According to a Harvard Business Review article, “knowledge workers waste up to 50% of time (1) hunting for data, (2) identifying and correcting errors, and (3) seeking confirmatory sources for data they do not trust.” By not having a data quality system in place, your organization may lose donors or customers or fail to acquire new prospects, which hurts the bottom line. Here's an example:
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Propensity Scores should be your breakthrough marketing technology. Why? Well, your ability as a marketer to understand your customer’s behavior before he or she makes an online purchasing decision puts the ball back in your court. The problem is customers have total control over their purchasing decision by using the web to research, compare and interact with others. And as marketers, we haven’t had the capability to connect the dots from all of the customer data being collected across disparate sources; therefore, we haven’t been able to effectively respond to customers as unique individuals. However, propensity scores help you solve this problem by identifying why each of your customers purchases your product or not. As a result, you can take back control and increase revenues by implementing the propensity scores below into your marketing analytics program:
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The key to understanding your customers lies in a business’s ability to deliver a message that motivates, moves and resonates with individuals. This can rarely be achieved through generic mass-mailing campaigns. Companies that are most effective in influencing customers’ attitudes, views and behavior, are those that succeed in applying the advice of the Roman statesman Cicero and think the customer’s thoughts, feel the customer’s feelings and speak the customer’s words through their marketing campaigns.
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