We’ve been talking about account based marketing (ABM) resolutions for 2018 and so far we’ve covered resolutions on starting an ABM program and selecting the right data sets needed to build a successful ABM program. Today’s resolution is focused on acquiring complete and accurate data.
Data – it can be such a powerful component of your sales and marketing efforts. But did you know that data can also be detrimental to your efforts if it’s incomplete or inaccurate? In fact, DiscoverOrg has reported that using bad prospect data can result in sales teams losing approximately 550 hours and $32,000 per sales rep.
The reality is that most organizations have very incomplete, dirty data in their systems of record. You may be thinking that your data is complete and accurate, but when did you last update it?
MarketingSherpa has reported that B2B data decays at a rate of 2.1% a month or 22.5% annually. Dun and Bradstreet estimates that every 30 minutes, 120 businesses will have a change of address, 20 CEOs will leave their jobs and 75 phone numbers will change. And according to Dun and Bradstreet’s Annual Marketing Data Benchmark Report, more than 70 percent of records are either incomplete or inaccurate.
The impact of inaccurate data can be great, as Experian found that bad data can be responsible for an average 12 percent loss in revenue.
If you’re going to embark an ABM strategy, make it your resolution to have a consistent, recurring process in place that ensures customer data is accurate, it’s complete, it’s updated on a constant basis and it’s in the same format across multiple systems.
HG Insights is committed to delivering our customers with the most up to date technographic information available. Here’s a great post explaining our data process so that you can be confident when leveraging our technographics for your ABM programs.
Don’t be part of the 88 percent of companies where inaccurate data had a direct impact on the bottom line, according to research by Experian Data Quality. Make complete, accurate and consistently refreshed data a top priority in 2018!
Stay tuned for our next blog post on leveraging your quality data to create buyer personas, propensity to buy models and micro messaging to boost your ABM results.
Links to 5-part ABM Resolutions for Success Blog Series
> Part 2 – Begin with the Right Data
> Part 3 – Focus on Acquiring Complete & Accurate Data