Achieving the golden record
Data is a valuable asset to any company. So, why is it that so many businesses fail to keep their data clean? With bad data leading to failed deliveries, poor communication with customers, missed opportunities and lack of compliance to name just a few examples, it is vital that businesses start to really assess the quality of their data.
One element that defines the customer is the ‘where’. The where is important, because addresses feature heavily in our lives. From taking an Uber, to ordering a pizza, an accurate address is essential.
Consumer data degrades on average by 13% and business data by 37% every year. That means returned mail, email bounces, lost revenue, operational costs, and customer complaints.
42% of shoppers would abandon the checkout if they experienced an issue entering their details. More than one third would go to a competitor’s site to complete the transaction.
There are more than 130 different address formats around the world, along with numerous accents and unfamiliar characters. Serving an international customer means providing for the uniqueness of worldwide addresses in order to capture accurate customer data and deliver the best possible user experience.
More than half of firms state that poor quality location data is one of the biggest inhibitors to their ability to leverage Location Intelligence. Data quality and technology issues are a particular hindrance to the use of address data.
Since using Loqate's address verification tool, address errors are down 70% and our back office system has become much more efficient.
Lee Bissonnette, Vice President, eCommerce, Marc Fisher Footwear - Read the Customer Story
Addresses can be tricky things and rely on someone, at some point, entering data. A customer enters their address on their mobile phone; a customer service rep updates a record for a house move; any data entity inputting data, can make a difference to the final stored address record. Verifying this initial capture is the start of a journey towards achieving a single customer view.
Rather than risk overestimating your data quality, a good idea is to follow the 1-10-100 rule. This useful rule was developed by George Labovitz and Yu Sang Chang in 1992 and is great for any business to follow in order to assess the impact of dirty data. The 1-10-100 rule refers to the hidden costs of waste associated with poor quality. It’s pretty basic really – prevention is better than remediation.
The cost of £1 to sort address data before it enters the system is money well spent. Correction at the halfway point could cost 10 times that – simply using manual processing to sort and correct the data. The 100 times factor occurs when the delivery fails, causing redelivery costs, customer service team interaction and an adverse effect on brand reputation and future loss of sales.
This guide will walk you through the benefits of capturing accurate customer data and frame a solution to achieving the golden record.
Good quality data plays a critical part in helping businesses to create a golden record - the most true, validated and complete picture of your individual customer records in your master data management or CRM system. It's what all businesses should be aiming for: a clean, organised, comprehensive record of their customers, purged of inconsistencies and inaccuracies.
The quality of your customer data is key to your success. Address verification from Loqate ensures services and deliveries can be completed, improves business intelligence, sales, and marketing efforts plus gives you robust and accurate data for regulatory purposes.
Great customer data management enables you to market and serve your customers appropriately. With increased delivery rates and an improved sender reputation you can target your messages to the right people and truly delight your customers.
Customers frequently make errors when submitting address details online such as typos or incorrect formats. If businesses fail to capture accurate address data in the checkout, the chance of an item reaching the correct recipient is greatly reduced. And this leads to a very frustrating customer experience.
You get 50 free credits per day for two weeks to trial our address capture with geolocation feature.
Our free trial is truly free. We don't request payment details up front and the trial period ends automatically.
You can be up and running in minutes and we're there to help you along the way: use our setup guides, FAQs or contact support.
We’ve seen an improved user experience with 25% uplift in members entering correct addresses since deployment.
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