The business landscape has changed dramatically during these unprecedented times. People have moved on to new job opportunities, some businesses have ceased trading since the pandemic, and some will be getting back up and running. So, question is, have you updated your data since lockdown has ended?
A recent Gartner report estimates that every month around 3% of data decays around the globe. When we look exclusively at B2B data, the decay rate is estimated to be 70.3% per year.
If you aren't updating your data regularly, this will have a major effect on your overall bottom line.
To help you make sure your data is up to date and income is safe, we've put together a list of 4 signs that your data may need updating. Have a read below to know what to look out for:
1. Your Previous Channels are No Longer Converting
People are incredibly diverse when it comes to how they absorb marketing. From email marketing, telemarketing, all the way to TV advertising and beyond. Marketing is being pushed every second. The same will apply to businesses as well, as people will make their bid of your portion of the pie.
You need to take a look at the channels you are currently using to advertise and ask yourselves the following questions:
• Is the channel you are currently using still effective?
• Have your target audience or the industries you were targeting pre-Covid changed?
If you have not already considered this, you are already lagging behind.
Take a look at your current data and answer the questions above. Determine their needs and preferences so that you can meet them where they are and understand how they want to communicate, be educated, and do research. Then implement by getting some fresh data.
2. You Have Disgruntled Salespeople
Having old and decaying data in your sales pipeline/system is almost as bad as not having a CRM system at all.
Bad or outdated data could mean a waste of calls or emails which end up not being answered or undelivered. If the data you have is faulty you have essentially wasted the salesperson’s time and effort, which could be more effective elsewhere. Not only this, but you are also wasting and losing money.
Dialing dead numbers constantly will reflect badly on the sales team and their figures. Most businesses are likely to use commission-based salaries. If they aren't given the best opportunities to convert this will not only affect their pocket but your bottom line too. Decaying data and no opportunities to sell will lead to a lack of motivation meaning a dip all round.
That's your sign. If you notice that your sales team is unmotivated, dipping in performance, and unwilling to work with leads - it is time to look at your data and the root problem.
Never hear a dead dial tone again with our data cleansing service. Get updated addresses, numbers and emails so your sales team can make money.
3. Not Expanding on Your Horizons
Have you noticed that certain territories are performing better than others? When you originally selected the data, did you consider locations? Did you order equal quantities x region?
If not, it might be time to branch out more and expand your horizons elsewhere. As mentioned in our previous blog, How to Prepare Your Marketing Data for Post-Lockdown, if you were previously trading with companies in the North West, do you now need to look UK-wide? If you were selling to the EU, do you now need to look at working with businesses more local to you?
Focusing on the location where the highest concentration of top-quality prospects operate, through understanding your target audience, is one of the most effective ways to create more sales and leads for your business.
Make sure all your sales teams, whether local or further afield, are getting the contacts they need to make your bottom line more profitable.
4. Unresponsive emails, decreasing opens, low CTR
Finding that your emails are hitting the spam folder? If you're just sending your campaigns to the same decision makers over and over - and are getting nowhere… Get the message! They're not interested in what you are saying. You are not bringing any value and the time has come to look at new records and mix things up.
If you don't prioritise email data hygiene, that list churn is likely wreaking havoc on your email campaigns from the likes of:
- Unsubscribes
- Hard bounces
- Spam complaints
- Email's landing in spam folder
- Inactive email addresses
- Overstuffed inboxes where most emails remain unopened
It is time for you to check your data and cleanse your email list.
Databroker offers a wide range of email verification and cleansing services. If you are worried about your current email list, get it verified today.
Updating your data quality
Data cleansing has always been an important part of keeping the sales funnel fresh and flowing. However, the market has changed more than ever in the last 12 months, and keeping your data compliant and accurate has never been more important.
If you're starting to spot signs of poor data in your business or if you're simply looking to cleanse your list and give your business a fresh start - we're only a click away from helping you. Start afresh today with business data from Databroker or feel free to call us on 0161 941 5700.
