Statistics reveal that 69%1 of businesses have failed to create a data-driven organisation. This could be linked to the fact that 49%2 of CEOs cite lacking analytical talent as the reason behind inadequate data. With 28%3 of businesses expressing that better data capture is needed to ensure people have access to the right information, it’s more important than ever to have the necessary assets to hand.
Are you worried that hidden behind closed doors your deliveries and letters aren’t getting through? What if there was a way of capturing missing address data that was previously unobtainable? With the Multiple Residence dataset from the Royal Mail, you can now improve your business operations with access to over 800,000 additional premises.
Find out below the benefits of using Multiple Residence data:
1. Ensure Your Message Gets To The Right Person
Your customers are the heartbeat of your business, so ensuring deliveries and marketing are sent to the correct address is vital. Previously, it wouldn’t be uncommon for the addresses of sub-divided properties to appear like this in an address lookup:
Flat A-F, Upperkirkgate, Aberdeen, AB10 1BA (PAF)
Houses and buildings of multiple occupancy that share a single letterbox become problematic for postal and courier services when it comes to deliveries. Knowing that Mr Smith lives at Flat A-F is simply not enough as he could live in any of the given premises. Multiple Residence enables your business to send your message to the right person, standardising the customer address by capturing the right data at the point of entry. This subsequently makes online transactions easier for your customers as well as the business. In doing so, the address would appear as below:
Flat F Upperkirkgate, Aberdeen, AB10 1BA (MR)
2. Prevent Business Fraud
Fraud is an ongoing issue, one which costs businesses £85 billion4 per year. In fact, identity fraud is at a record high in the UK, with almost 190,0005 cases reported in 2018. This means it’s imperative for businesses to verify the identities of their customers in order to safeguard both them and the company itself.
Organisations who adopt a proactive approach to data monitoring can reduce fraud loss by an average of 54%6. Therefore, having accurate address data is an important component when it comes to fraud prevention. This can be achieved with Multiple Residence data as businesses will be able to prevent fraudulent activity by confirming whether a given address exists.
3. Improve Customer Targeting
55%7 of marketers say better use of data for audience targeting is a priority, however, 38% claim a lack of internal resources is one of the challenges likely to keep them awake at night. Multiple Residence provides access to additional sub-premise information including self-contained flats, sub-divided houses, apartment blocks, halls of residence, and nursing homes.
4. Reduce Failed Deliveries and Complaints
Considering that 54%8 of customers have higher expectations of customer service compared to one year ago, can you really afford to risk failed deliveries and complaints? After all, 95% will tell others after a bad experience and 47% will subsequently switch to a different brand. Multiple residence data can help you reach the right household behind each front door, thus combatting delivery errors and reducing the likelihood of complaints.
Why You Should Choose Hopewiser’s Multiple Residence Solution
Having analysed the dataset, we have concluded that Multiple Residence cannot simply be added to PAF as this will cause conflicting information that would prevent certain addresses from being validated. Therefore, we have blended the two together by removing any clashing address data. For example, the following Multiple Residence address conflicts with that already contained in the PAF:
Flat 1-3, 31 West Street, Leicester, LE1 6XN (PAF)
Flat 1, 31 West Street, Leicester, LE1 6XN (MR)
Flat 1 will now occur at two separate addresses making it difficult to uniquely match. And so, our rules-based approach removes the associated parent record where the conflict has been identified, but ensures unique information is not excluded. The result? We are able to increase address matching by 0.36%.
Get in touch today to find out more about Hopewiser’s Multiple Residence solution.
1 Big companies are not becoming data driven fast enough (TechCrunch 6th Feb 2019)
2 Future of data (Raconteur 23rd March 2019)
3 The struggles businesses face in accessing the information they need (Pure Storage July 2015)
4 PAF – Verifying customer identities (Powered by PAF)
5 Identity fraud in UK at record high (Independent 18th June 2019)
6 Using data analytics to help prevent and detect fraud (Meaden & Moore 18th April 2018)
7 55% of marketers say ‘better use of data’ for audience targeting is a priority in 2019 (Econsultancy 19th February 2019)
8 Customer service stats for 2019 (Customer Thermometer 2019)
, updated 26th November 2019.