The price of CRM and Marketing Automation subscriptions are based on the number of records your database contains. On average databases may be carrying up to 30% in duplicates; overtime these costs will add up unnecessarily. It is very easy, however, to achieve marketing automation cost reduction through three simple solutions. First, reduce the number of records by deleting all of your duplicates. Consider, for example, deduping Leads vs. Leads, Contacts vs. Contacts, Accounts vs. Accounts, and Leads vs. Contacts. Make sure to apply fuzzy matching, because email match won’t dig down deep enough.
Secondly, reduce the number of records in marketing automation is by identifying unusable records. Make sure to check all records without email addresses, as those should not be in your marketing automation system. Most companies host thousands of these records in their platforms and pay a heavy price for them without even knowing it. Before deleting unusable records, try using a third party like RingLead to fill in missing information. Doing so, will enable you to turn these digital liabilities into assets.
The third way to reduce the cost of marketing automation is to enrich the data. According to Sirius Decisions, “about 25% of B2B marketing database contacts contain critical errors.” If the goal of your company is to make more profit, you will want to pay close attention. This Sirius Decisions study reveals that “a best practice organization can generate nearly 70% more revenue based purely on data quality.”
Sirius Decisions Compared two 100,000 record campaigns from different databases. The best practice database contained 90% usable records, and the average database contained 75% usable records. Both databases received the same 2% response rate to their campaigns. Due to better targeting and cleaner data, they assumed a 25% jump in inquiry-MQL conversion from 3.9 to 4.9%. As trust builds with sales around lead quality, they assume a 12.5% jump in MQL-SAL conversion from 58.3 to 65.5%. They assumed a consistent conversion rate from there on, as it’s assumed that a cleaning process is done in both cases by teleprospecting. In the calculation below, the best practice dataset realized a 66% rise in revenue compared to the average. WOW.
Now let’s tie this back to cutting the cost of your marketing automation…If you dedupe and delete about 20-30% of your database, the price goes down. If you enhance the remaining data, conversion rates will rise and generate additional revenue. By simultaneously cutting marketing automation costs and adding value, you will see a substantial rise in ROI.
How can RingLead help?
- RingLead assess the usability of your data and determines if your customer data is optimized for peak revenue performance.
- Dedupe and prevent duplicates. This results in a significant reduction of your records.
- Update missing or bounced emails, this results in an increased number of marketable records.
- Reduce the number of form fields by auto appending firm and contact information. Results in higher conversion, better segmentation, improved targeting and prioritization.
- Normalize the data, i.e. help segment data by personal information, such as job title & geography.
- Delete unusable records to reduce the size of your database.
- RingLead will route leads to their respective accounts, new leads to target accounts will be instantly linked and this will enable account based marketing
Are you ready to calculate the cost of your unusable data? Simply input your information in the calculator below.
Ready to clean up the mess? Contact RingLead today.