5 Methods for Evaluating the Health of Your Customer DataBy Diego Páramo | Tue, 07/05/2022 - 10:00
Good data quality is vital to a company’s success. Sixty-six percent of customers expect companies to understand their needs. That understanding comes from accurate, reliable data. Not having trustworthy data could lead to disaster down the road.
Evaluations of this data must happen regularly and with care. Sixty-one percent of adults recently told Forrester that they would be unlikely to return to a website that provided an unsatisfactory experience.
Here, we will highlight five methods that any company can use to check the health of its customer data. Companies can utilize these at any stage of data collection and maintenance.
Additionally, find out how the use of a strong customer data platform can help ease concerns regarding data management and keep customer data accurate and reliable – and moving forward.
Method One: Monitoring From the Top
It’s important to keep track of your data from the highest levels and there are some easy ways to do that. In this high-level monitoring, there are two factors to measure. Both are going to be the first stepping stone as you prepare to do a health check on your customer data.
One way is to make sure you are keeping track of your email bounce rates. Whatever email service you use has tools in place to provide this information to you. You should also be able to compare what your company does with others in the same industry to help you understand the trends.
The other factor to examine is the time it takes to collect the data or the systems used to collect the data. Accuracy and completeness are the most important factors in data collection practices. These are the main concerns along with the ability to transfer data across varying systems.
Inaccuracies in data may lead to needing more purging or cleaning of the records, and that might slow down the end results.
Method Two: Evaluating Data Quality
Companies best measure the quality of the data by looking at the make-up of a certain number of records and closely comparing against a set of data you want to exemplify. Pay particular attention to specific fields within your data set, and see if there are many numbers of fields that are missing.
If they are blank, there might be a bigger issue with your data. This would be something to take a closer look at as there is always the possibility that it could be indicative of compromised data.
Method Three: Multisystem Check
With the higher-level checks out of the way, the next step would be to compare how the data performs in different places. For instance, maybe you want to examine how certain parts of your data perform regarding customer outreach. Maybe you would even like to see these same data perform within the realm of sales.
You would want to make sure and use a set number of records with the same identifiers (name, address, etc.). Tiny variations in the data are likely not to cause a huge impact but if there was a larger problem, that would be something to delve into further and correct.
Method Four: Using a Standard Data Plan
Many companies utilize a data plan or a document shared across different areas of a company organization that tracks the data analysis for everyone. Additionally, most companies have a universal standard they want to strive for.
It is possible to use this data model to compare any user record in your system to see how it compares to the universal standard. This may lead to a higher level of accuracy than in some of the other methods already discussed.
After the examination of customer data has taken place, companies will want to find solutions to maintain the reliable health of their customer data.
One easy and key solution is a customer data platform.
Method Five: Utilize a Customer Data Platform
A customer data platform, such as EPICA, is important because a CDP can correct errors in data, fill in missing information and reduce duplicate data, all while having the ability to collaborate with other systems so everyone in the company is privy to the same information.
EPICA can help companies capture and maintain an excellent quality of customer data.
The EPICA CDP does this in the following ways:
- Capture all customer action from every digital source
- Make sure to get all of the information from anyone interested in your company
- Organizing the data in one place for easier access and collection
- Store the data in one place for the bigger picture
- Allows companies to take advantage of opportunities and make real-time decisions
Protect yourself from inaccuracies in data as these could lead to problems in the future while accurate data can help maintain customer loyalty and company growth, two of the most important elements of a business' success.