Your marketing strategy is based directly on your big data, and in order to be successful, that data needs to be highly accurate, relevant, and of high quality. Low quality data leads to poor insights and wasted marketing funds, yet it's surprisingly prevalent in the world of business.
Customers are often so rushed when perusing websites, they rarely fill in their complete information, leading to incomplete datasets galore. Not to mention, data doesn't remain accurate or relevant for long, so it needs to be constantly updated, requiring ample manpower. So, how bad is your data, and how can you improve it? It's actually easier than you think.
What Is Big Data and Why Is It So Challenging to Capture Accurately?
Big data refers to the cumulative datasets you capture over the years pertaining to all aspects of your business. It provides a blueprint of your business and can be used to greatly improve your marketing strategy. Yet, businesses everywhere struggle with finding a strategy for collecting big data efficiently, and oftentimes large quantities of the data collected is incomplete or inaccurate.
This is partly due to errors on the side of the customer. When the customer visits your website and is prompted to provide their information, they often do so hurriedly. This leads to incomplete information, incorrect information, improperly formatted information, and information that's filled with spelling or grammatical errors. It also stems from the fact that customer information is constantly changing, so data that's accurate today may no longer be accurate a month from now.
So, How Bad Is Your Data and What Impact Is it Having on Analysis?
The worse your data is, the greater the impact it will have on your analysis. Low quality data offers little value to a business, and any attempts at analysis will result in misleading insights that won't produce the targeting and lead generation you desire. So, just how bad is your data? Here's some general stats of business data.
As many as 50 percent of email addresses are no longer accurate after 12 months. This means you're likely wasting a lot of marketing funds sending emails to nonexistent or dormant accounts.
About 25 percent of B2B marketing data contains errors. These errors can skew your insights, leading to poor marketing decisions.
Every year, about 25 to 30 percent of B2B marketing data is no longer relevant or accurate. People move, people change their phone numbers, people disengage from your company. Think of how much money you're wasting on customer outreach when the customer data you have is no longer accurate.
Only 21 percent of people provide accurate phone numbers on forms. That is an incredibly low number and can have devastating impacts on your lead nurturing efforts.
It may sound like a lot of doom and gloom, but here are some happy statistics to cheer you up. Companies that focus on regular data cleansing and maintenance enjoy as much as 700 percent more inquiries and 400 percent more leads than those without a data cleansing strategy.
Use Data Cleansing Software to Improve Data Quality
It's clear that bad data can ruin a marketing campaign, but high quality data has been shown to fuel leads and conversions. With data cleansing software, you can drastically reduce the low quality data that's dragging down your marketing, and ensure your data remains accurate and up to date. Using complex algorithms, data cleansing software automatically filters through data to identify incomplete, inaccurate, outdated, or improperly formatted data. It then automatically corrects and standardizes the data, leaving you with a squeaky clean database.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.