Your marketing strategy is only as good as the data on which it is based. It should drive almost every marketing decision you make, providing insight into who your customers are, where they work, their role, and what they are authorised to advise on. Data naturally has a big impact on everything you do from a marketing perspective. Without Financial Conduct Authority (FCA) data, or at least without accurate FCA data, you run the risk of misdirecting your strategy, wasting time and money, and eventually losing out on revenue.
That’s why a good strategy revolves around effective data management, with outdated FCA data having a significant effect. So, how does inaccurate data create marketing obstacles, and how can cleaning it help you achieve better results? Let’s take a closer look.
More Focused Budgeting
Keeping FCA data clean and up-to-date ensures your marketing time and budget are spent more efficiently and effectively. Inaccuracies in data can lead to wasted energy and resources. For businesses with a limited marketing budget, this can be hugely prohibitive and have a significant effect on profitability.
Successful marketing strategies are based on a thorough understanding of your target market. It’s no longer enough to trust your ‘gut instinct’. These decisions have to be based on accurate data from which you can learn as much as possible about your target audience.
At Autus, we use a proprietary segmentation model that categorises each firm on the FCA register by their FCA permissions. This comprehensive list of financial advisors in the UK includes details of over 70,000 firms and more than 200,000 decision makers within the UK financial services industry. This ensures our clients interact with the firms most likely to be receptive.
Compliance And Regulation
Keeping FCA data clean and up-to-date ensures regulatory compliance and reduces the risk of fines. Data breaches or irregularities are treated very seriously and fines or investigations into breaches or lapses can be costly and time consuming. As always, prevention is the best strategy. It will be far more profitable in the long run and will prevent money being redirected from crucial marketing budgets at a later date.
The Advantages Of Predictive Analysis
Clean and up-to-date FCA data improves the use of predictive analytics, helping you to spot patterns and trends. Being able to accurately assess large volumes of data can help you focus your marketing strategy on areas where it will be more cost-effective and identify customer behaviour that can help you drive sales. The benefits of predictive data analysis include:
- Improved decision-making
- Effective risk management and identification
- More accurate intermediary insights
- Operational efficiency
Predictive analysis can be used in specific ways, such as identifying potential intermediary partners, targeting specific products and services to the right target market and creating more impactful messaging.
More Positive Customer Relations
Regular cleaning of CRMs also ensures that records are always accurate and up-to-date, leading to a better-performing sales team and more effective marketing. Without regular data cleansing, data can quickly become outdated and inaccurate, which can lead to inefficient sales and marketing activity, leading to lost revenue.
If your business needs accurate, up to date information about your target market, contact Autus today and request a free, no-obligation review of your current data.
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