How Social Media Platform Data Could Be Hurting Businesses | The MarTech Alert | Scoop.it
Dirty data can have a negative effect on a company’s bottom line, with some business leaders estimating erroneous online accounts have cost them 12% of their overall revenue. In addition to lost revenue, dirty data can result in wasted time, missed opportunities, ineffective marketing strategies and poor engagement. Overall, poor data quality has cost the US economy approximately $3.1 trillion annually.

Better quality data has a wide range of benefits for businesses including increased productivity, faster sales cycles and access to information to help management make more informed and better decisions. Companies that rely on clean, accurate data have an estimated lead-conversion rate of 68-1 compared with 143-1 for those that do not. On average 79% of companies that use personalized marketing campaigns exceed their revenue objectives. But correct data in the first place is essential to personalization.