Is Data Decay Challenging your B2B Business Growth?
May 09, 2020
Business Information Services
Data decay refers to the degradation in the quality of data in the marketing and sales databases of companies. Data elements like phone numbers, addresses, employee roles are subjected to frequent change on account of companies relocation, employees getting promoted or quitting, phone numbers getting changed, so on and so forth. This goes on to impact the performance of all outbound marketing channels – telemarketing, email marketing or even direct sales.
Marketing data integrity poses a real problem for many businesses bringing down efficiency and profits.
40% of email users change their email address at least once every two years
15% of email users change their email address one or more times a year
20% of all postal addresses change every year
18% of all telephone numbers change every year
21% of all CEOs change every year
25-33% of email addresses become outdated every year
60% of people change job titles within their organizations each year
Given that the data in the marketing database is subject to frequent changes, it is important for businesses to ensure that the quality of data is ensured at all times.
Impact of data decay
Bad data brings down marketing efficiency and sales performance while good data is a prerequisite for fruitful sales follow ups and customer acquisition.
Here are some ways in which data decay can cause an adverse impact on B2B marketing and sales:
Higher number of customers unsubscribing or opting out of email lists
Higher rate of email hard bounces due to invalid or inaccurate email IDs
Higher chances of putting off customers and prospects due to inaccurate addresses or irrelevant marketing content
Incomplete or inaccurate data can stop sales teams from effective follow-up communication or the ability to develop effective relationship strategies
The Way Out – Fixing Data Decay
Sadly, the data decay problem is a known issue that every business goes through. According to a study by Internal Results, 40% of all B2B sales leads contain bad data. This quality issue could be due to data entry errors, missing or invalid fields, outdated information or record duplication. Such obsolete data can be one of the main reasons why many businesses end up with unsuccessful marketing campaigns.
It is highly recommended that businesses conduct periodic data audits and data cleansing on their sales and marketing databases to keep a check on data decay.
Businesses need to periodically analyse existing data, work with solution providers to fix inconsistencies and review data collection methods that are in place.
However, Organizations also need to look beyond one time clean ups at periodic, ongoing data maintenance strategies for improved marketing efficiency. With such an approach, businesses can improve brand credibility with access to the most recent and accurate email addresses, decrease the sales turnaround times with better routing, improve segmentation, and lead nurturing.
We’re here to help
lessburn’s Business Information Sourcing Services provide 100% Hand-Curated information with more than 99% accuracy with fast turnaround time. With a penchant for data-driven business decisions, lessburn capitalizes on its superior data-mining capabilities, which factors a lot of Intelligence from the market, the competition and your potential. In its endeavor to make reliant, quality B2B data available for clients, lessburn offers organized, credible business data that includes –
Decision Makers’ contact information
Special alerts on companies raise funding, get into M&A, Changes on Leadership team
Business Performance Research
List Appending, and a host of other services that are relevant to your business requirement and lead generation
And many more…
Have a Master Data Health check up for your Firmographic and Demographic data at lessburn. Send us your sample data to be audited as a complimentary check up! We will audit, cleanse the data and replace the decayed ones with fresh and accurate data. At the end, data cleansing always leads to positive business growth.
Whether you’ve got a quick question or you want to run through the details of your Business Information Service requirement reach out Team lessburn at email@example.com!