Building a Customer Data Foundation in the Digital Era
Customer data is dynamic due to the many changes consumers go through in the course of their lives. Multiply the contact fields in your database by the millions of records your organization has in its data sources, then consider how quickly and how often this information changes. The results are staggering. Experts say two percent of records in a customer file become obsolete in one month because customers die, divorce, marry or move. To put this into perspective, assume your company has 500,000 customers and prospects. If two percent of these records become obsolete in one month, that is 10,000 records per month or 120,000 records every year. So, in two years, about half of all records become obsolete if they are not updated.