When most people think of someone’s home address, they think of that information in the context of mail alone. But, what many businesses might not realize is that there are huge opportunities to be had with addresses beyond simply sending a letter in the mail.
Addresses can provide a big picture view of a business’ customers, helping connect that address back to deeper data around location, stores, competitors and social networks. That location intelligence and customer information can then enrich the data that businesses already have at hand, allowing them to gain greater insights and in turn, improve their approach to customer engagement.
According to a report, if the median Fortune 1000 business increased the usability of its data by just 10 percent, it would equal an increase in more than $2 billion in total revenue each year. So, how can businesses squeeze the greatest amount of value from addresses and the data at hand? There are address management solutions available for advanced address normalization, data quality and governance that can work within each businesses’ broader ecosystem to help boost the business and provide the edge needed to surpass competitors.
1. Establish 360 Customer
ViewWhile some address management solutions are stable and well-integrated into a business, they often are simply covering the jobs that fall under the mailing category, like managing postal discounts and improving customer deliverability. But, there are bigger opportunities at hand beyond a white envelope. There are address management solutions that can help you improve what’s on that envelope, what’s in it and also better understand the value that each customer has to your business. By connecting different types of data from different data systems, businesses can put together a 360-degree view of their customer that can better inform their interactions.
2. Improve Data Quality
According to a study from the EMC Digital Universe, the world’s data is expected to increase by 40 percent each year through the next decade. That means that by 2020, our digital data universe could reach as much as 44 trillion gigabytes. While overwhelming, there’s great opportunity in the data deluge at hand. Especially because, these days, most data has a location component attached to it. By making improvements and changes to your address management, businesses can subsequently improve their data quality across the board.
3. Surpass Customer Expectations
When your data quality is more accurate, your customers are sure to be happier. No customer wants to receive a duplicate communication, or one that is poorly targeted to their needs. Every day, businesses are grappling with a growing list of data issues, from data entry errors, to different spellings that occur across different cultures. Address management can help businesses with locating, connecting and communicating with customers around the world, to help link customer information across different data systems. This helps businesses form a more accurate picture of their customer, which allows them to engage them with their customers that much more effectively.
4. Reduce Costs
Not only does inaccurate data, like duplicates and incorrectly-spelled names, wreak havoc on the customer experience, but it can also wreak havoc on your company’s bottom line as well. We know that the best time to correct mistakes is before they even happen. Putting the right address management solutions in place can help to eliminate any costs you might spend correcting those errors, and even improve payment collections by ensuring bills get delivered to the right address.
With the right approach to address management in place, it’s clear that businesses will be able to reap greater value from the data at hand and take advantage of broader opportunities for their business. Those businesses who adopt advanced address normalization, data quality and governance strategies, will see results that help them establish a stronger reputation, solidify their customer experience and ultimately, see greater business success.
For more information, you can read our recent white paper, “What’s in Your Address?”