89% of B2B professionals say that data quality is important to sales and marketing organizations. Data plays a critical role in helping B2B companies make timely and accurate decisions.
But not all data is created equal.
Low-quality data, such as outdated information or duplicated entries, could do more harm than good. It could skew your insights or even point you in the wrong direction.
To stay relevant and competitive in today’s B2B market landscape, you need accurate and actionable customer data. That starts with your customer relationship management (CRM) system.
Yet, 91% of CRM database is incomplete. Not to mention, 70% of the data deteriorates and becomes obsolete every year. Your sales team is struggling to connect with prospects, email marketing metrics are sliding, or revenue figures are falling? It’s probably time to clean up your CRM database.
Let’s look at why you must keep your CRM database clean and how you can do so with a combination of internal processes, subscription service, and B2B data research expertise.
Why You Need Accurate and Actionable B2B Data in Your CRM
Poor-quality data can negatively impact your sales and marketing effort. Here’s why you should keep your CRM database clean:
Design Effective Strategy
Data from your CRM can provide valuable insights into your target market so you can make informed decisions about your messaging, audience segmentation, outreach tactics, and more. Using inaccurate and poorly profiled data can skew your view of your prospects and customers, leading to a flawed strategy.
Improve Sales and Marketing ROI
Did you know that B2B data decay at a rate of 70.3% per year and around 25 % of the average B2B database is inaccurate? For example, a contact may leave a company or have a different job title. Meanwhile, duplicate and inaccurate entries can lead to mistakes and confusion.
If you don’t update your database, you could be wasting time and resources on activities that won’t yield the intended results. Your customer acquisition costs will increase, your ROI will drop, and your profitability will suffer.
Ensure Regulatory Compliance
Data privacy laws (e.g., GDPR, CCPA) require companies to obtain explicit consent when collecting and utilizing prospect and customer data. Companies must verify their contact information to ensure compliance with fast-changing regulations to avoid hefty penalties.
How To Obtain High-quality Data For Your CRM
You must ensure that all your CRM database comes from trusted sources. Besides verifying the information, you also need to curate it to make it actionable for your sales team.
Implement a well-design process to collect and update the information of prospects and customers as they interact with your organization. Integrate your CRM with other platforms (e.g., website, social media) to track these interactions across channels.
Ensure that your lead generation campaigns collect the information you need about your audience. Also, your sales team should update customer profiles when they interact with contacts to ensure that your CRM has the latest data.
While inbound leads are often of high quality, the entries may contain typos and omissions if you don’t have a verification process in place. Also, relying on manual processes to update contact information isn’t efficient. For example, you’d likely overlook inactive leads, and the data will continue to deteriorate as time goes on.
Most companies don’t get enough leads through inbound, and many use subscription services (e.g., ZoomInfo) to access information about business people and companies to aid their sales and outreach.
Although these services can help you build a contact list quickly and expand your reach, the tactic could backfire if the information isn’t accurate.
Your engagement rate will likely drop when you contact these cold leads. If you get a lot of spam complaints, you could get into trouble with your email service provider. Invasive, irrelevant, and unwanted outreach can irritate people and tarnish your brand’s image.
Even if you can get accurate and current data, it’s just the first step.
Do you have the processes, resources, and know-how to compile, organize, and maintain the data to optimize its effectiveness? How can you turn the raw data into actionable insights for your sales team?
Can you optimize the information you get from your inbound effort and subscription services? how can you ensure that you get a large number of high-quality leads while minimizing the downsides?
Augment Your CRM with Human Research
While automation has streamlined many processes, maintaining accurate and actionable B2B data requires expert knowledge and experience to gather, validate, and verify the information.
Combining technology and human expertise is the key to making the most of your CRM data, no matter where it comes from. But why aren’t more companies doing it?
Researching and verifying leads and contacts isn’t a walk in the park. It could take up to 80% of your sales team’s time to do so—which isn’t a practical or profitable solution.
The good news is that you can outsource this process to a data research team. They can help you locate hard-to-find customer information and optimize your existing database using specialized techniques.
How can we help?
Our Data Management Solution gives you access to a team of experts who can collate, organize, and verify your current customer datasets. We’ll weed out low-quality contacts in your CRM, identify decision-makers, and personalize your outreach. We’ll also fill in missing information (e.g., job title, location, etc.) and identify new opportunities (e.g., job changes.)
Simply put, if the customer data exists, our experts can find, compile, and maintain it. You can be confident that your CRM database is accurate, actionable, and curated based on your ideal customer profile.
Learn more about our B2B Data Service and see how we can help you create a single source of truth for your customer data to inform your marketing strategy and outreach tactics.