How to Avoid the High Cost Due to Bad Addresses
Talk about a frightening statistic. According to both the Harvard Business Review and Forbes magazine, bad customer data costs trillions of dollars every year. Although this affects large corporations, it has an even more devastating impact on small to mid-size businesses. Fortunately, there’s a viable solution. Address validation software will save you money while ensuring your customer information is 100 percent accurate.
To better understand how a Canada address validation system helps, consider the following scenarios:
Say you have an online business that sells consumer products. As a relatively new company, it’s crucial that you stick to a budget for shipping costs. While entering a customer’s address to send the purchased merchandise, an employee inadvertently puts in “street” instead of “lane.” Perhaps your staff misspelled the name of the street or entered the wrong street numbers. Regardless, they made a mistake.
Without utilizing address validation software, the product goes out but never reaches its destination. Instead, it’s shipped back. Not only is there a chance of losing that customer but now, you have to spend more money to reship the item. Adding to the cost, your employee has to redo the work.
Another example of why you need a Canada Post address validation system has to do with targeting leads. Your marketing team spent a lot of time creating a powerful campaign, complete with detailed materials. At the same time, your sales team spent time nurturing the connection with the prospect. Excited to learn about your business, product, or service, the potential customer eagerly waits to receive information from you.
Again, someone made an error, resulting in the target never receiving the information you promised. Because the prospect had a planned meeting to present your material, they and your company lost credibility. As a result, the potential customer reached out to one of your competitors. Ultimately, you lost the sale. With a Canada address validation system, none of that would have happened.
The Costliest Errors
According to studies, bad data costs businesses money in the following ways:
- Non-verifiable address
- Multiple addresses for the information entered
- Invalid codes
- Insufficient data provided
- No response from a Canada Post address verification provider
Too Much at Stake
As a business owner, address validation software can make the difference between success and failure. Considering the automation, real-time information, and affordable pricing of a system for Canada Post address validation, there’s no reason not to utilize it. All customers want to feel as though they matter. Having merchandise or marketing material arrive late or not at all does the opposite.
An Innovative Canada Post Address Validation Solution
Prism Data Services has a superior address validation software solution. With that, you never have to worry about losing money or valuable customers. Contact us today to learn how we can help improve your business operations.