If we take an analytical look at standard business practices of today, it quickly becomes apparent that it all revolves around data. We need it to learn who our target audience is and how to reach it. We need it to analyze the success of our marketing campaigns and craft new ones. In short, we need data to make the right business decisions.

What happens to businesses when their information is incorrect or outdated? They begin to lose money through hidden costs and missed opportunities. From a financial standpoint, many companies can’t afford to have inaccurate data, as it also leads to poor decisions. That’s where data enhancement services come in to save the day. Here are some of its benefits:

No More Hidden Costs

Inaccurate contact data leads to hidden costs where many businesses are unaware. They often don’t have a clear picture of how much Undeliverable as Addressed fees are impacting their bottom line — and that’s only one way in which unreliable data can hurt you. If you only rarely update your customer contact database, the odds are that many of your customers have changed their address, name or other contact information. Not only will you not reach them, but you will still be paying.Checking information against National (NCOA), Multisource (mCOA), and Proprietary (pCOA) Change-of-Address databases will ensure that you have the correct addresses to send your campaigns to, reducing the UAA costs and lost leads.

Improved ROI

Most businesses have the goal to improve their return on investment in their marketing and sales activities. It’s one of the metrics that determine how successful a company is because it’s possible to invest without achieving any results. The quality of data is essential in the decision-making process for companies to improve ROI.

Without the proper data, businesses can’t predict market trends, reach their target audience, and develop successful products, which significantly impacts their ability to stay afloat in the long run.With data enhancement services, businesses gain a deeper understanding of various ways in which data can be used to improve the decision-making process. It directly influences a business’ ability to improve ROI and capitalize on the information gathered through analyzing the right data.

Achievable Golden Record

The highest standard of data quality is the golden record, which encompasses all the necessary information and guarantees it’s 100% accurate.

It’s crucial for contact data, whether it’s for the contact information of employees, customers, vendors, students, etc.Runner EDQ’s CLEAN_Address integrations provide the golden record for contact data of all of the above and more by verifying the data you have and filling in the blanks. Even if you have just a fraction of someone’s contact information, with data enhancement services, you ’ll be able to fill out all of the missing information and ensure it’s standardized and properly formatted.