How Bad Data Lists Can Affect Your Business
$3.1 Trillion—that’s over twice the amount of the 2011 Federal Deficit—and IBM’s estimated yearly cost of poor data quality in the US alone, in 2016. With a B2B quality indexing reporting that 40% of leads contain bad data, it is no wonder that half of companies report their most significant barrier to data-driven marketing is enriching data quality and completeness.
With bad data becoming more commonplace in today’s world, decision makers, managers, data scientists, and other parties must accommodate it in their everyday work—becoming both time-consuming and expensive, and leading to a series of woes.
Missed Opportunities
The goal of marketing and sales alike is to generate leads. However, leads from bad data make attempts to produce long-term, high-quality business opportunities seemingly impossible. If a business is not connecting with the right people or organizations, it is inherently missing out on opportunities to identify prospects and strong leads. Identify new opportunities by choosing a list that is appended with the most up-to-date and accurate contact information to avoid wasted time and missed opportunities.
Wasted Resources
When it comes to marketing, wasted time is wasted money. All too often, marketing teams waste hours composing, designing, and launching inefficient campaigns as a result of poor data. This information is then passed to sales teams, who waste even more time chasing leads that realistically will not close. With a high quality database, this time could be allocated more productively on activities that are more likely to drive revenue.
High Spam Counts and Unsubscribe Rates
Bad lists are often not CAN-SPAM compliant or use permission marketing techniques. Thus, messages get redirected to the spam or junk mail folder, while some recipients opt to unsubscribe from communications altogether. Prevent this fate by teaming up with a quality list provider, with in-depth record profiles, verified contacts, and frequently updated entries for maximum deliverability.
Loss in Revenue
What is bad data costing you? With the business cost of bad data being as high as an estimated 10-25% of an organization’s total revenue, you can’t afford to be relying on bad data. In fact, as much as 50% of a typical IT budget may be spent on “information scrap and rework” as a result of bad data. However, there is some good news—research shows that organizations can generate as much as 70% more revenue than the average organization based on high quality of data.
At Redi-Data, we understand that the accuracy and completeness of the data we provide is a key driver to the success of your business and marketing or research initiatives. Turn your woes into “wows” and trust Redi-Data for the highest quality databases on the market, complete with in-depth record profiles, multi-source verification, and daily updates for maximum deliverability.
Redi-Data…Turning the Best Data into Better Business