Philanthropy Insights: The Importance of Good Data
Updated: Jun 9, 2020
Dirty data is expensive. In fact, outdated or inaccurate data costs businesses in the United States up to $3.1 trillion each year.
Up to 32% of records become outdated each year. For organizations, this means falling out of touch with donors, expensive mailers being returned unsent, and ultimately, the inability to reach crucial partners. This problem is also a huge drain on manpower. According to the Harvard Business Review, analysts spent 50% of their time searching for data errors and otherwise trying to rectify inconsistencies within their databases.
It can cost an organization up to five times as much to acquire a new donor than it does to keep an existing one happy? Yet despite this dramatic and costly difference, only 18% of organizations actually bother to focus on retention.
53 million Americans move
30% of people change their email addresses
17% of people change their mailing address
3% of legal name changes occur annually
Data is expensive, and bad data is even more costly. We are proud to partner with TouchPoints, the leading data company allowing non-profits, companies, and organizations the ability to update, enrich, and grow.
If you or your organization struggles keeping your records up to date, contact us to help evaluate your data needs and let us help create a custom data strategy in consultation with our data partner.
Email us at firstname.lastname@example.org to set up a free consultation.