Most business to business marketing executives complain bitterly about the status of their databases, but have difficulty convincing senior management of the gravity of the problem.
If you are experiencing this challenge yourself in your organization, these eye-popping facts from Jon Block, the Vice President and Service Director of Sirius Decisions should help you win your senior management over to your point-of-view quickly.
Fact #1: Your Data is Doubling Every Year
The amount of data in the average b-to-b organization typically doubles every 12 to 18 months, so even if data is relatively clean today, it is usually only a matter of time before things break down.
Fact #2: Duplicates are Costing You Money
The longer duplicate records remain in a database, the greater the financial impact. This point is illustrated by the 1-10-100 rule: It takes $1 to verify a record as it’s entered, $10 to cleanse and de-dupe it and $100 if nothing is done, as the ramifications of the mistakes are felt over and over again
Fact #3: An Ounce of Prevention is Worth a Pound of Cure
Organizations must shift their focus from one-time data cleansing to ongoing data maintenance to turn the tide. There is a strategic shift happening in the approach within strong organizations, from one of data cleansing (a project with a set completion date) to data maintenance (ongoing policies and procedures to maintain data quality).
The fundamental trouble with one-time data cleansing is that the day the project ends, the data is the cleanest it will be until the next round of contacts is added to the database.
Fact #4: Clean Data = More Revenue
The major impact of bad data on conversion rates really becomes clear when we roll these stages up and look at the difference between an average and strong organization.
Using an example of a prospect database of 100,000 names at the outset and a constant campaign response rate of two percent, a strong organization will realize nearly 70 percent more revenue than an average organization purely based on data quality.
For those marketing executives having problems convincing senior management that a permanent process upgrade rather than ‘quick fix’ will pay big dividends in the long run, this is the kind of eye-opening statistic that should prove invaluable.
To see for yourself how RingLead solutions can help you quickly and easily remove and prevent duplicates in Salesforce, contact us or sign up for a free trial of our easy-to-use, cloud-based applications.