Data is a key asset for businesses looking to gain a competitive edge. So, it’s easy to see why some companies get a little overzealous and start pulling data from every possible source they can find.
However, the saying, ‘Too many cooks spoil the broth’ has never been more apt than when it comes to data collection. You may believe that acquiring data from multiple providers will give you greater coverage. The more the merrier, right? Unfortunately, it doesn’t always work that way and there are several significant drawbacks to consider when you have multiple data providers, especially if you are targeting a specific audience segment. Through working with our clients, we’ve encountered many of these issues and we’ll highlight them for you to consider. Let’s flip this on its head and examine the key advantages of having a single provider for home mover data, allowing you to clearly see the associated disadvantages.
The benefits include:
1. Everyone is on the same page
Having multiple data providers means receiving information in various formats and systems, making extraction complex and time-consuming. You may need to carry out extra data cleansing or formatting, leading to errors. A sole provider, acting as a "single source of truth," delivers consistent data in one file, improving operations and ensuring all stakeholders work with the same information.
2. Bespoke service and one point of contact
Managing relationships with multiple data providers can be time-consuming and costly. Each provider requires a portion of your valuable time to discuss their processes and understand your needs. They’ll also have their own way of working and data sharing. Understanding this and then training your own staff can lead to confusion or errors – not to mention how long it all takes.
With one provider, you’ll have just one point of contact managing all your data requirements, allowing you to establish a long-term relationship with them. When you encounter an issue, you’ll know exactly where to turn for assistance. As your provider becomes more familiar with your business needs, they can offer more personalised service, develop solutions tailored specifically to your challenges and provide custom reports.
3. Preferential rates
You may be able to negotiate better rates with one provider based on long-term partnerships and higher data volumes. Spreading costs across multiple providers can add up quickly.
4. Improved speed of data delivery
When you have simplified workflows, you reduce the chance of errors and ensure that your campaigns run smoother.
5. Increased speed of data delivery
Waiting for data from multiple sources can cause delays in decision-making and transactions. When you use just one provider, you can get your marketing campaigns moving faster and your business can adapt quicker to changing market conditions or customer needs.
6. Reduced administrative needs
When you’re juggling multiple data providers, there’s a higher risk of receiving duplicate or overlapping information. This can be quite an administrative burden. With just one provider, you’ll get comprehensive, consolidated data in one package, meaning you won’t need to sift through duplicates. The data is therefore more accurate and consistent. When you’re sourcing from multiple platforms, you may unintentionally purchase overlapping data, wasting a portion of your budget.
7. One disclaimer and one opt-out process for marketing collateral
Dealing with multiple providers often means managing different legal disclaimers, terms of service and opt-out processes for marketing materials. This can complicate compliance efforts, especially with regulations like GDPR. If you use just one data provider, you only need to manage one disclaimer and one opt-out process. Your marketing materials will be more consistent and easier to manage.
8. Access to reporting and in-depth analysis
Having the data in one place makes it easier to identify patterns and draw meaningful conclusions. It’s harder to do this when data is fragmented across multiple sources. With one provider, you can make better-informed decisions and understand your customer's behaviours more clearly. This leads to improved marketing strategies.
9. No danger of data overload
Using multiple data collection methods can lead to an overwhelming amount of data, much of which may be redundant or irrelevant. Additionally, important information might get lost in the noise.
10. Improved reporting
Without relevant integrations, your reporting dashboard is probably a lot of manual work and incoherent data derived from multiple-sources, and it is difficult to maintain. As a result, your reporting might be inconsistent and questionable which impacts your reputation within the business and to clients. One data source reduces reporting inconsistencies.
Why choose TwentyCi as your one data provider
You may be concerned that by relying on just one provider, you’ll miss out on crucial data. However, TwentyCi tracks 99.6% of the residential property market. This is the highest tracking rate on the market. Compared to the next best competitor, TwentyCi tracks 67% more households and 4.5 times the number of triggers per annum. By working with just us, you’re not sacrificing choice or data breadth. We can deliver vast data without the need for multiple providers. You can depend on us for high-quality, not-modelled stats reflecting the true state of the marketplace. We provide both homemover data and homemover marketing services.
You’ll also be allocated a dedicated account manager. So rather than dealing with multiple data providers, you’ll have just one point of contact for all your data needs. The account manager can work closely with you to personalise the service you require.
Final thoughts
Don’t be enticed by the allure of using multiple data providers. As we've discussed, this approach can lead to numerous problems, ultimately costing you both time and money. Instead, consider the benefits of consolidating your data sources into a single source of truth. With the breadth of data we hold, there really is no need to go elsewhere!