Centralized Database-Major Benefits for Your Business
A centralized database is not just a luxury today. Let us explain how. Data is essential for good marketing campaigns, reaching goals and not offending your prospects. Data holds the key to performance optimization. So, if your data is scattered around in bits and pieces, on an Excel sheet, in an email or in the cloud, you tend to lose track of where it is, increasing the chances of data decay, destruction, and loss and more importantly, time spent collecting and recollecting it.
Why do we organize our spice cabinet with what we need for cooking and not keep clothes in it? Because we know it’s difficult to sort out and clothes don’t really help you with cooking. This is small scale centralization as per need. Businesses need systematic processes that ensure everyone knows where something is, at all times and is accessible without trouble.
Data intake and output- The Genesis of Centralized Database
Data input can have multiple locations. It depends on how many you want and how many you can truly manage. From the call center executive to the sales guy, everyone that interacts with prospects and customers is a data entry machine and has to be viewed as one. The type of data that is received is also important. Standardized data entry is one of the crucial elements of making data easier to manage, sort and use at a later date.
Mismanaged data is one of the largest revenue loss generators in companies worldwide. The cost of mismanaged data is over 10X more than putting into place, effective data collection and centralization processes. It may look expensive at first, since it is a onetime bill, but the cost that accumulates from shoddy data entry and storing processes is a lot more than we can imagine. It is not just about loss of data that matters here. It is the loss of a potential client, because you couldn’t find an email address. This is in fact, greater than all of the above issues. Isn’t it smart to have in place a centralized database, so you can dip your hands in, extract exactly what you want and run super cool marketing campaigns?
How do you do it?
Focus on entry points
If you get good stuff in, good stuff comes out. It’s a rule of nature. It applies to businesses too. If you know and understand the type of data you want, you need to make it a standard across all data entry points. These can be email replies, requests, calls, walk ins, references, sales calls, marketing campaigns (outdoor and indoor), websites and so on. There are many more data entry points. It is up to us to classify them and put standard operating processes that ensure all of the data collected is of a certain standard and has necessary parameters filled.
The benefits of standardized data entry are as follows
- Data integrity
- Standard data
- Lesser errors
- High quality data
These are 4 must have elements for any company. The way to achieve it is by streamlining your data collection process.
It reduces the chances of duplicity too. This is a major issue today. If you have 2 email addresses of the same person, in 2 different versions, in 2 different locations, you may end up using them both to contact the same person. What happens is this.
- You end up sending them 2 emails
- You end up calling them, twice
- You get marked spam
- You spend twice and get nothing in return
This is a scary proposition. Imagine this happening over a hundred times or more, during the course of a campaign. To avoid this, every entry into the centralized database gets its own primary contact information file. All additions or deletions can be done from this one file. It reduces duplicity, increases efficiency and has a positive impact on your marketing campaigns.
Your analytics and past history becomes accurate
Centralized databases means that you get an accurate history of all the contacts you have. This is incredibly helpful in various ways.
- You can be precise with your analytics and tracking
- You can get a clear picture of their habits and preferences
- Up sell and cross sell becomes easier and accurate
You get to know what type of complaints or issues customers have faced, which in turn allows you to focus on solving the problem rather than tracking and finding out, who has what problem. It saves time and money.
It is essential to know customer responses. Here are some reasons why.
- Customer interactions allow you to grow as a business, since you understand what you are doing wrong
- It helps in creating personalized campaigns, increasing interactions
- Deal size increases, because you already know what prospects need
Easy to manage, train and implement
When you have an efficient data centralization process, you see a lot of change in the way your employees work, their output and efficiency. There are multiple reasons for this.
A standardized process decreases the training required for employees. There will be one standard training process and all employees can take it. There is less confusion, lesser clutter and it increases understanding of basic practices.
A single process is a lot easier to implement, as compared to multiple methods. It may require dramatic changes all the way from management to entry level executives, but once it becomes standard, it is natural to the process, which reduces cost and increases efficiency.
A centralized database is a whole lot easier to manage than multiple sources. It eliminates errors, reduces problems and increases the output eventually. It is easier to run data checks and updates from a centralized database than from multiple locations. Safety of your data also improves as you can make entry and exit of access a single point. Any incursions can be tracked easily. Data security is a real threat to many organizations and compared to the myth that keeping your valuables at various places reduces theft, in fact, it only adds to your head ache of securing all of them, over many times.
A centralized database is one of the best things you can do to improve efficiency, results and safety. It takes a considerable amount of effort to break away from old ways of data collection and storage, but once it is done, the reduction in issues will be a great launch platform towards higher ROI and better business practices.
Ampliz is a self serve web based database management platform that works on a subscription model. It is designed to improve the value of your marketing plans. It has 36 million verified files available for download via 25+ search filters. You can e-verify contacts immediately.
Data hosting on cloud servers is enabled and you can sort and segment your data attaching predetermined or custom search filters to them. These are again downloadable. It integrates seamlessly with top of the line marketing automation software and CRMs currently available.
To know more- www.ampliz.com or email us at email@example.com
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