SAS announced the results of a European survey among 500 marketing directors from companies across France, Germany, U.K., Italy and the Netherlands. As a result of inaccurate or incomplete data, two-thirds (66 percent) of respondents felt that the profitability of the company as a whole was negatively affected. This in turn led to 67 percent revealing that customer satisfaction and loyalty within their organization is suffering.
The independent study, commissioned by SAS, focused on the challenges marketers face when creating and investing in customer marketing campaigns. Respondents were from financial services organizations in the insurance and banking sectors as well as the telecom industry. More than half of the respondents said they had experienced lower than expected return on investment from campaigns due to incorrect data. With only 25 percent of respondents having a “great deal” of confidence in their data quality, all others admitted that better data quality and accuracy would improve customer service, satisfaction and loyalty.
Key findings of the survey include:
- 76 percent said that data accuracy is an area they need to focus more on.
- 56 percent identified third party data as being the most frequent source of inaccurate data. This was of particular concern as third party data was also identified as being the most common source of information for organizations across Europe.
- 52 percent said integration of systems was a major source of inaccurate data, saying data from diverse systems did not integrate, causing significant problems.
- 74 percent are doing or planning to do something this year to improve data quality.
- 87 percent said that they were raising or planning to raise awareness of data quality issues within their company, highlighting a willingness among respondents to make organizations aware of the consequences of dirty data.
KRC Research conducted this survey between March 5 and April 2, 2003. In total, 500 marketing directors from large financial services and telecommunications organizations participated in this online survey. The overall margin of error for the survey is plus or minus 4.4 percentage points at the 95 percent confidence interval.
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