Bad data is one of the largest issues plaguing sales and advancing marketing efforts for companies around the world. If your business doesn’t have any methods in place in order to prevent and moderate bad data from affecting a database, organizations are bound to see their sales and marketing KPIs, but more importantly, their profits, fail drastically.
We’ve compiled a list of five ways that sales and marketing KPIs are currently being destroyed by bad data:
Greater cost per lead:
With incomplete data, you’re going to find that your organization will very quickly end up spending more money per lead, regardless of whether it ends in a sale or not. With incomplete lead profiles, you’ll find that you’ll have trouble reaching a potential customers and realize your employees have wasted valuable time trying to research each lead manually. For incomplete and lacking databases with a small amount of leads, you’ll be spending a lot more resources in the form of employee time trying to get in touch with them.
Difficulty connecting with leads:
With incorrect or outdated data, you’ll have difficulty getting in touch with leads and contacts. You might think your database is filled with a ton of great leads, but if the quality of those leads isn’t there, than they are basically useless. While the accounts themselves might be great, a year-old phone number or email address might as well mean that you have no lead at all if you can’t get in touch with them.
Missing sales opportunities:
One facet of bad data is duplicates. Having duplicates means you’ll end up missing sales opportunities even if everything else is correct in your database. Say for example that you have two of the same record in your database, but only one record is up to date, and the salesperson, through no fault of their own, contacted the wrong one which has outdated information. Although the salesperson did everything correctly, the duplicate is going to register as a missed sales opportunity. The correct record might have been ready to buy right now, but thanks to the duplicate, the sales team thinks that the opp is lost. In another example, imagine having two of the same record; one that has not been called on, and one that is in the final stages of the sales cycle. Since the duplicate record isn’t updated with most recent information, your sales team thinks that the record that hasn’t been called on is a brand new person to sell to and just made the embarrassing and unprofessional mistake of cold calling somebody that your organization already has a relationship with. In many cases, the future customer might find this unprofessional enough to move onto a competitor.
Excessive time spent on list building:
When there’s not enough data in a database, your marketing teams might spend excessive time manually building lists from LinkedIn and a number of other online data sources. Instead of spending time blasting out emails and calls, your teams have to spend their valuable time looking for people to reach out to. And once these contacts are finally researched, they have to spend time moving their Excel spreadsheets into your CRM, which is going to take up even more time.
Poor sales turnover rate:
Turning an opportunity into a sale is basically a battle between you and somebody who wants your product, or something similar, for as little cost as possible. With every battle, the key to winning is information. If you don’t have enough information going into the pitch, like the contact’s industry type, geographic location, or other firmographic data, you’re going to come off generic and as if you don’t genuinely care about the customer’s needs. Complete contact information is only half of the battle. To have a great sales turnover rate, you’ll need to know as much personal information about your customer as possible.
For a data management suite that can help you solve all of these problems and more when it comes to bad data, consider using RingLead Data Management Solutions (DMS). RingLead DMS is the only full stack data management platform that can clean, protect, dedupe and enrich preexisting and incoming data, all in the cloud and all in real time. RingLead DMS also offers the sales intelligence tool DMS Capture, which can generate thousands of new leads from over three dozen online data sources with just the click of one button.
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