Data strategy brilliance often precedes market success, but even if you succeed in implementing a comprehensive data strategy for your organization, you can still end up with poor results thanks to inadequate data providers. In this document, you’ll learn the top considerations for evaluating a data partner so that you can confidently choose a trustworthy provider and get higher returns on your sales and marketing data investments.
Bigger is not always better
Some data providers claim to have information on tens of millions of companies. Consider that there are roughly 18 million companies operating in the United States, and only about six million have five or more employees. Now, think about your target market. Even if there were 60 million market-ready corporate records, your ideal customer profile is likely exponentially smaller. You need marketable records with the depth (not breadth) of information to identify prospects most likely to buy, reach the decision makers who control the budget and target them with the right message. When it comes to actionable data, consider quality over quantity.
Bad data comes with big costs
Dun and Bradstreet estimates that every 30 minutes, 120 businesses will have a change of address, 20 CEOs will leave their jobs and 75 phone numbers will change. And according to Dun and Bradstreet’s Annual Marketing Data Benchmark Report, more than 70 percent of records are either incomplete or inaccurate. With numbers like that, you can expect that a large percentage of emails will never reach the intended contact and follow up will be next to impossible with missing and inaccurate contact information.
Lead generation is not always the answer
Lead generation is fraught with its own set of problems. The LeadJen Data ROI Study, estimates that when lead data is not adequately validated, the cost can be more than $20,000 in wasted time per sales representative annually.