While marketers may depend on high-quality data to help decipher any number of riddles, that does not mean it is necessarily easy to acquire it—or that when they do, its quality is of value. A new report finds that marketing teams spend as much as 32% of their time managing data quality, and on average, 26% of their campaigns in the last year were hurt by poor data quality.
“Why Marketers Can’t Ignore Data Quality” was commissioned and conducted by Forrester Consulting on behalf of Marketing Evolution. Its goal is to evaluate the state of marketing and media data quality and strategies that help to promote quality.
Those marketers surveyed estimate that 21 cents of every media dollar spent by their organization in the last year was wasted due to poor data quality, which translates to a $1.2 million and $16.5 million average annual loss for mid-size and enterprise organizations, respectively, according to the study, as reported by MediaPost.
Forrester also found that 35% cite inaccurate targeting as the greatest hurdle, followed by 30% who cite lost customers; 29% reduced productivity; 28% poor customer experience; and 24% inaccurate marketing and media performance as the biggest challenges from poor data quality draining valuable resources.
When asked to name the most important elements that lead to success in marketing performance, 65% of marketers cite high-quality data, followed by 52% who cite internal skills and expertise; 50% name the effective use of marketing dollars; 47% vendor and partner expertise; 43% executive support; and 44% the ability to tap into a variety of data resources.
To improve data quality, the research identifies several attributes that best define data quality: timeliness, completeness, consistency, relevance, transparency and accuracy. They also say that improving data quality also improved customer experience, customer targeting, faster decision making and less waste for the media spend.