Organizations that explicitly collect, analyze, and utilize their customer database can see significant business outcomes. As per research by Harvard Business Review, 58 percent of enterprise companies reported that they had a boost in business retention with the intelligent use of their customer databases.
So, having a customer database that is 100% comprehensive and 100% precise is vital to steer ROI. However, a significant percentage of marketing professionals still feel that they don’t have accurate customer information before running their campaigns. Here, address validation comes into the picture!
Customer address validation is a methodology to capture and clean address data, increasing the accuracy of the customer database. An efficient address verification solution helps in verifying, correcting, and standardizing addresses automatedly. You can use this method for the authenticity of residential and corporate information.
Organizations are adopting to use address verification solutions to verify mailing lists and other customer data, which offers accurate mailing addresses. We have recommendations to assist you in maintaining the best data possible using verification tools. So that you can leverage your customer database for sales, marketing, and customer services; thus, getting the attached business outcomes your company desires. These recommendations will help you maintain an accurate customer database.
1. Maintain Comprehensive Data
How comprehensive are your customer records in your company databases? If you are concerned about answering this question, you are not unaccompanied. As per Forbes Insights and KPMG, 84 percent of CEOs are worried about the quality of their databases. Not only that statistics say that one out of five businesses loses customers because of inaccurate and incomplete data sets.
The incomplete customer database reduces the quality of the contact, and there is no purpose in having such details. So, it is highly required to get your customer database verified so you can reach the right people.
2. Avoid Duplicate Contact Data
One approach to avoid having duplicate contact data is by matching the contact details manually or applying partially automated methods. However, this approach would be quite time, resources, and efforts consuming. Poor data quality costs the USA economy around $3.1 trillion every year.
On the other hand, verifying addresses will save your resources and correct the incorrect data quickly. It will remove down all the duplicate addresses from your databases. This way, you can save funds you would otherwise have to spend on the marketing materials delivered numerous times. You can even trim down the bounce rate, reduce lost mail pieces, and your tracking outcomes will become precise.
3. Enable and Sustain a Format for Data Entry
It is significant to have consistency through all of your databases and sustain the correctness of your customer information. To avoid data entry errors, you should set a pattern and standard of data entry format for your regular users.
Having benchmarked formats keeps the customer database records consistent and turns data conversions effortless. By using address verification solutions, you can have the official postal details in a precise format. You can validate the numerous addresses quickly, in fact, in seconds that would have else taken more days. So, this approach can easily sustain the standard data formats and even trim down the delivery time.
4. Shun Wrong Customer Addresses
When you send mailers to incorrect addresses, you can face severe outcomes. These mailers are often not for promotions, and you may send the letters with confidential details in them. Mailing such significant reports to the incorrect address may get you in big problem, and the customers would leave and not further continue your services.
Usually, data comes from numerous sources, and it is not simple to maintain a clean customer database; however, you can do it by using an address verification solution where you can sustain your brand image and reputation. The 1-10-100 Rule says that it takes $1 to validate a CRM record when it is initially fill-up, $10 to clean it afterward, and $100 to seat idle.
5. Data Foundation and Mismatch
In a recent survey, around two-thirds of organizations admitted to having out-of-date customer details, while many had mismatched data.
If you continue sending unrelated offers to your mismatched customer addresses because of an inaccurate database, your customers will get irritated. And this irritation may lead to opting out of your business services or never purchasing products from you again.
Sometimes, you even lose customers for a complete life. And that is an immense loss to your business.
Who requires address verification to enable an accurate database?
Financial companies, government bodies, healthcare service providers, and enterprise organizations dealing with marketing messages.
Marketing and sales teams find the maximum use out to check and correct address databases attained by lead generation software.
E-commerce businesses also gain benefits by validating their customer shipping addresses. With verified addresses, they can enable their customer location database for better use in shipping and operations.
So, customer address verification brings a series of measurable advantages:
- Boosts and maintains customer database accuracy
- Increase return rates because of more correct mailings
- Offer cost-efficiency and enhanced return on investment
- Enable automation in marketing campaigns
- Assists with precise regulatory compliance
- Trim down delivery and turnaround time
Wrapping Up
So, your customer database needs to be updated, consistent, and comprehensive. And with this blog, you have now been enabled with recommendations to keep your customer database accurate. You may think maintaining a high-quality database and having precise customer details will take time. However, the end outcome is well worth the efforts and time you put in from the foundation. And having these tips into action will take your business a long way in the coming time.