It’s an ancient marketing and sales proverb: bad data causes trouble. But many marketing experts don’t realize just how many ways bad data can affect your company’s ROI. Among other potential problems, duplication in your data can cause your marketing and sales departments to over-project. In fact, data duplication can be the number one reason why sales and marketing over-projects.
Let’s do the math. Say you have 100,000 leads in your CRM. You project that 20% of them, or 20,000, will buy a new product after a carefully planned e-mail campaign. Now, imagine that 10% of those leads are actually duplicates. This means that you only have only 90,000 in the database. If 20% of them buy, you will have 18,000 buyers—two thousand fewer than projected. That’s not news most CMOs enjoy reporting.
But that’s actually a best-case scenario for a marketing campaign marred by data duplication. In reality, bad data can cost you much more. Think about it: when you receive two or three different copies of the same e-mail, how do you feel towards the sender? Are you likely to buy an expensive product from that person? Sending multiple copies of the same marketing materials to a client can seriously damage your brand’s reputation. The end result: A lower conversion rate, causing you to under-perform your projections even more. Not to mention, just storing the dupe in your database can cost you up to $100 per dupe. Multiply that by the number of dupes you have, and you’re talking thousands of dollars wasted for no reason.
All the more so, if you’re sending out snail mail to your leads, which can still be a highly effective marketing tactic, duplicates in your database will incur significant mailing charges. Not only will you be paying extra to send double mailings, but you’ll also irritate your prospects.
The bottom line is that the database of contacts you have in your CRM is one of the most valuable marketing assets that you possess and is highly tied to your brand equity. When used intelligently, your database can help you to meet or exceed sales and marketing projections. However, when the data contains duplicates, you’re faced with over-projection, unnecessary sales and marketing costs, and sheer customer disappointment.
In order to reach potential buyers effectively, you need good data, without duplicates. RingLead Data Management Solutions offers an wide range of data quality products to capture, clean, protect, and enrich the data inside your CRM or Marketing Automation system in real time. DMS Cleanse identifies existing duplicate Leads, Contacts, and Accounts, and assists with merging these records based on 35+ custom matching logic rules you configure. Once you clean out the dupes, use DMS Duplicate Prevention to stop more from entering from list imports, web submissions, or manual entry. A clean database provides better reporting, eliminates time for sales to search for duplicates and provides more accurate projection.
Find out how RingLead DMS can de-clutter your database today by scheduling a demo now!