You all will agree that data is a crucial part of a business marketing strategy. It is a valuable asset; however, the quality decides the real value of the data. Only actionable data can drive marketing campaigns and accelerate the sales funnel. The B2B marketing effort is only as effective as the core data that powers it.
According to Gartner, “the average financial impact of poor data on businesses is $9.7 million per year. Businesses are around the world are processing millions of data without checking the authenticity of the data. Therefore, many businesses are suffering through the aftermath of bad data. Here are some of the statistical numbers, which give a glimpse of the data impact.
- 80% of marketing teams find data responsible for the weak demand-gen processes
- Merely 40% of executives feel that their data is accurate
- Just 27% of executives are happy with their organization’s efforts to gather the data insights from the programs
In a nutshell, B2B marketers are still far from the on-target data accounts and contacts required to fuel-up the marketing effectiveness.
The volume of the data is continually exploding and it will grow more. Still, do you know why data is missing its mark on the marketing cycle? Let’s check:
Data is inaccurate
There is a huge amount of incorrect data rested down in the CRM, which is continually getting used for b2b marketing programs even after receiving repetitive failures. There are a couple of reasons harming the integrity of B2B data, such as:
- People deliberately provide the wrong information
- Third-party data providers give conflicting information
- The growing rate of businesses is extraordinary
- The employee turnover number is always high
Data does not give a 360° view of companies and contacts
- The provided data misses a lot of key attributes, which are important to successfully engage the prospects
- The data vendors experience a lack of essential business attributes in the data, which are essential to chase the right prospect.
Marketers primarily require company or contact’s essential firmographic details and contact data points to have a clear picture of the prospect.
Data deteriorates within months
Data quickly becomes stale. On the basis of average data decay rates, within just 3 months duration the database of 10,000 businesses will have the following changes:
- Some businesses might move or close, therefore, phone numbers become disconnected.
- Few phone numbers, get updated or reassigned between businesses
- A couple of companies’ addresses become invalid, due to the shifting to another place
- Contacts do not connect due to the job change or they no longer stay reachable
- Emails become invalid once contacts change the company or businesses stop the operations
Relax! You can deal with these challenges by enriching the stockpiled database.
Data enrichment is nothing but cleaning, refining the raw leads and converting them into a valuable asset. Commonly, the enrichment process includes rectifying spelling mistakes, typos, removing the duplicate, outdated or ineffective database. In the majority of cases, data enrichment helps to enhance the quality of data by filling the missing details such as name, address, email address, etc. In short, data enrichment means everything from cleaning, enhancing and validating the data.
What can we achieve with Data Enrichment?
The three basic functions of data enrichment are detecting the wrong lead information, building demographics, and making data tables with particular information about the targeted leads. Let’s take a look, what you can achieve by refining your database through the data enrichment.
Improving Web Conversion Rates
To access the content on the web-platforms, the leads need to fill their details in the field mentioned in the form. Not every lead can spend time filling long forms. This makes a considerable impact on the conversion rate. With data enrichment, you can keep only ‘must-have’ fields, which will lead to better accessibility and impressive conversion rate.
Enriched data give you clear insights about your leads. The insights include things like business size, demographic, behavioral traits, etc. These insights help you to understand whether a particular prospect can become a customer or not. The more detailed or higher amount of enriched data will leverage the lead scoring.
If you are loaded with a huge amount of data, then data segmentation can help you with organizing your customer database. Data enrichment process segments your customers’ data by firmographic, demographics, behavior, etc. The segmentation proves beneficial while targeting and defining customers’ needs.
Enriched data give you an insight into the customers’ preferences that help in strategizing the targeting campaigns. With data enrichment, you can have the most up-to-date information that you can use to build fruitful relations with the customers.
Your time, efforts and money everything is valuable, do not waste it on bad data. Get the data enrichment in place before running marketing campaigns using futile data.
Happy Data Enriching!