How erroneous B2B data results in missed opportunities and how to prevent it
It is anticipated that the effects of faulty data on businesses will only get worse. Strategic planning is ruined, time is wasted, and opportunities are lost due to poor data quality.
Access to data has been a major focus of recent business developments. For the first time, organizations could discover, log, and analyze comprehensive information about their prospects, clients, and internal business operations. However, once the windows to data were opened, data and metrics were continuously gathered without regard for validity or utility.
Let's go through how faulty B2B data affects the company, why poor data quality is so prevalent, and what you can do to fix it.
How much profit do you lose every year due to poor data quality?
Companies suffer from poor data quality both in the long run and while going about their regular business. First, a disordered data culture prevents communication between parties and leads to errors.
Does the business distinguish between a lead and a prospect differently? Do all people understand these distinctions, or do some conflate these terms? Is a contact's phone number in the database their office desk number, their mobile phone number, or the corporate HQ phone line? Are you certain that everyone and every integrated app knows and understands the distinctions between those three alternatives if they are listed?
Second, you are unable to make wise judgments if your data is being improperly maintained.
If data indicates that your anti-competitor campaign from the previous year generated the maximum revenue, you can opt to increase the investment this year and target other rivals. However, you can be spending a lot of money on marketing that won't have an impact if buyers weren't precisely identified with the outreach efforts they encountered before purchasing
Third, false data makes everyone's everyday tasks take longer. Consider a sales representative's experience. If a prospect receives an email from them but the title or name on the email is incorrect, they have lost that prospect. No matter how persuasive the content is, the prospect will ignore the email as soon as they realize they were referred to by the erroneous name or title.
Time lost means missed opportunities to close sales. The improper target audience for a campaign wastes marketing dollars. Additionally, there are many errors that may be committed. It may range from your product team not understanding how to develop new features to customer success representatives hitting KPIs that don't support ongoing earnings.
Why is data health so often bad?
Data must meet a number of criteria in order to be valuable, including being accurate, consistent, complete, accessible, and timely.
The method of acquiring data may not be consistent, may take too long, may include too many human mistakes, and may be isolated and inaccessible. However, the accuracy of the data is the main issue. Data deterioration occurs with time, and errors in data collection, human error, and app sync problems all render the database unreliable.
Working with a B2B data partner to prevent revenue loss
What other options do you have besides being trapped with ongoing missed opportunities? The first approach is to assess the entire data process and identify all the problems. However, you are now funding an enormous amount of costly internal data management.
By working with a partner like VLMS Global, you will probably save time and money. Your partner will already have a comprehensive procedure in place for data gathering and verification. They can assist with everything from supplying information on new contacts and businesses to enlarging or purging the data you currently have.
Every data difficulty you could have won't be miraculously resolved by a data partner. Data must be made available, and you must independently gather information on consumer interactions and transactions. However, a B2B data partner can instantly confirm that you are getting in touch with the correct folks and not wasting your time. VLMS Global interfaces with the applications you employ.