-quality contact data that helps them streamline their efforts, reduce costs for corrective actions, and continue to deliver great customer experiences. Here’s how:
- Phone: Verification ensure that the calls made, or SMS messages sent, are tied to valid numbers.
- Address: Invalid address data removed at the checkout reduces costs tied to failed deliveries.
- Email: There are costs to retaining data you keep in the system, even if some addresses aren’t actually valid. This annual “invalid premium” can be reduced with BriteVerify verification.
Better Customer Engagement
- Phone: Valid numbers mean fast and efficient communications at each stage of the sales process.
- Address: Address accuracy increases on-time delivery rate, leading to happier customers, better brand reputation, and repeat business.
- Email: Undelivered email means your message can’t engage. Based on our research, one out of seven of your customers would not have received any communication without the help of email verification.
- Phone: Improve retention and renewals by keeping customers informed throughout their journey.
- Address: The number of customer complaints are reduced tied to failed or late deliveries.
- Email: Personalized messaging, in a timely manner, can meet and exceed customer expectations and satisfaction.
How to Leverage the Phone, Address, and Email API
The Email, Phone and Address Verification APIs from BriteVerify verify three critical pieces of customer contact information: email address, phone number, and physical address. These new APIs are designed to cater to single-verification requests, as well as large dataset cleansings. For accurate results and efficient utilization, it’s important to know which API should be used based on your workflow.
BriteVerify’s email, phone, and address verification API is simple to implement and verifies user input at the point of capture, such as on web lead forms, at the point-of-sale, or in your own applications.
What does that mean for your organization? You’ll capture more accurate and complete contact information from the very first interaction with a customer or prospect. This is the cheapest and most efficient way to ensure that you capture clean and accurate data. As a result, you can improve response times to customer requests, get orders facilitated efficiently and correctly, support prompt lead follow–up, and more.
The bulk endpoint provides high-speed verification for a list of email, phone and/or physical addresses. You can select which data point needs to be verified and external data sources like customer intelligence platforms can be integrated so that large batches of data can be verified on a regular and systematic basis.
Since data decay is inevitable, verifying stored data at regular intervals leads to reduced maintenance costs and better customer insights that could be leveraged for crafting relevant, meaningful, and timely experiences and services.
Thriving with Clean Data
By capturing accurate customer data up front and ensuring its accuracy throughout the data lifecycle, you can unlock the power of data to enhance customer experiences and marketing efforts.
Correct and quality data allows you to reach the right customer, via the right channels, at the right moment with the right message. This is the building block for any insights-driven business, which leads to a greater return on investment and builds a trusted long-term relationship with your customer.
Learn more about BriteVerify APIs here.