How Preventing Data Decay Can Ultimately Strengthen Your B2B Business and is Data Decay Jeopardizing Your B2B Business?
Unless you’ve been living under a rock, it is nearly impossible to be in the business world right now without hearing about the importance of data and analytics. You know the significance of data. Accurate and relevant information is an integral part of your B2B business’s lead generation efforts. However, did you know that merely possessing the right kind of data is not enough?
For best results, they recommend investing and maintaining a car’s engine to ensure a smooth driving experience. Similarly, investing in regular data cleansing and updating of your database is an integral part of the wellbeing of your organization.
What is Data Decay?
In simple words, data decay is the process where once-relevant and accurate data becomes useless thanks to situational changes.
Have you ever looked up the contact info for a business online, call them, only to realize they shut shop months ago? Well, sadly, we’ve all been there.
The data that is at the centre of your client outreach efforts ages by the day. Jobs change, families move, companies relocate, mergers take place, and employees get promoted, retire or even pass away. When either of these scenarios occur, the data you possess becomes obsolete. You posses ineffective records.
It is obvious that a decaying database WILL affect all outbound marketing channels. These channels include email campaigns, telemarketing efforts as well as direct mails.
Some Facts and Figures:
- 62% of organizations rely on data that is 20% – 40% inaccurate.
- 10% – 12% of B2B database contacts contain erroneous vital information.
- 94% of businesses suspect that their customer and prospect data is inaccurate.
The Average Data Service Can’t Save Your Database from Decay
Even if you are aware of the fact that data decay is a real problem, you may not know the ‘right’ solution. There are a plethora of data services out there who will provide you with sub-standard, poorly researched and often inaccurate data. But that’s all they can do for your business. A dirty little secret is that most existing data tools and services cannot fix the ever-present data decay problem.
What you can do, however, is to opt for regular data cleansing, data enriching and data appending.
Imagine how you would benefit by sharpening your axe before you set out to chop timber. In a similar manner, these data enhancement processes help sharpen your existing database. They make the process of B2B lead generation more effective.
What is Data Cleaning?
In simple terms, data cleansing refers to the process of removing inaccurate or corrupt data from a particular database. Think of it as a bit of spring cleaning for your database. By shaking down cobwebs of bad data and dusting away irrelevant information, data cleansing rids your database of information that serves no purpose in your sales, marketing and communication efforts.
At BizProspex, we are experts when it comes to Data Cleaning. We have an expert research team backed by around six years of experience. Our focus is on manually sifting through data, especially for B2B clients. BizProspex understands that the B2B Industry works differently and we’re proven experts in this industry. Our team hand-picks the most comprehensive Data Cleaning solution, designed after thorough research on B2B business needs.
What is Data Enrichment?
Data Enrichment refers to the two-pronged process by which existing data is reviewed and assessed for quality. The data assessment occurs regarding accuracy, integrity, consistency and completeness. After this, the gaping holes left in the database after getting rid of inferior quality data will be filled by bringing in relevant, useful data. Such information enriches the existing database and adds value to the overall sales and marketing efforts.
BizProspex is a key player in the Data Enrichment Industry. Our manual research technologies and on-ground involvement help add value to your database. Right from using search engines, social media, LinkedIn and other channels, we find the most recent data. Subsequently, we update the information as required by our B2B clients.
What is Data Appending?
The terms ‘Data Appending’ and ‘Data Enrichment’ can be used interchangeably.
After a data cleansing process recognizes missing or incorrect information, enriching or appending help in filling the gaps by processing additional information to bring you the freshest, most valid, and relevant data.
Manual appending services such as those offered by BizProspex can affix critical information. This includes information such as recent updates, promotions, professional achievements as well as personal developments. As a B2B business owner, you can KNOW everything you NEED to know about a lead before you contact them.
Contacting a lead backed by accurate information helps your organization. This helps you offer them what they are looking for, and is certainly the smarter option.
Data hygiene is an essential process in ensuring that your sales and marketing team’s efforts are routed to the right target group. Employing a customized blend of data cleaning, enriching and appending services for your CRM database is the best investment to make sure that you don’t lose out on critical leads because of naturally-occurring data decay.
If you don’t already have a data hygiene system in place, start now with an industry leader like BizProspex and offer your B2B Business the boost it needs to go to the next level! Also try our pre-scraped datasets such as the AML sanctions list, PEP List, and Global sanctions database to prevent financial crime and avoid regulatory penalties.