NJ office
NJ office

Is Data Decay Holding Up Sales? 3 Ways to Know How.

  • Posted by: frankdl98

With up to 22% in annual B2B contact data decay, companies without a data strategy perpetually let sales prospects and untapped revenue fall through the cracks. And in our experience, an additional 10-15% of contacts will be cleansed under the scrutiny of a data audit.

To make matters worse, chances are their data is non-compliant. In a study of more than 800 IT and business professionals responsible for data privacy at companies with European customers, Dell and Dimension Research reported 80% of businesses know little or nothing about General Data Protection Regulations (GDPR).

And now, the California Consumer Privacy Act goes into effect on January 1, 2020, which should be yet another prompt for you to cleanse your data.

As we head into 2020, it’s time to look at your data strategy. This process will positively impact your marketing, business development, and sales activities throughout the year.

Should you start with is a data deep-dive audit, strategy, and nurturing process? The answer is yes if:

You Work with List Providers
  • Very few companies have the internal bandwidth and know-how to create and implement a data quality strategy. 
  • Yet, despite CAN-SPAM and GDPR Compliance, many companies depend on data from a list provider and unfortunately, their main initiative is to sell you as much data as possible. So, before you know it, a huge portion of your annual budget is going toward the acquisition of information you didn’t need.
  • Old, out of date information is a waste of your marketing dollars and energy, and in fact, may hinder your marketing analytics and sales effectiveness. 
You Work with Marketing Automation (MA), Customer Relationship Management (CRM), or Artificial Intelligence (AI) Solutions
  • As MA, CRM, and AI technologies get smarter, companies benefit by way of more efficient or automated decision making.
  • But the value you get from these solutions is directly tied to your internal data quality, making the age-old garbage in–garbage out rule-of-thumb relevant now more than ever. According to the most recent Data Report by Dun & Bradstreet, only 50% of organizations trust their internal data.
  • Cleansing your data ensures you’ll maximize the value your organization will get from these systems.
You Cross-Sell, Up-Sell, and/or Use Account-Based Management (ABM)

Data is a two-headed beast, meaning there’s two types of data.  

  • First is Company Data that includes firmographic information such as size, location, and vertical focus. 
  • Second is Contact Information, which includes the name, title, and email of those who you want to engage with by persona, title, function and/or level.

I can’t stress how important it is to understand the differences and to treat each separately.  This will create a better database and save you a lot of money in the long run.

There are additional data fields that enable us to map parent/child relationships that allow sales reps to view the hierarchical structure of your clients, alongside key details such as the purchasing power of each location. Without it, sales efforts will never be optimized.

These are just three of many reasons I consult clients to start their quarter and annual plans with a look at their data. This is why industry-leading, fast-growth companies take data strategies seriously and work with us to audit, architect, and implement data and nurturing strategies.

 

Contact Nurture Marketing

Please contact us to begin your data analysis. You may reach us by calling (732) 636-1001, Extension 27, or by visiting the CONTACT PAGE  of our website.