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New research conducted by independent research organisation, Dynamic Markets, found that despite a growing understanding of the value of data, the problem of inaccuracy and unreliability of data is increasing rather than improving.
The survey polled more than 800 business executives across the United States, France and the UK. Of the respondents, 94 per cent suspect their customer and prospect data might have inaccurate information.
On average, respondents think as much as 17 per cent of their data might be inaccurate, the study found.
According to the research, a staggering 29 per cent believed they had lost a customer because of inaccurate data. The most common problem caused is sending mailings to the wrong address, whether that is in e-mail or direct-mail marketing campaigns, followed by mistakenly sending multiple mailings to the same customer.
The study says that 91 per cent of companies think that at least some of their marketing budgets have been wasted because of inaccurate customer contact data. On average, companies say that inaccurate data caused them to waste 12% of marketing budgets in the 12 months prior to the survey.
While 98% of study respondents say they have systems in place to manage the accuracy of customer contact data, 23% use only manual methods, such as checking campaign response rate records.
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