Match Point: How to Win the Data Matching Game
To successfully compete in the data matching game, you must first understand the legal and regulatory requirements that may apply to each particular strategy or tactic. These requirements can restrict or limit information sharing and the resulting disparity of data across several channels can make it more difficult to eliminate the key players in order to win. By identifying exactly how to successfully match data across platforms and channels, you can streamline everything from previous relationship information to marketing efforts, saving time and money. Here’s how to play.
Read the instructions
Consider this your instructional manual for winning: Data is one thing, but intelligent data is something else entirely. Any data-management system can give you names and addresses, but businesses with access to Customer Data Integration (CDI) tools from Equifax are better able to match data regardless of potential disparities in those names and addresses. Intelligent data does much of the required legwork for you, so you can eliminate some of the steps that slow you down and hinder your chances of winning.
Play by the rules
Sharing data across multiple platforms is generally prohibited under the Gramm-Leach-Bliley (GLB) Act. Among other things, the GLB Act contains strict provisions governing cross-sharing of a customer’s nonpublic personal information, such as Social Security numbers. In addition, customers must be notified and consent to any such information-sharing, even among different platforms under the same company umbrella.
However, because CDI instead matches customers and preferences based on a unique key assigned to each customer, the resulting process helps ensure compliance with the GLB Act because only the key is revealed.
Game, set, match!
Manual data entry can often result in different names (Anne P. Jones vs. A. Jones, for example). Therefore, without data matching, you could unwittingly send the same marketing material twice or even send material to a party that has already opted out of an offer. Matching up data across platforms can help to prevent these mistakes. When it comes time to release a new marketing campaign, you can search a customer in your database and match that customer to a unique key in another platform database. You can then see that customer’s various opt-out preferences and even past relationship with your company.
Armed with this form of cross-platform matching, you can send your customers offers that are more pertinent or are based upon the customer’s past experience with your company, even if it’s with a different department. This method for streamlining data is cost effective because it reduces time and money spent on inappropriate offers and matches the right person with the right information. Even if a name or address isn’t perfect in the system, intelligent CDI allows you to head right for the winner’s circle.
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