As Jack Johnson puts it, "...we've got to learn to Reduce, Reuse, & Recycle." Something tells us that Jack was not singing about data lists in this well thought out melody. Sales leads and marketing lists should be refreshed and updated as often as possible - and rarely (if ever) should the 3 R's apply!
The data universe is immense and extremely dynamic. Consumer data changes by the second. Every purchase, keystroke, and digital footprint left across the internet impacts data. New data comes through the bureaus daily as people move, open new lines of credit, and simply live their lives.
According to United States Census Bureau, the yearly new mover rate has remained steady at 12%. That figure alone is significant when you consider that 1% or more leads have potentially migrated since you purchased your list a few weeks ago. This 1% migration could waste thousands of your marketing dollars.
Insurance leads, mortgage leads, donor lists, security system leads, and numerous other consumer lead lists needs to be constantly updated to be of the best value. Many lead list providers and sources will provide some form of initial data hygiene, but ongoing hygiene is lacking for various reasons. Women between the ages of 20-34 are the most sought after demographic and are almost always a target for marketers. This same demographic is expected to move about once every four years. Do you really want to be mailing your piece to the wrong address when you could be getting in front of these consumers simply by using targeted and data techniques? Chasing a moving target is bound to reduce your marketing ROI. This is why it is essential to keep your data as up to date and hygienic as possible.
If you are seeing degradation on your second or ongoing direct marketing campaigns, then you may have a data hygiene issue impacting your quality and accuracy. The cost for a new list or updating the existing lists will far outweigh the consequences of using stale data. It is important to keep in mind that most lists have repeat usage costs that may be lower, and that a common practice for repeat hygiene may include an additional cost for repurchase.
You owe it to yourself and to your business to speak with a data consultant regarding what will work best for you, your budget, and your marketing plan. Keeping a well maintained database is essential to your bottom line.
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