Databases and CRMs are the lifeblood of most sales and marketing teams. 67% of opportunities are created from leveraging existing database contacts.
With sales development teams relying on this existing prospect info to create opportunities, the growth of your business is dependent on its accuracy. You wouldn’t put #87 unleaded into a Boeing 747 and expect it to take off and land. You need ROCKET FUEL!
An accurate database is your sales rocket fuel.
What is the opportunity cost of bad data?
The average sales rep spends over 500 hours a year on unproductive tasks tied to poor data. That’s 10 hours a week that could and should be focused on selling.
Why does once accurate data become “outdated?”
Title, company size and Industry tags are the most common missing data points. In todays highly automated outreach, outbound messaging should be personalized with this data. If you don’t have it to customize your outreach, you are just killing your conversion numbers.
Likewise are the affects of inaccurate data. Sales and marketing teams rely heavily on first impressions, and a wrong name or one spelled incorrectly can kill a deal before it even comes to life. Most would be surprised to find that up to 6% of their leads have first/last name in the wrong order.
Now the most common of all errors, are incorrect phone and email contacts. On average contacts will get a new email every 2 years so making sure the contact data point is accurate should be the priority of any database manager. Incorrect emails do not only end up bouncing, the sheer volume of messaging to bad emails can and eventually WILL lead to your domain being flagged for spam causing long term deliverability issues.
Who makes the decision to buy your product?
Are their multiple decision makers?
Who influences the decision?
Who else needs to be considered to make that decision?
These buyer persona questions are a staple of most sales and marketing teams, but we are surprised to see that databases do not reflect this segmentation. The average database only has 2 contacts per lead when most marketers agree 5-7 individuals play a role in making the decision.
Once a database has corrected bad data, the last step should focus ensuring each lead is tagged for authority so that sales and marketing teams can craft their messaging appropriately and get buy in from all that play a role in the decision to buy.