You know that data is the foundation of all successful B2B marketing campaigns. You know you need data management in order to enable your sales initiatives. You know that it is 100% necessary for a best-in-class tech stack.
But, your manager isn’t convinced and wants the new, shiny predictive analytics tool instead. Your finance department is saying it’s not in this year’s budget. Your stakeholders just don’t get it. However, you know that any martech stack will falter without a clean foundation of data. You know that a data management tool will end up saving more money than costing. And you understand why it’s important for you to do your job...yet, how do you convince others of that?
We know that getting things through the corporate hierarchy is tough and takes a lot of time and convincing, so we thought we’d lay down the groundwork for building a business case for data management. Why? Because we like you, you like us, and we want to work together.
What is data management?
Data management is a platform or tool that cleanses, enriches, and standardizes your account and contact data to better enable targeting, analytics, personas, and measurement.
Why does a company need it?
Because dirty data affects all areas of your marketing and sales strategy, but it also costs money to store. In fact, according to SiriusDecisions, about 25% of data contains critical errors upon entry and degrades 3-5% each month. That means you’re storing a yearly average of 73% bad data ...which is no good and expensive.
In addition to pricey storage costs, your campaigns will suffer. Because if you do not have a marketing strategy fueled by quality data, accurately evaluating the efficiency or effectiveness of the other tools in your martech stack is nearly impossible. If the hidden cost of resource time spent on manual data maintenance rather than on strategic initiatives isn’t enough, then the tools in your martech stack rely on quality data to work effectively will drain even more money. A predictive analytics platform, for example, cannot correctly segment your customers without the valuable insights a unified data management system provides. Now that new, shiny predictive analytics tool doesn’t look so great to your manager, does it?
Bottom line, dirty data is expensive and you will end up saving more money by implementing a data management tool that continually enriches, appends, and standardizes your data. We promise you’ll have an easy to prove ROI with a data management solution.
How does data affect a company’s marketing and sales strategy?
According to Forrester, account-based engagement is built on it. Teams must rely on data to get deep, real-time insights into their audience’s personas and recent activity. You cannot understand your ideal-customer without an accurate view into their wants, needs, and business concerns.
With an inaccurate view, marketers will be unable to create resonating messaging and content. Marketing data is used to determine what content to create and when to deliver it to your audience. With faulty insights, marketers will see their buyers journey failing to finish and a decreased amount of marketing qualified leads.
Decreased MQLs cause a decrease in opportunities, and more. Marketing isn’t the only department to be affected by dirty data. It wastes time for sales as they vett out unfit leads that are sourced with bunk data. Not only that, but there are a number of personalization fails, territory reassignments, reduced sales productivity, and much more as a result.
Long story short: dirty data wastes your company’s time and resources.
Make the First Step to Prove Your Case
Without a foundation of clean data, you will waste money and your marketing and sales strategy will not give you the results you need. We’re so confident that you will easily prove an ROI with ReachForce, we will give you a free data health assessment so that you can use it as a tool to put in front of your boss to display your company’s current state of data.