The significance of data is growing as B2B sales move into the digital age. Seventy-two percent of CEOs surveyed for the Global Data Management Report said their companies now rely more heavily on data than ever before to guide strategic decision-making in light of the rapid drive toward digital transformation. The same people also estimate that 32% of their data is inaccurate, and 55% of them say they don’t trust their data assets.
B2B companies, to keep up with the rising demand for data-driven decisions, need to regularly update and properly maintain their data assets to keep them from becoming obsolete. Still, the vast majority of businesses today lack the resources to ensure the cleanliness of their data, which has disastrous consequences for their operations.
Misinformation can waste time and energy on the part of the team, cause the company to lose credibility and customers, and ultimately result in fewer deals being closed and less money being made. For business-to-business companies in the United States alone, bad information is responsible for annual losses of $3.1 trillion.
Many business issues can be traced back to poor data quality, so companies must learn how to keep their data fresh and accurate as they make the shift into the data age.
What we mean by “data decay” is the gradual deterioration of your B2B database as time passes due to the accumulation of mistakes, omissions, and out-of-date facts. When using static data in marketing and advertising, data decay is especially inevitable. Your data requires round-the-clock care and upkeep if you want to keep it fresh. Your team will need to invest time and money into this.
There are many potential causes of data decay, including hardware failures, user mistakes, and insufficient resources to handle the ever-increasing volume of data being produced. The average monthly depreciation rate for business-to-business information is 2.1%. Several variables could impact the rate at which your company’s data decays, such as the industry in which you operate (high technology is especially at risk), the types of customers you focus on, the geographic region in which you do business, etc.
The loss of data occurs over time and requires significant effort to prevent. But there are ways to slow it down. If you want to make sure your data is always accurate and up-to-date, consider these seven suggestions.
When it comes to building and maintaining your dataset, customer relationship management (CRM) tools are your best bet. They save time for sales and marketing teams by keeping track of and analyzing the sales pipeline, as well as storing all interactions with leads, prospects, and clients. Additionally, they coordinate timed email blasts.
With so many advantages, customer relationship management systems (CRMs) are among the best ways to streamline operations and maintain command over sales processes at all times.
Email is the primary method of contact for the vast majority (87%) of B2B marketers when making cold calls. Additionally, email marketing databases age at a rate of about 22.5% per year, which inevitably raises email bounce rates and lowers conversion rates.
To maintain a high deliverability rate, you should update your information if you notice a high email bounce rate. If none of the emails you send ever make it to your target audience’s inboxes, having thousands of contacts on your lead lists won’t do you much good.
To combat this problem and get rid of dead or inactive email addresses, email verification software is a useful tool. These tools ensure that your email will be sent to the correct inbox and that the address you provided is valid by running it through a battery of tests. They look into the domain, server, and email address to ensure that spam filters and other technical issues are avoided.
The use of opt-in confirmation as a weapon against email data decay is another strategy. A valid email address is required for the registration process, so this helps verify that your subscribers are serious about signing up. A confirmation email will be sent to the new user after they have completed the registration process to ensure that their information is correct.
This simple precaution ensures that only genuine subscribers are added to your website’s news list, and it discourages accidental sign-ups.
The most straightforward approach to maintaining a current database is to incorporate routine data hygiene checks into your schedule. Methods involved in this procedure are:
You don’t need to manually check any of this if you use dynamic data tools that can keep your dataset up-to-date in real time.
Although data hygiene checks are typically delegated to a particular division (sales, marketing, or IT), it is important to ensure that everyone in the company is aware of best practices. Together, the teams can do a lot more to prevent data decay and foster an information-driven culture at the company.
Your clients may or may not update their information when it changes, depending on the circumstances. Sometimes a gentle prod is all that’s needed. To get them to update their details, you can suggest the following:
Automatic email reminders to customers are used by some companies to encourage them to complete or update their profiles. Some websites use pop-up messages to prompt visitors to update their profiles.
Using engaging marketing content is another great strategy for staying in touch with your audience. It helps collect necessary data and keeps customers informed of business developments.
When it comes to sales and marketing, B2B companies place a premium on having up-to-date databases. With the help of high-quality data, sales teams can more effectively reach their target audience and build relationships with prospects by tailoring their outreach to their specific needs.
If you want to get the most out of your data-driven strategy, you need to use data that is both fresh and applicable. If data decay isn’t stopped in time, it can do a lot of harm. Keep in mind that you must ensure your team is only working with high-quality datasets that have been collected from trustworthy sources.
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