Royal Mail Data Services is urging businesses to improve the quality and accuracy of their customer data prior to the enforcement of the General Data Protection Regulation (GDPR) in May 2018.
Its new Insight report, How marketers must approach customer data in a post-GDPR world, points out that the obligation under GDPR to take every reasonable step to ensure inaccurate personal information is either rectified or deleted is a good opportunity for businesses to improve addressing accuracy.
Recent research by Royal Mail found that the average cost of poor quality customer data to UK organisations is running at 6% of annual revenues.
The report also warns that GDPR is likely to shrink the volume of available, permissioned third-party data, putting the onus on marketers to work with trusted data providers.
Jim Conning, managing director of Royal Mail Data Services, said: “For too long, marketing performance has suffered at the hands of poor-quality customer data. At a time when customer acquisition and retention is such a challenge for marketers, it’s worrying to discover that nearly 40% of organisations lack any formal process for cleansing their data and that almost 20% do not validate customer data at the point of data capture. The GDPR is the perfect catalyst for organisations to tackle the data-quality issue head-on by regularly cleansing and enhancing internally held customer data with properly permissioned and compliant third-party data sourced from trusted, reputable providers.”.