A strong organization can generate up to 70% more revenue than an average organization purely based on the quality of its data, according to SiriusDecisions. Data is your organization’s most important asset. It is unique to your company, and is packed with invaluable information to grow your business, get ahead of the competition, and more.
However, on average, 20% of an organization’s data is bad, according to the same SiriusDecisions report. Depending on the size of your database, that could mean millions of bad records. Bad records can include outdated, missing or incorrect information, or duplicates. The result of this is massive. Your reports, automated processes, workflows, and campaigns are skewed. Dirty data affects morale, because it is frustrating and inefficient for many departments. It can also cost you millions in wasted spend.
However, with data services, you can ensure data quality is completely covered across your organization. Here’s a look at the six core elements of B2B data services, aimed to achieve true data quality.
A lot of bad data comes down to human error. If an organization doesn’t have any sort of standards or policies to articulate how the data is entered into their CRM, different iterations of your data will exist and be committed to your CRM, causing inconsistent, incomplete or missing data, outdated information and duplicates.
The solution is data standardization, also known as normalization, which creates an enforced, organized and consistent environment for entering data into your CRM.
It’s important to normalize first, before you dedupe. Normalizing first provides a springboard effect on your deduplication efforts, which will cut the cost and time associated with deduping, protecting and cleaning up your database.
Normalization is a foundational level enabler. Not only will deduplication perform 500% better after normalizing, but any application that attempts to connect with your data will see marked improvements in accuracy and performance.
The URL is the most important, and most underappreciated, field in a contact database. It is just as important to have a URL for a company, as it is to have an email address for a person.
Company names are ambiguous. Coke, Inc. and The Coca Cola Company, Inc. will never be matched by any fuzzy matching logic, now matter how advanced. A URL, however, is a close to a unique identifier for companies as you will find.
For both deduping accounts as well as for appending company data, appending URLs is the best practice.
Update Existing Company Data
In B2B sales, data about your target companies might be equally or more important than the contacts at that organization. Understanding the target market requires the right data, as well as updated data. Therefore, the fields in your database must be complete and update to date. Most organizations have only 40% of their company data fields populated. This does not give you a holistic picture of your target companies. The fastest way to double or triple revenue is to identify your best buyer, and appending company data to your existing leads and accounts will get you there.
Update Existing Contact
Data will continue to change as people change roles, jobs and careers. As a result, your contacts’ email addresses change as they move from one company to another. Others abandon that old AOL address. Unqualified leads opt out of your email communications. As these changes occur in real time, as you read this post, your data decays.
Updating existing contacts enables you to segment, personalize and target your messaging in order to run effective marketing automation campaigns.
Ensure your contacts remain updated with fresh contact data sourced from the web, by appending your existing contact data. This includes titles, emails, phone numbers, addresses, social profiles, blogs and professional bios.
Source New Contacts
In addition to keeping your existing contacts up to date, it’s also important to source new contacts that meet your targeted companies and personas.
Profiling, or sourcing data from the web, can uncover new contact information that does not exist in any database. Profiling is always real time, and is not limited to databases that are aging on an update cycle of 18 to 24 months.
Email Bounce Check
Bounced emails never arrive to your recipients’ inbox and instead, are sent back to you, the sender. This unsuccessful email transmission is a huge waste of time, money and resources. It’s important to verify email addresses, in order to recognize bounced emails in your list or database.
RingLead Data Management Solutions (DMS) can help many of these common data quality issues by capturing, cleaning, protecting and enriching all of the data inside your CRM or Marketing Automation System in real-time.
Speak with a certified RingLead representative today to learn more by clicking the box below!