Introduction:
Refined B2B data helps drive increased revenue and sales. With numerous organizations offering high-quality data, there are plenty of options to choose from. However, the challenge lies in ensuring that the data aligns with your specific requirements. Start by listing the results you want to achieve after integrating B2B data into your process. This approach can significantly reduce the time needed to find the right data. As the saying goes, “A stitch in time saves nine.” Similarly, by identifying and integrating an accurate database into your process, you can save time and effort, ensuring your resources are used efficiently.
Email marketing databases are bound to decay by 22.5% every year.
So, you need to buckle up in the quest for the right database from an organization that values your investment with the latest solutions.
This infographic content helps you understand more about B2B data:
Crucial data that decays rapidly includes:
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- B2B contact data decays 70.3% per year
- 74% of email list degrades yearly
- CEO departures have increased from 147 to 156 from 2023 to 2024
- Every hour 1504 business URLs are changed or created.
- Every year 4.7 million new businesses are started
How Bad Data Affect Sales and Marketing?
- Businesses lose $12.9 million annually due to bad data
- 75% of companies saw a decline in sales & marketing performance with less investment in data quality
- 95% seen issues due to bad data quality
- 20% of potential revenue lost.
- 21% of the marketing budget wasted.
How Quality Data Can Change Your Business?
- A good data leads to repeat purchases for almost 60% of buyers
- Sales team could increase sales by 23x through quality data
- Data-driven sales team (50%) has more sales than competitors
- Sales teams with quality data are 19x more profitable.
- Social media data informs about competitive positioning (92% of business leaders agree).
Parameters of B2B Data Quality?
1. Accurate data:
How do you know your data is free from any errors? Is it completely verified manually and automated to get best data without redundancy and with absolute information.
2. Timeliness:
Is the data latest? Crucial information changes yearly and even hourly. Do you have updated B2B data?
3. Relevancy:
Every business is unique so are its requirements. Do you have the data that aligns with your requirements?
4. Validity:
Is the data complete? Or is there any crucial information missing?
5. Reliability:
This characteristic is the crux of the B2B data quality. If you can’t rely on data completely, you’re missing on something crucial.
How to Fix Your Bad Data?
1. Collaboration:
Teaming up with the right B2B data service provider. And planning for the structure to fix the data.
2. Data Enrichment:
The approach leads to the enrichment of the database, eliminating outdated data.
3. Monitoring Data:
Keeping a check on the data regularly. And looking out for anomalies.
4. Data Quality Management:
Data quality management process executed to align with quality standards.
Source: Hubspot, ZeroBounce, Forbes, commerceinstitute, dataversity, salesintel, calibermind, 99firms, pipelinecrm, sproutsocial