Although marketers have a wide array of data at their fingertips, new research shows that not all of them are confident in the accuracy of this information.
Experian recently published its “2020 Global Data Management Research” report, and statistics showed that 51% of marketers consider the current state of their CRM data to be clean, and they are able to fully leverage it. However, 28% of current customer/prospect data is suspected to be inaccurate in some way, according to the respondents.
“That level of inaccuracy affects the organization in a broad number of ways,” wrote the authors of the report. “Organizations see traditional issues like wasted resources and an inability to rely on analytics. However, it also affects the organization in terms of its key initiatives. Poor data negatively impacts the customer experience and the success of new data-driven programs.”
Leading Marketers and their Data
As it turns out, previous research shows that it’s the best-in-class marketers who are making the most of the data and analytics at their organizations.
IBM conducted the “Build Your Trust Advantage: Leadership in the Era of Data and AI Everywhere” study, and statistics indicated that 79% of torchbearers – marketing leaders in using data and analytics – say that their company is collecting the types of information necessary to make decisions. This is compared to just 38% of aspirationals – marketers who are still in the process of harnessing and leveraging data and analytics.
Approximately 75% of torchbearers also say that they carry out extensive data cleansing to improve the quality of their information, and 65% conduct data purging.