In today's environment, the old saying – “Decisions are no better than the data on which they’re based” – becomes even more critical. Having massive amounts of data is not enough to make actionable decisions: You must dive deeper. In order to build proactive, data-driven environments, you first must gain a better understanding of your data sources. With this newfound intelligence, your existing data can be leveraged to strengthen assets across your organization – including CX, fraud, marketing, operations, and many more departments.
Marketers know that the response rate is the crucial metric to a campaign's effectiveness. One of the best-known ways to enhance response rates is by combining marketing (or direct) mail with digital channels. On the physical mail side, this starts with the unique data gathered by monitoring every mail piece and building a more robust attribution model to target prospects and achieve an optimal response. Next, turn your postal data into actionable insights that let you precisely trigger and coordinate campaigns through other channels — email, text, geocoding, tv ads, etc.
By applying insights and analytics to the data, you can identify trends in timing, frequency, and customer response, allowing for fine-tuning of future campaigns and, just as importantly, detecting potential problems. Issues and delays in the supply chain or USPS network have the potential to significantly impact an entire campaign's success. For example, one of the techniques used by mailers is managing delivery to specific in-home dates. Our clients, in various industries, focus on specific days for delivery to gain the best response. Credit cards are sent for delivery after the weekend and before major holidays, while others focus on lower volume days of the week, so the piece has less competition in the mailbox. Without data, predicting the ebbs and flows of the evolving USPS network becomes a dangerous game.
Data quality degrades over time, and data can lose its integrity as it moves across any number of various systems. The elimination of undeliverable mail – AKA the most-hated hindrance of the postal industry – is a hefty, but necessary challenge. One to 1.5% of the US population moves every month, dramatically impacting the accuracy of a customer database. When a mail piece is delivered to the wrong address, arrives late, or is entirely lost, the impact is felt enterprise-wide: missing revenue and opportunities, regulatory compliance and service agreement issues, negative customer impact, and increased activity in areas of fraud. Access to real-time data empowers you to take immediate action and proactively resolve delivery issues. The overall cost of bad data is an astonishing 15% to 25% of revenue opportunity for most companies (based on recent research by Experian plc, James Price of Experience Matters, and Martin Spratt of Clear Strategic IT Partners Pty. Ltd.). Just look at Gartner’s figures – poor data quality is costing organizations an average of $12.9 million yearly, at least.
The challenges in data continue to grow. It may seem overwhelming, but taking the first initial steps towards better data quality will make all the difference.
Dean DeCencio, GrayHair’s Vice President, Business Development, works closely with many of the largest US companies advising on how postal data can translate to meaningful insights that can help resolve their business issues and improve processes across the organization. With a passion and advocacy for the mail industry and almost 30 years’ experience in supporting the needs of large enterprise mailers, he leads account teams to manage the short- and long-term needs of his clients. To reach Dean, email him at email@example.com or connect with him on LinkedIn.