Lean Data – Why GDPR isn’t as bad as everyone thinks
26th April 2018
In a complete reversal from the current mind-set of most companies, new GDPR regulations gives the perfect opportunity to benefit from becoming ‘data lean’ – but what exactly does that mean? I’m sure you have heard the saying ‘quality over quantity’? Lean data is about having a more valuable database of engaged customers instead of a huge database that just simply doesn’t care.
What are the benefits?
According to recent studies a massive 85% of the data stored by companies is considered irrelevant! By harnessing the best of your own first-party data you can show customers that you’re attentive to their needs. You can keep on top of each customer to send out personalised emails. For example, a renewal email. If a date is approaching for a client to renew their subscription you can optimise your data to take advantage of this. Send an email about how you noticed their renewal is due and offer an incentive such as a discount to keep them on board. Sending meaningful content will help you to maximise relationships. During a recent conversation we had on this subject someone gave a great analogy for lean data:
Masses of data is like when you move house and you always have that huge bag of cables. You don’t know what half of them are for and very rarely use them, yet you never throw any away.’
Where do I start?
Changing the way in which you’ve worked can be daunting. Start by auditing your current data. Take the time to examine the type of data you are currently collecting and ask yourself – how does it benefit you? After all what is the point of having massive quantities if it doesn’t actually benefit you in anyway. Instead think about what your goals are and how cleaning up your data can help you achieve them.
If you email 1000 people but only 100 open it, do you really need the other 900? Don’t be afraid to become ‘data lean’ – although you will definitely have a much smaller database you will have a more engaged one. Stripping back and leaving yourself with only the most relevant, optimal database will ultimately lead to better marketing.
Read our blog on Customer Journey Mapping to see how this could help you to strip back.