Tag Archives: Data Quality
What is Data Quality and why should marketers care?
In today’s competitive business environment, marketers must have access to “the right data at the right time” in order to be effective.
At financial services firms, marketers rely heavily upon their data to market their products and report performance on a monthly and quarterly basis. In addition to producing fact sheets, pitchbooks, and other vital communication materials, investment marketers are also using data to drive key business decisions.
In either case, it is extremely important for investment companies to place a focus on producing quality data. Otherwise, they risk running into problems from both a regulatory and brand reputation standpoint.
But what is the definition of “data quality”? Why is it important for marketing? And what is the magic formula for achieving quality data?
What Shutterfly and PIMCO can Teach Marketers about Data Quality
If you’re like me, you worry about making marketing mistakes that might reflect negatively on your company’s brand.
Marketing blunders cause embarrassment and negative PR, but they usually blow-over in time. For example, you might recall when Shutterfly sent a “congratulations on your new arrival” email to people who hadn’t recently given birth. It was a data quality issue that caused backlash from their customer base and a lot of negative press. But, everyone eventually moved on.
In financial services, however, marketing blunders are much more serious. When they are due to data errors or inconsistencies, there can be regulatory issues, fines, and liabilities in addition to bad PR. There’s even the risk of losing your job or your license.
Because financial services marketing is driven by enormous amounts of data, the risk of making a reporting mistake is extremely high. Mistakes caused by a lack of data quality can be a huge blow to a firm, causing them to lose credibility with investors and advisers. (more…)