And, in this market, you need every advantage you can get...right?Sirius Decisions released the results of a recent study where they "found that from 10 to 25 percent of b-to-b marketing database contacts contain critical errors-ranging from incorrect demographic data to lack of information concerning current status in the buying cycle."The problem seems to be that dirty data is easier to sweep under the rug than to clean up.
It's not sexy, it's not social and-most of all-it's not cheap. But it's one of those tasks companies need to roll up their sleeves and address. Especially if one of this year's goals is to get conversational and increase relevance to aid in shortening sales cycles. Read this again, just to stay focused:"...a strong organization will realize nearly 70 percent more revenue than an average organization purely based on data quality."
And, just in case you want to start pointing fingers and slough this task off to another department, consider that impacts were found across the buying journey. This means that the organization as a whole needs to take this on, but at a minimum, it makes the case for better alignment and feedback loops between marketing and sales.
An example of the breadth of impact across the sales cycle from data quality improvements includes:25% increase in conversions from inquiry to qualified marketing leads12.5% increase in transitioning qualified leads to sales opportunity when you unify data from disparate sources5% reduction in selling timeBut reaping these rewards doesn't come easily. It's not a once-and-done kind of thing. B2B databases double in size every year or so, increasing the probability of data errors. People change jobs and roles.
Their buying behavior speeds up and slows down due to constant shifts in priorities based on trigger events. Conversations that aren't recorded can impact your credibility based on foot-in-mouth syndrome if you're not up to date on previous dialogue and interactions.
Data is about the most important thing you've got to work with in a digital business environment. Being out of tune with your prospects and customers hinders your ability to create the consistency and competence that buyers require from their vendors. Buyers are taking control of their buying process. The closer you can get to them, the more accurately you know their situations, the higher the opportunity for you to be consistently relevant and valuable.
Better quality data means you'll have better:persona and profile informationsegmentation capabilities for personalization higher engagement due to content relevance (based on insights)more accurate sales forecastsbetter delivery for email campaignsa more accurate gauge of interest levelshigher credibilityvaluable conversationsand so much more...It may not be glamorous, but data cleanliness is critical to creating sustainable growth.
If knowledge is power, you're only as powerful as the quality of that knowledge. When your data is dirty, chances are that it'll be hard to build the credibility you need to generate relationships that produce mutual value.Why in the world would you leave that to chance?
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