\n\n“The first change we had to make was just to make our data of higher quality. We have a lot of data, and sometimes we just weren’t using that data, and we weren’t paying as much attention to its quality as we now need to…” – Ash Gupta, former American Express executive president, Payments and E-Commerce Innovation, LLC
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We often hear that data is the new oil. And it truly is a valuable commodity when it comes to making your business as successful as possible. However, an important point to note, and one that is easy to miss, is that not all data is created equal.
\nIf the data you gather is going to be helpful to your company it must be meaningful. That way, you can analyze it and leverage it into successful conversions. The best explanation of conversions is from MarketingSherpa’s glossary, which defines them as the point when recipients of marketing messages perform the desired action.
\nThese desired actions could be clicking on a link in an email, navigating to a landing page and completing a registration form for access to more content, or booking services or buying products. In other words, what you want is to be able to use data to generate conversions of some kind. And you can only do that if the data you have is good.
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What makes data good?
\nIdentifying potential customer pain points can be challenging for marketers and engineers trying to build and sell products. So let’s explore some proven techniques to help you identify them.
\nAccuracy
\nAccurate data describes the conditions it aims to describe. That sounds a little esoteric, but the concept is actually quite simple. Imagine if the data you obtained led you to believe that your customers were mostly males in their 40s, when in reality they were mostly females in their 20s.
\nThis is an extreme example, but it should show you how important accuracy is. Without it, your conversion rates would probably be very low, and your business could waste its entire marketing budget trying to reach the wrong target market.
\nCompleteness
\nIn data quality, completeness means that there are no gaps in the information that you’ve gathered. With incomplete data, it can be difficult to make inferences and gain relevant insights. If participants skip several sections of your surveys, you may not be able to draw meaningful conclusions from their responses. That’s why you should choose the right kind of survey for your target respondents, and provide incentives for completion, such as the digital slots and Scratch Cards Pointerpro offers.
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Relevancy
\nIs the information you’ve collected relevant to your goals and objectives? If not, it’s not good data for you – even if it checks the accuracy, completeness, validity, timeliness and completeness boxes.
\nValidity
\nIn this situation validity doesn’t refer to the data itself, but to how it was collected. For data to be considered valid it must be of the correct type, fall in the right range, and be in an appropriate format. If your information doesn’t meet these criteria, you might struggle to organize and analyze it.
\nA good illustration of this would be if you needed to know when visitor traffic to your website was at its highest. You’d need to use software that recorded that information, and would need to decide whether to use 24-hour or 12-hour clocks. If each visit was not noted in the same format, it couldn’t be organized, analyzed or interpreted properly.
\nTimeliness
\nHow recently did the event that the data represents occur? Are the sales figures the latest ones? Were your surveys completed within the last week or month? The more time that goes by, typically, the less useful and accurate the information becomes. That can lead you to take actions that don’t really respond to the current reality, and thus don’t result in many conversions.
\nConsistency
\nData across multiple sets should be the same in both format and content so that comparisons can be made. Utilising business intelligence software can help organize data and streamline operations, as all data is collected and collated in one central location. This process is made even easier with the empowerment and functionality of embedded business intelligence solutions.
\nWithout the right systems providing a good degree of consistency, different individuals or departments within your company could be operating under different assumptions. At best, this is ineffective. At worst, it can lead to teams inadvertently working against each other.
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