Modern businesses are sailing in the ocean of data where every drop counts. Poor data management is something that businesses cannot afford in present times. Though organizations know the importance of marketing data in their sales operations, they often fail to maintain the efficiency of data in the longer run. Due to which they suffer wastage of time and resources, poor targeting, lower response rate and conversions and impeded business growth.
The incomplete, incorrect, and outdated data feeds in your database are highly discouraging to your sales teams as their efforts do not bring them the proportional benefits. This also leads to challenges in introducing new products in your target market, overstocked inventory, loss of revenue due to billing errors, and lost opportunities and so on.
How Data Changes From Good to Worse?
A database has a limited shelf life. It goes through substantial depreciation over a period of time and does not bring you the same results as it used to when it was new. In the B2B space, consider the numerous small and big changes that happen in a single organization in a year. Now imagine the degree of changes that all the organizations and business executives listed in your database go through every year. A lot of companies shift their locations, change their contact details, diversify their business operations, change or update their existing systems and go through numerous other changes. Similarly, business executives and key decision makers might also switch their jobs, witness change in their job role, company location, or may simply start their own ventures.
Tracking all these changes in your database is not an easy task but is highly essential for the sales and marketing operations of your business. Buying a new database every time you feel your database is outdated is not a good solution. Besides its high cost of acquisition, it also leads your organization to lose connections with the existing clientele base and also negatively affects your goodwill.
Maintaining Data Quality
When it comes to data management, it is important to make sure that your database is updated in timely intervals so that your sales teams are equipped with a highly reliable database at all times. Now, how you do that is tricky. There are hundreds of data brokers who may help you acquire new database or update your old database but very few of them are reliable. Many database providers may initially give you a very good sample list but you should not get carried away seeing the same. It’s recommended to do a proper due diligence and ask relevant questions before buying a mailing list.
You may ask some of the following questions:
- From where do they collect data?
- What is their data collection process?
- How authentic and reliable is their data?
- What is the volume of data they manage?
- What data fields do they offer?
- What is the average bounce rate/ response rate/ accuracy?
- Do they customize the database based on your specific marketing campaigns?
- How and when do they update their databases?
You have to be cautious enough while selecting your database provider. Failing to do so will lead to wastage of financial resources without giving your sales team the desired impetus.
Alternatively, if you have a skilled data team in place, your team may follow your customers on different professional and social networking sites such as LinkedIn, Twitter and others to keep track of their professional life. They can also engage with customers on different online and offline platforms such as events, conferences, and more to collect data on a constant basis and update changes on a timely basis.
It is important to note that data management is a continuous process. Proper data management is a prerequisite for marketing success and must be given due attention to truly unlock the power that data has.
Robert Duke is a Marketing Manager and Spokesperson of Blue Mail Media.