Many businesses now consider data an essential part of marketing and sales. By capitalising on the benefits of high quality data sets, companies find themselves with unprecedented insight into customers’ lives and excellent opportunities to present targeted messages to their customers.
This, in turn, has elevated the level of relationships being forged between customer and organisation, making it possible for companies to keep up with the individual needs and desires of each buyer, and connect these up with their services at the right time. But how can companies ensure their investment in data delivers the strong returns they expect?
Data Compliance and Business
Compliance is one of the costliest aspects of data. Compliance requirements vary from industry to industry, but they need to be strictly adhered to if a company is to secure a return on investment from data. Regulators are scrutinising companies that are failing in this area and, although necessary for the protection of the increasingly large quantities of data being handled, this heightened scrutiny and need for data security is proving costly.
According to a 2015 study by Gartner, 35 per cent of organisations will soon have a critical need to use data protection solutions, but only one per cent will have the financial means in implement them. Meanwhile, up to 25 per cent of companies have admitted to having an information leak within the last year, signalling the importance of data protection for companies of any size.
Balancing the Costs
Not only are there staff costs associated with maintaining data security, but the technology needed to securely store such large datasets is also expensive. To avoid this, more and more companies are choosing to use third party data providers.
Simply buying the data as you need it – rather than being responsible for its ongoing maintenance and storage – has the added benefit and reassurance of knowing that the right third party data specialist will also take care of all data protection and compliance issues.
The law requires organisations to follow certain regulations to ensure data is ethically obtained and stored, and also asks companies to take reasonable measures to prevent data breaches. It’s becoming an increasingly big ask for companies to absorb this cost themselves, making consumer data providers the increasingly obvious choice. Using specialists to supply data also helps remove the maintenance costs as well as the potential fines for failing to comply with all regulations regarding data security.
Boosting Your Data ROI
Reliable consumer data providers and UK list brokers like Seawave Media provide companies with fully compliant data that can be quickly and simply customised to meet business needs without extensive financial outlay or ongoing management.
In fact, top data providers can allow organisations to bypass expensive tools and internal data protection processes while still delivering access to crucial accurate and high quality data. This means that marketing and sales departments can focus on boosting sales and marketing campaigns, while reducing overall marketing spend, thus elevating their ROI.