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The Importance of a Database - Steroid Integrated Marketing

WHAT’S A DATABASE?

 A database is an organized collection of data developed using formal design and modeling technique. 

WHY DO YOU NEED A DATABASE?

·         Can store large amounts of data

·         Data in different formats can be combined and saved in a single format

·         Can easily filter for information based on criteria

·         Centralized systems

·         Efficient tracking of transactional data.

·         Plan strategies for growth

WHY CAN’T I USE A SPREADSHEET?

Spreadsheets have great features such as automatically recalculated formulas, stylish charts and graphs at the click of a mouse, pivot tables, sorting and filtering, and cell formatting. The array of features available in spreadsheet applications makes displaying and analyzing large amounts of data easier. Spreadsheets are easy to use and flexible and inexpensive, which is why they have become the go-to business tool for storing and analyzing data.

As sophisticated as spreadsheets have become, they still have some serious drawbacks. Spreadsheets are not ideal for long-term data storage. They only offer simple query options, do not guard data integrity, and offer little to no protection from data corruption.

Benefits of Database Development

Using database technology to gather, store and process information about your customers, suppliers and even competitors can give your business a distinct advantage. 

Database Benefits

Developing a database for your business can help you:

·         Reduce the amount of time you spend managing data

·         Analyze data in a variety of ways

·         Promote a disciplined approach to data management

·         Turn disparate information into a valuable resource

·         Improve the quality and consistency of information

Many businesses do not have the time or resources available to gather and process large quantities of information. This may lead to a lack of information about:

·         How their business is performing

·         How profitable their product lines are

·         If customers are making repeat purchases

Role of Data in your Business

It’s not always obvious what information is potentially valuable, so you should try to gather as much data as possible (bearing in mind your data protection responsibilities).

A sophisticated relational database management system can help you store a vast amount of data which, as it builds up over time, can become increasingly useful and valuable. For example:

·         Historical data can show you business trends

·         Sales records can identify valuable customers

In addition, the disciplines required to gather, enter and process such data can help to ensure that your business runs in a regulated and properly managed way.

SIGNIFICANCE OF DATA QUALITY

Lower mailing costs: Accurate customer data reduces the amount of undeliverable mail, which saves you money in postage costs and in having to continually resend packages that would have arrived safely the first time, had your data been accurate. Additionally, companies that make the most concerted efforts to work with the U.S. Postal Service to keep their customer addresses up to date will receive discounted postage rates for direct mail and shipping.

Improved customer relations: It makes sense that accurate data will improve relations with your customers. Data enables you to truly know your constituents, which keeps you from sending mail that they do not want to read and helps you to anticipate and meet their needs. Both of these things create a great deal of goodwill with your customer base and are more reasons why data quality is important.

More consistent data: Larger companies and organizations that offer several points of entry for their customers and clientele must continually face the problem of data that is inconsistent across the business. Inconsistent data leads to duplicate mailings, it keeps company and organizational departments from reaching key clients, and it creates a host of other problems. Why is data quality important? Because it helps keep every department in your company on the same page when it comes to analyzing and meeting the needs of your clients.

More effective marketing: The importance of data quality is also evident in marketing efforts. In the past, the lack of demographic and other important data about customers meant that companies could only market to the broadest audience, wasting money on targeting people who were unlikely ever to be interested in the particular good or service being offered. The wealth of demographic information available today enables marketing that is more tightly focused and more likely to achieve the desired results.