Hygiene The Data and Leads You Already Have To Improve Your Bottom Line Overnight

It is hard to imagine how much MONEY businesses simply THROW AWAY by continuing to use aged, dirty, “rogue” data.  Especially when it’s so cheap and easy to fix!!

When Data Goes Rogue 

Dirty data aka rogue data is a term used to describe inaccurate, incomplete, and inconsistent data. 

You don’t have to be a rocket scientist to understand that having a wrong phone number can be an obstacle that will keep you from reaching a particular person. 

Now imagine what happens in the business world: every year thousands of people change jobs, phone numbers, get married, divorce, move, and their lives take all kinds of different directions. 

30% of people change jobs every year which means that you can reach out to a prospect only to find out that they no longer work for the company you want to do business with. 

Or that they changed their last name after a nasty divorce. 

Or you might not be able to reach them at all because they have a new number – as 43% of people change their phone numbers every year too.  

Did you know that 25-33% email addresses become outdated within 12 months? 

All this can have a significant impact on your delivery and response rates, not to mention how much time you will waste trying to trace a prospect. 

As you can see, B2B data dilapidates at a very fast pace, and if you fail to keep track of these changes, you’ll find yourself among 62% of organizations who leverage inaccurate marketing/customer data. 

B2B

A study released recently by the Marketing Technology Industry Council found that marketers ranked “Data Management” as the aspect of their jobs they enjoyed the least (no kidding).

And the longer you leave the problem, the worse it will get. According to research by SiriusDecisions, at any given time, between 10-25% of an average B2B organization’s customer and prospect records “include critical data errors ranging from incorrect demographic data to a lack of current disposition.”

The report further observes that the average B2B company sees its prospect and customer data double every 12-18 months. And of course, the amount of critical data errors multiplies exponentially along with it.

Let’s look at some consequences of inaccurate data

There is no greater asset to your organization than your B2B database. However, when your database becomes cluttered with outdated, incomplete or inaccurate contact information, it can prove to be a costly obstacle along your route to success.

From marketing, lead generation and customer relationships, to sales and even revenue, dirty data can have an insurmountable impact on all areas of your business.

As frustrating as it may be, data decay is a natural outcome of the ever-changing B2B landscape; professionals are constantly changing positions, titles, locations and places of work, rendering data useless.

Even if you don’t see the direct impact of dirty data to your bottom line, there is no question that your sales and marketing teams would perform even better if your contact data was regularly cleaned and optimized.

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The Business Data Situation
  • 67% of businesses rely on CRM data to segment and target customers.
  • 33% of businesses have over 100,000 records in their database.
  • Prospect and customer databases double every 12-18 months.
  • 94% of businesses suspect that their customer and prospect data is inaccurate.
The Problem
  • 60% of companies have an overall data health that’s “unreliable.”
  • 62% of organizations rely on marketing and prospect data that’s up to 40% inaccurate.
  • The U.S. Department of Labor projects a 30-40% annual turnover rate in corporate America.
  • 40% of leads contain bad data.
  • 25% of the average B2B database is inaccurate.
  • 30% of people change jobs annually.
  • 76 people change jobs every minute.
  • 43% of people’s phone numbers change annually.
  • 80% of companies say they have “risky” phone contact records.
  • Up to 20% of all postal addresses change every year.
  • 37% of email addresses change annually.
  • 65% of people’s titles and/or job function change annually.
  • 34% of companies change their names annually.
  • Up to 21% of all CEO’s change every year.
  • In the next hour, 58 business addresses will change, 11 companies will change their names, and 41 new businesses will open.
  • 15% of leads contained duplicated data.
  • 10% of leads contain invalid information.
  • 8% of leads are missing information.
  • 7% of leads contained invalid email/physical addresses.
  • 30% of organizations currently have no strategy to update inaccurate or incomplete records.
  • 1/3 or more leave inaccurate or incomplete records in their databases, requiring sales teams to update records as frequently as possible.
The Consequences
  • Companies reported that lead generation (80%), marketing (66%), finance (30%) and customer relationships (54%) were the business processes most affected by dirty data.
  • Based on a 95% delivery rate, out of every 100 emails you send, 2 result in a scheduled meeting. If you have a delivery rate of 75%, you’d have to send 133 emails to schedule 2 meetings. That’s 25% more time being wasted due to inaccurate data.
  • 64% of “very successful” data-driven marketers say improving data quality is the most challenging obstacle to achieving success.
  • Only 16% of companies characterize the data they use for marketing as “very good”.
  • 40% of business objectives fail due to inaccurate data.
  • It costs $1 to verify a record as it’s entered, $10 to scrub and cleanse it later, and $100 if nothing is done.
  • 50% of IT budgets are spent on data rehabilitation.
  • Bad data costs U.S. businesses more than $611 billion each year.
Clean Up Your Data
  • Conversion rates are roughly 25% higher between the inquiry and the marketing qualified lead stages for organizations that have clean data.
  • 66% of organizations with clean data report a boosted revenue.
  • An organization can generate up to 70% more revenue based solely on clean data.

Let’s look at some benefits of email hygiene.

Today, ISPs look at many different variables when determining whether to deliver one of our marketing emails to one of their customers.

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Accurate Analytics

By reaching out only to prospects who want to receive your messages, you’ll eliminate spam complaints and disengaged, unresponsive contacts who apparently aren’t your target audience. This way, you will be able to analyze your marketing efforts using the right sample and get relevant stats about how your campaigns are performing. In other words, the stats you get will help you improve and tweak your future marketing efforts.

Avoid negative effects on your sending efforts

Failure to manage your email lists makes you vulnerable to spam traps, invalid email addresses, leads that sign up with non-deliverable domains or simple typos, and more. Email list cleaning helps you avoid all of these potential pitfalls.

Better open and click rates

The fact that you’re sending your emails only to people who are interested in your offer will boost means that your emails won’t be marked as spam and you’ll have a pretty good idea of how effective your outreach is.

Enhance your deliverability

While list hygiene doesn’t guarantee 100 percent deliverability of your emails, it can make a huge improvement. Email list cleaning helps you identify bad records you should eliminate from your list prior to sending.

Enhance your online reputation

If you start a campaign with a list of old, stale, duplicate, or unverified email addresses, you could produce high spam complaints, reach invalid emails, and/or hit spam traps. Each of these hurts your reputation and negates your efforts. On the other hand, sending emails to a clean list of genuinely interested prospects enhances your brand and boosts your return.

Improved email deliverability

You won’t have to worry whether your email reached intended recipients. A great deliverability rate, in turns, vouches for you in the sense that you won’t be flagged as a spammer by your ESP.

Increased ROI

There’s no chance of a sale if you send emails to bad addresses. Your campaign could even backfire if you send to invalid email addresses or spam traps. Increase ROI by performing data hygiene first.

Reduced costs

Certain ESPs charge you based on the number of emails you send or the number of subscribers you have. By keeping your list clean, you can slash this price and save some money instead of wasting it on those who aren’t interested in your emails anyway.

Speed up delivery

Speed up delivery: A bad list can slow your delivery rate to the end recipient, as receivers can throttle your mail or completely block you.

BENEFITS OF LIST AND DATA HYGIENE

  • Increase the efficiencies of CRM applications with higher quality data input
  • Improve customer service with more complete, accurate, and relevant customer records at customer touchpoints
  • Improve brand penetration by enabling stronger identification of cross-sale opportunities
  • Lower overhead costs through more incisive fraud detection and higher employee productivity
  • Boost the value of existing technical assets, leveraging local systems for enterprisewide benefit, and improving the efficiency of system functionality
  • Support effective tactical and strategic decision making through more accurate analytics
  • Increase revenues through knowledge that could not otherwise be realized

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