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How poor data can impact your ROI

By SMARTe

Data plays a very vital role in any business, optimizing internal operations, allowing business to reach out to their target audience and successfully drive innovations. To have substantial growth in business quality and accuracy of contact data becomes important, as your businesses keep growing so does your data keeps piling. If you are not sure about your data quality, you should surely keep a tab on your data health, as poor data impacts your ROI creating short and long-term issues in your business.

So, how much does poor data costs to your business?

“According to research by Gartner poor data quality costs businesses an average of $9.7mil per year, errors in your database is extremely costly for your ROI.” The biggest challenge of poor data quality is having to fix the errors. You will always have to put additional hours for data enrichment, which could have been utilized in creating innovative business strategies otherwise.

With bad data in your CRM/MAP, you tend to miss on identifying the key marketing trends and can also tend to lose on the opportunities for your products and services. This will be an opportunity for your competitors to increase their ROI by capturing your market share. A study from Experian states that 77% of companies believe that their bottom line is affected by poor data.

Taking the necessary steps to enhance the quality of data promotes the overall growth of a business. Different organizations have various tools for collecting customer data like email addresses, contact nos., names, addresses, etc. to clean your database you will need to look at various kinds of customer data and then you can go ahead with data enrichment.

"The issue of data quality continues to be one of the biggest roadblocks to effectively analyzing the prospect and customer journey. It also dramatically increases the costs of analytics projects and negatively impacts performance, said Sameer Khan, senior product marketing manager and IBM customer analytics in the report. 

As per some study conducted, poor data quality effects SMB’s and enterprise alike with 38% of SMB leads, 39% of enterprise leads are not reaching their target audience. The main roadblock is the duplicate data followed by invalid ranges and missing fields.

"Data accuracy needs to be on the top priority list of any B2B marketer in order to create a continuous demand generation, as Data is the oil of any marketing engine. At the entry point itself marketers must be ruthless and deliberate about data quality and standardization," noted Jonathan Burg, senior director of marketing and customer acquisition with Apperian.

Generally, most of the B2B marketers opt for 3rd party vendors to enrich their database to save time and get best results. Understanding, documenting, cleaning, validating your data and selecting a good vendor for data enrichment will surely help you in achieving higher ROI through your marketing initiatives. Getting your data refreshed is important because adding the right information to your customer file will improve its use internally and make it a sound foundation from which you can grow your business.

 

Data enrichment scrutinizes, cleanses, verifies and enrich your data. Thus you always have functional data of the highest quality information.

With bad data in your CRM/MAP, you tend to miss on identifying the key marketing trends and can also tend to lose on the opportunities for your products and services. This will be an opportunity for your competitors to increase their ROI by capturing your market share. A study from Experian states that 77% of companies believe that their bottom line is affected by poor data.

Taking the necessary steps to enhance the quality of data promotes the overall growth of a business. Different organizations have various tools for collecting customer data like email addresses, contact nos., names, addresses, etc. to clean your database you will need to look at various kinds of customer data and then you can go ahead with data enrichment.

"The issue of data quality continues to be one of the biggest roadblocks to effectively analyzing the prospect and customer journey. It also dramatically increases the costs of analytics projects and negatively impacts performance, said Sameer Khan, senior product marketing manager and IBM customer analytics in the report. 

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Tags:
Data enrichment, Data enrichment, contact data, contact data, b2b data, b2b data, crm data, crm data,

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