In Part 1 of this series, I wrote about the “Golden Record” and the importance of not only winning new customers but also retaining your existing customers. I discussed the importance of email validation and personalizing a message to the right customer at the right time. But, there is more data validation to be done.
There several other important elements to consider including telephone, mailing and IP address validation. Let’s look at each of these critical areas.
What’s the Cost of Bad Customer Addresses?
First, have you considered the importance of the accuracy of your customer’s mailing address? Is the address actively receiving mail? Are you shipping to a commercial address or a residence?
Here’s a very interesting statistic. According to the United States Post Office, Undeliverable as Addressed (UAA) mail is costing the United States Postal Service and customers about $1.5 billion a year for the Postal Service and $20 billion for the mailing industry according to a report in 2015.
Putting aside the financial expense on postage and collateral, you need to ask yourself what the cost is of not subscribing to a service that uses up-to-date customer information to validate mailing address. How much revenue was lost by missing out on mailing to your customer or prospect? Did you miss mailing them a promotional piece? Did you miss out on possible revenue/sales? Or was it an invoice that perhaps will now fall into bad debt because the invoice was not received.
Trillium Precise can help you verify your customer information through data validation. Here’s how. In one transaction, by utilizing the industry’s most extensive accurate checks, it matches name to telephone, name to address and name to email, and even provides you with a confidence score (1-4) on the accuracy of the telephone, address and the email address.
Connecting the Dots between Telephone, IP and Customer Records
Another important indicator is the IP address and these details are also provided. A proxy IP for example is a strong risk indicator and if you have a transaction being processed that is flagged as a proxy, you may want to flag for further examination. Trillium Precise will also provide, in miles, the distance between the IP address and the physical address. The longer the distance between the IP address where the transaction is occurring and the primary address provided the stronger the risk indicator.
The other benefit is you will also receive, in miles, is the distance from the telephone on the input record to the IP address. For example, if the input telephone number is a New York telephone and the IP address is on the other side of the world , you may want to flag for further checking on that transaction. Obviously, this can help prevent fraudulent transactions and save your organization money. In addition, you will get a response telling you what the connection type is. For instance, a “dialup” may be considered a risk indicator and need to be flagged for further review.
Reaching Golden Record Nirvana through Data Validation
So as you can see, if you utilize Trillium Precise and espouse all of these elements you can build your Golden Record, you can increase sales, reach your customers on a timely basis and have trustworthy data in your CRM, and don’t forget save money on any suspicious fraudulent activity. Again, reaching your customer at the right time, whether via email, telephone or a hard copy promotional piece it is vital to keeping your existing customer base as well as promoting to and gaining new customers.
As mentioned in last week’s blog, on March 1, Trillium announced Trillium Precise to meet all of the essential customer data validation requirements I’ve discussed. Again, it leverages, word-wide postal and geocoding data cleansing and enrichment of customer contact information to ensure the accuracy of your customer records. It has services to confirm global email addresses are active, deliverable, valid and usable. It ensures a telephone number is in service, valid and matches the name on the input record. It can determine whether a postal address is a PO Box or single or multi-unit, it also recognizes if the input name matches the address as well as the telephone resident’s name, gender and age. And finally, it can identify the geolocation of the IP address and if it is proxy.
Finally, all of Trillium Precise services are Data as a Service solutions, which can be delivered on-premise or in the Cloud. In my next blog, I’ll talk about some of the most common use cases where our customers require these services.
Learn more about how data analytics can increase customer engagement — download our new eBook, Getting Closer to Your Customers in a Big Data World.