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The Problem with (and Solution to) Database Decay [Slides]

 

Transcript:

Lead quality needs to be built on the best foundation; but a lead generation campaign is only as good as its data.

Therefore, the best foundation for quality leads is accurate, updated dataVery simple logic.


For those who need numbers to see things more clearly, according to research, between 50 and 75 percent of the success of a B2B marketing campaign is down to the accuracy of the data available.


Businesses also rely increasingly on Customer Relationship Management (CRM) systems – software that retains every lead, every sales opportunity and every contact record. Companies invest thousands of dollars (and man-hours) in obtaining leads that allow them to generate profit.

“But what happens a year later, when it’s time to sell something new and the data in your software is not reliable?”

 

The Acceleration of Decay

HubSpot published an interesting study on marketing databases. By using simulation, it found that business databases naturally degrade by 22.5 percent per annum. In another study, NetProspex reported that data decay occurs at a rate of around 2 percent per month. Its president, Michael Bird, calls this problem a “huge potential nightmare” for B2B marketers.

Donato Diorio, process automation specialist and Interim CEO of another tech company, Ringlead, claims data decay occurs at a rate of between 2.8-5.5% per month, or around 36% every year (I don’t know how they came up with 36%, but obviously, it isn’t as simple as simple addition). Either way, both numbers look grim.

 


In other words, more than one in five contact records in a marketing database is lost to data decay in a single year.  


That’s a contact that your business invested in, and a contact that could have yielded your next big sale.

Worse, this rate of decay is compounded over time. A healthy database with tens of thousands of contacts could be useless within half a decade.

 


“Look at it this way,” Bird said, “if you have 100,000 records in your database and you don’t do anything to update and maintain them, in four years they’re gone.”


Businesses grow, change, shrink, go bust, merge and split into new businesses. People grow, change and move on. It’s about time we guarded our software against data decay.

 

Causes of Database Decay

The most visible cause of data corruption is poor data entry. If there are no rules defining how data is entered into your information systems, inconsistencies will inevitably fester. Another is data migration—when information from one system or application is moved to another. Then, there’s what we call data mergers—when data is combined from different sources into a master file. Data consolidation—when companies attempt to eliminate redundant data.

Eliminate redundant and outdated data, check out our data cleansing services!

Add to these the fact that people move jobs, and they rarely take their email address with them. If you lose contact with one person, you effectively lose contact with their organization as a whole. Even if you have a personal email address for a valued contact, the contact probably won’t retain it for more than a couple of years

Solution

Obviously, nobody can prevent this from happening. However, there are certain ways to mitigate the risks of database decay? Basically, it involves a continuous process of collecting the best customer data from reliable sources, identifying the most potential value for clients and refining those contacts into the most relevant contact information and responsibilities within the company.

  • Keeping decay at bay requires not only a steady flow of inbound leads into your funnel (to replace the existing decay), but also a deep understanding of the contacts in your database and how they engage with your marketing (to stop further decay).

Related: The 5 to 5 Calling Rule for Inbound Leads (That Generated Over 40% Increase in Sales)

  • Once or twice a year (or quarterly, if you feel your prospects and clients don’t feel harassed) send an email request to customers and prospects that contain the information you have on them and their company. Request verification. Most individuals will correct their information if it’s inaccurate.
  • If you’re a small business with less than a thousand clients, you could have a team manually review your database once a year. It could visit every website, telephone every contact and cross match records with public databases. It would cost money and take time, but it’s possible.
  • Hire an Outbound Telemarketing firm. If your data have decayed badly, it may be cost-effective to hire an outbound telemarketing firm to verify, correct and add additional information. This is particularly cost-justified if you’re selling products or services that have a high dollar value.

 

 

 Ensure accurate and reliable information to drive your marketing campaign!

Get targeted business list! Dial +1 888.810.7464

5 Winning Sales Cadence Examples (and Lessons to Draw from Them)

The Problem with (and Solution to) Database Decay [Slides]

 

Transcript:

Lead quality needs to be built on the best foundation; but a lead generation campaign is only as good as its data.

Therefore, the best foundation for quality leads is accurate, updated dataVery simple logic.


For those who need numbers to see things more clearly, according to research, between 50 and 75 percent of the success of a B2B marketing campaign is down to the accuracy of the data available.


Businesses also rely increasingly on Customer Relationship Management (CRM) systems – software that retains every lead, every sales opportunity and every contact record. Companies invest thousands of dollars (and man-hours) in obtaining leads that allow them to generate profit.

“But what happens a year later, when it’s time to sell something new and the data in your software is not reliable?”

 

The Acceleration of Decay

HubSpot published an interesting study on marketing databases. By using simulation, it found that business databases naturally degrade by 22.5 percent per annum. In another study, NetProspex reported that data decay occurs at a rate of around 2 percent per month. Its president, Michael Bird, calls this problem a “huge potential nightmare” for B2B marketers.

Donato Diorio, process automation specialist and Interim CEO of another tech company, Ringlead, claims data decay occurs at a rate of between 2.8-5.5% per month, or around 36% every year (I don’t know how they came up with 36%, but obviously, it isn’t as simple as simple addition). Either way, both numbers look grim.

 


In other words, more than one in five contact records in a marketing database is lost to data decay in a single year.  


That’s a contact that your business invested in, and a contact that could have yielded your next big sale.

Worse, this rate of decay is compounded over time. A healthy database with tens of thousands of contacts could be useless within half a decade.

 


“Look at it this way,” Bird said, “if you have 100,000 records in your database and you don’t do anything to update and maintain them, in four years they’re gone.”


Businesses grow, change, shrink, go bust, merge and split into new businesses. People grow, change and move on. It’s about time we guarded our software against data decay.

 

Causes of Database Decay

The most visible cause of data corruption is poor data entry. If there are no rules defining how data is entered into your information systems, inconsistencies will inevitably fester. Another is data migration—when information from one system or application is moved to another. Then, there’s what we call data mergers—when data is combined from different sources into a master file. Data consolidation—when companies attempt to eliminate redundant data.

Eliminate redundant and outdated data, check out our data cleansing services!

Add to these the fact that people move jobs, and they rarely take their email address with them. If you lose contact with one person, you effectively lose contact with their organization as a whole. Even if you have a personal email address for a valued contact, the contact probably won’t retain it for more than a couple of years

Solution

Obviously, nobody can prevent this from happening. However, there are certain ways to mitigate the risks of database decay? Basically, it involves a continuous process of collecting the best customer data from reliable sources, identifying the most potential value for clients and refining those contacts into the most relevant contact information and responsibilities within the company.

  • Keeping decay at bay requires not only a steady flow of inbound leads into your funnel (to replace the existing decay), but also a deep understanding of the contacts in your database and how they engage with your marketing (to stop further decay).

Related: The 5 to 5 Calling Rule for Inbound Leads (That Generated Over 40% Increase in Sales)

  • Once or twice a year (or quarterly, if you feel your prospects and clients don’t feel harassed) send an email request to customers and prospects that contain the information you have on them and their company. Request verification. Most individuals will correct their information if it’s inaccurate.
  • If you’re a small business with less than a thousand clients, you could have a team manually review your database once a year. It could visit every website, telephone every contact and cross match records with public databases. It would cost money and take time, but it’s possible.
  • Hire an Outbound Telemarketing firm. If your data have decayed badly, it may be cost-effective to hire an outbound telemarketing firm to verify, correct and add additional information. This is particularly cost-justified if you’re selling products or services that have a high dollar value.

 

 

 Ensure accurate and reliable information to drive your marketing campaign!

Get targeted business list! Dial +1 888.810.7464

5 Winning Sales Cadence Examples (and Lessons to Draw from Them)

Statistical Proofs Show That You Should Invest In Multi-Channel Marketing [Slides]

 

If your name is easy to pronounce like “Jane”, people will favor you more. They say, men with shorter first names are over represented in the c-suite, e.g. Apple CEO Timothy “Tim” Cook.

Does a name really affect a personality or determine one’s success? If it does, then marketing experts did a great job on multi channel marketing.

Marketers never cease to amaze us. They fused two marketing technologies together: traditional (publications, broadcast, outdoor media, phone, postal, direct) and digital marketing (web/content, social, email, mobile, seo, videos), and came up with a single but broad and innovative strategy called multi channel marketing that provides businesses a more consumer-centric, integrated approach to communication.

It’s like a highway that connects businesses to target customers and provides both parties with valuable options through variables like finding the right provider and creating a customized approach through different media while ensuring optimal performance at reduced cost. At some point, leveraging more on the digital channels to cope with customers buying behaviors and trends.

Multi channel marketing has been a usable marketing strategy for businesses for quite some time now but only got massive advertisement in the recent years. Despite the short familiarity lag among its audience, it was able to address the multi channel customers’ buying demands.

Check out some digital marketing key statistics, industry benchmarks and some “named” technical jargons  that will get you motivated to maximize the best that multi channel marketing has to offer:

#1: Mobile

  • In 2014 we realized 7 billion mobile subscriptions, with a 30% smartphone subscription penetration rate.
  • Mobile data traffic across the globe was up 69%; Mobile video traffic across the globe was up 55%.
  • In the US, 2.8 hours per day is spent viewing information via mobile device (roughly 29% of total time). That is a 700% increase since 2010.
  • For millennials, 87% agree with the statement that their smartphone never leaves their side, day or night and 60% believe that in the next five years, everything will be done on mobile devices.

The main reason why websites are made mobile responsive. Marketers should take advantage the increasing mobile usage.

#2: Content

  • 67% of B2B buyers rely more on content to research and make purchasing decisions than they did a year ago. (source)
  • Nearly 64% of B2B technology buyers indicated that they read between 2 to 5 pieces of content before making a purchase. (source)
  • 68% of business owners believe outside reviews (done by some person or entity not related to the company) are the most important indicator of whether or not they can trust a new B2B vendor. (source)
  • Nearly 60% of agencies and brands consider content marketing to be “very significant” to their marketing strategies. (source)

Content is a significant factor for most businesses’ buying decisions.

Related: The Five Elements of Quality Content (According to an End-user)

#3: Social Media

Social networking sites evolved into new worlds within our planet.

#4: Video

  • Approximately 91% of companies with revenues over 500 million, are using digital video, making it the top form of digital advertising among organizations of this size. (source)
  • Four times as many online consumers would rather watch a video about a product than read about it. (source)
  • Via same report findings, one quarter of consumers lose interest in a company if it doesn’t use video.
  • And also from the above report, 80% of consumers say a video showing how a product or service works is important when learning about the company.
  • 46% of marketers cite video as their most effective form of content but 59% indicated that video is the most challenging type of content to develop. 

B2B customers turn to content video for branding and promotion. Create your own viral content, stick to these Three S’s!

#5: Email

  • It’s estimated that 91 percent of consumers check email at least once a day on their smartphones.

Emailing has become businesses’ air to breathe – customer acquisition and connection are well established through it.

 Related: Email Marketing Series: How to Make Emails your Impossible to Ignore [Video]

#6: SEO

  • Search is the starting point for 60% of travelers (Search Engine Watch)
  • 81% of B2B purchase cycles start with web search, and 90% of buyers say when they are ready to buy, “they’ll find you.” (Freely.net)
  • Search is the #1 driver of traffic to content sites, beating social media by more than 300% (IronPaper.com)
  • 60% of all organic clicks go to the organic top 3 search results (HubSpot)

SEO offers a wide range of information and services from personal to business deals – It’s a way for you to find what you search for and get searched by those trying to find you.

 

Multi Channel Marketing. The name itself speaks of its broad potentialities and powerhouse capabilities for today’s business demands. This blog has only given maybe only a fraction or less of what you need to know about the proven effectiveness of multi channel marketing.

Check out How to Managed your Marketing Automation Effectively!

Check out list of successful multi channel marketing campaigns:

 

Learn more about Multi Channel Lead Generation Program

and nurture your leads effectively! Dial 888.810.7464

 

References: customerthink.combrandwatch.comsocialmediatoday.comentrepreneur.com

The B2B Buying Process Has Changed: Here’s How Not to Get Left Behind

 

B2B Lead Generation By The Numbers Some Stuff You Need to Know [Slides]

Marketing is a dynamic landscape which make it compulsory to lend your eyes and ears for industry news and updates.

These numbers might as well give you clues on what to put on your marketing platter and hook more prospects attention.

Update your present knowledge about B2B lead generation than some stats we have culled from the deepest corners of the web (actually, from HubSpot.com).

 

Here’s the full transcript of the Slideshare:

As a marketer, part of your day involves knowing the pulse of the B2B landscape. By that, we mean getting a good grasp of current trends and situations. As marketing strategies and lead generation techniques continue to evolve, so too should you continually change your perception of the market to ensure you won’t get left out.

What better way to update your present knowledge about B2B lead generation than some stats we have culled from the deepest corners of the web (actually, from HubSpot.com).

  • 48% of marketers build a new landing page for each marketing campaign. (MarketingSherpa) tweet this!
  • 68% of B2B businesses use landing pages to garner a new sales lead for future conversion. (MarketingSherpa) tweet this!
  • 16% of landing pages are free of navigation bars. (MarketingSherpa) tweet this!
  • 48% of offers have multiple offers built in. (MarketingSherpa) tweet this!
  • 42% of offer-related graphics on landing pages are not clickable. (MarketingSherpa) tweet this!
  • The biggest challenge B2B marketers face in regards to lead generation is generating high-quality leads (61%).  (B2B Technology Marketing Community) tweet this!

Outsource your Lead Generation to one of these companies in Topten Sales Leads Generation Reviews!

  •  84% of companies that have a CRM have a lead scoring process in place to determine the quality of leads. (Direct Marketing News) tweet this!
Callbox Pipeline Cloud Based Lead Management and Marketing Automation

Click here to read article!

 

  •  Content marketing generates 3 times as many leads as traditional outbound marketing, but costs 62% less. (Demand Metric) tweet this!
  • 37% of B2B marketers are using marketing automation to generate leads. (MarketingProfs) tweet this!
  • 44% of B2B marketers have generated leads via LinkedIn, whereas only 39% have generated leads through Facebook and just 30% through Twitter. (ReachForce) tweet this!
  • B2B marketers say that their greatest barriers to lead generation success are the lack of resources in staffing, budgeting, or time. (B2B Technology Marketing Community) tweet this!
  • Nearly 50% of B2B marketers’ lead gen budgets will increase this year, compared to 44% that will remain the same and 7% that will decrease. (B2B Technology Marketing Community) tweet this!
  • 71% of B2B marketers use content marketing to generate leads. (MarketingProfs) tweet this!
  • People are more likely to visit a B2B tech company’s website after seeing a tweet from the company, getting them one step closer to  becoming a lead. (KoMarketing Associates) tweet this!

It looks like content is still getting some of the limelight in B2B marketing. But you can’t have effective content without an effective website of course.

Reference: http://www.hubspot.com/marketing-statistics

 

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