Learn about the importance of address verification
Companies are constantly looking for ways to better their marketing campaigns and reach their target audience more effectively, but many don't realize that address verification can play an important part in both of those aspects. Direct mail is a very useful marketing medium, but it's important that companies practice the best mailing strategies. Proper mailing list hygiene is key if businesses want to stay up to date on their current and potential client base and make sure company mail is reaching them. Keeping updated customer and prospect information allows firms to see a higher return on investment. Continually managing the system can take time, but it is worth it in the end.
More companies need to practice data management
Global business and technology consulting company Capco released its "Data, Still the Unknown Unknown" report on the unsustainable practices of customer data management. The report looked at several European financial institution executives and found that few know how to use data, and almost one-quarter don't understand the importance of organizing and utilizing data. In addition, 42 percent are employing data management systems as a common procedure without realizing the monetary value it can bring to the company.
The report states that among the various ways that management systems can positively impact a company, an increase in revenue, fewer errors that affect production costs and time, and an improved customer relationship are some of the most important.
Marketing with customer data
Address verification software is a fundamental tool in any direct mail marketing procedure. Every company should be able to define its target audience and develop a clear idea of how to reach that audience. Updated and accurate address and contact information allows that to happen, thus putting the marketing strategy into motion. Inc. magazine says that a more direct and specialized approach is important for today's consumer base. Targeting specific people helps determine how to approach audiences and what resources should be utilized for each situation. Data management sets stronger businesses practices in place across the board and opens up a new level of engagement with customers and potential buyers.
"Looking ahead, strong and clear goals can be set in order to improve control and efficiency and enable the growth of measurable data value and competitive advantage," said Bernd Richter, partner at Capco. "The challenges here are significant, but so are the opportunities."