Sales and Marketing
See how Data Ladder helps increase sales and marketing ROI by matching data efficiently to unlock new business opportunities, improve customer experience and retention, and make analytics easier.
The Cost of Bad Data
We are betting that at some point you send emails. Whether you’re nurturing your potential and new customers, launching a new line, or simply sending a monthly newsletter, it has to get to the right recipient. Having even a small percentage of bad email addresses means you’re losing money. Let’s say your average sale is $500 and your conversion rate is 10%. You’ve just lost 25 sales, for a total cost of $12,575.
If an email address has a misspelling or other error, it can be marked as undeliverable and bounced back to you. And too many undeliverable emails can result in a bad sender reputation with your email provider. The damage caused in this scenario by poor data quality on your reputation can remain for months or years affecting your email marketing campaigns.
If you’re fortunate enough to have a large and loyal customer base, it can take just one slip to lose someone. All the time, effort and money spent on building out your sales funnel is wasted if you don’t have quality contact information or other important details. Imagine you’re nurturing a prospect along the way to a $50,000 contract. If they leave the company you lose contact with them, that contract is lost
Fines and Lawsuits
Many organizations are in industries that are subject to regulations, such as FINRA and HIPAA. Under these regulations, you can be fined for even an accidental breach of regulations. Even if you’re not in an industry that is regulated, you can be fined for calling individuals who are on the National Do Not Call Registry.
The Cost of Bad Data in Sales and Marketing
Poor data matching can have a tremendously adverse impact on marketing campaigns. As mentioned above, major market research studies are conducted using data matching tools, which are then used to devise marketing campaigns.
If the quality of the data collected during market research is below par, it could impact the overall effectiveness and success of the marketing campaign.
For instance, if the research sought to find out the average age of people from a large database and the data matching was poor, it would represent false or inaccurate results. Misled by inaccurate poorly matched data, the marketing team would not be able to develop an appropriate marketing strategy.
The impact of poor data matching is not just limited to the success of marketing campaigns –it ultimately impacts the organizations and brands for which these marketing campaigns were designed for.
In other words, the impact of poor data matching are immense and they even can potentially cause the sales of a company’s product to plummet. Therefore, it is important to ensure that the quality of data is impeccable.
Data matching software is certainly an extremely useful tool and exponentially improve efficiency in carrying out extensive market research. But if the data matching is erroneous, it could have major negative implications.
Best Practices you can Apply to your Sales and Marketing Data
Start with profiling your data to get a quick overview of the kind of issues that exist in your data. Your data cleansing software should be able to point out incomplete data, spelling errors, inconsistencies, etc. You can get this done within a few minutes with DataMatch Enterprise™.
Set some basic standards and use your platform of choice to enforce them. For instance, decide if you always want records to say “Street” instead of “St.”, or if you want company names to be entered in their full form or just acronyms. Create business rules that check for reasonable input.
If there’s a unique identifier like email address, your job is easy – just see which records contain the same value in the email field. Right? It’s not that easy. The same customer could have entered their work email one time, their personal email another, or used their Facebook account yet another time.
If you have a high metric of returned mail or email addresses, automatically means you have dirty data. Data Ladder offers a built-in address verification module to help your correct this information on a timely possible, and/or complete any address information that is missing from your data in bulk.
How We Help You Improve Data Quality
Increase your Sales
Detailed maps of where you are selling, what your share is, and what the opportunity is. Detailed market information like this is a goldmine for businesses and a key way that IT professionals can help catapult growth. The key is to “Make it easy for the sales team”.
Increase your Marketing ROI
The data matching can help speed up these transactions by removing duplicates and streamlining the data sets. It automates the tedious job of data sorting, so the valuable time can be focused on more strategical operations rather than data crunching.
Unlock New Business Opportunities
It is vital for businesses to have an updated database, both for efficient contact with their customers and to maintain compliance standards. Data cleansing tools help you recognize, correct inaccurate data from a data set, and reveal new opportunities.
Improve your Customer Experience
According to a Walker report, by 2020, customer experience will overtake price and even product as the key differentiator. Have no doubts, bad customer contact data undermines all your efforts to build a successful business. It affects every communication and every touchpoint: email marketing, direct mail, in-person interactions at events or in-store, social media channels, call centers, and mobile channels.
Improve Customer Retention and Loyalty
Cleansing software can help streamline your CRM system. Besides input by users, the integrity of a CRM system can be compromised by the input of records from multiple sources, as well as the integration of data between the CRM and other data systems. Cleansing software will clear your system of the duplicates and typographical errors that can make the difference between an optimized CRM system and a non-functional one.
Marketing Analytics Made Easier
When using accurate data, organizations can get the most effective response from their clients and potential customers, thus maximize their marketing potential. Marketing campaigns, especially direct mail, depend on accurate data. Business gathers enormous amounts of data through digital networks and online presence. This data is used to manage every part of modern business, from sales to customer service.