Respecting your customer data
As I have mentioned in previous blog entries your customer data can increase the value of your business, don’t under estimate this value add, no matter how big or small your business is.
I recently read yet another blog posting (The Customer World blog worth reading, Treat Data With Respect) that reviewed a research article released by Royal Mail. Within the article it stated “an estimated 90 per cent of companies fail to exploit data they already hold on their customers!”
Here are some of the top findings from that report:
- Only 15 per cent of companies declare their data as an intangible asset on their balance sheets.
- Data is proven to be a fundamental asset. A firm understanding of a customer database can significantly bolster the bottom line and add value to the company itself, potentially adding millions to a sale price.
- Most companies are getting less than half of the potential value from their customer data.
By addressing the data problem, enterprises could potentially increase their value by up to 30 per cent. It is imperative that enterprises look at ways and means to design a customer data strategy road map and extract value from it.
However, for data to be trusted, it must be accurate, timely and reliable.
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An awesome, awesome posting! Let me reiterate one key phrase from this finding “By addressing the data problem, enterprises could potentially increase their value (business value) by up to 30 per cent”.
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Take that to the bank.
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Richard Bolton
C360
