B-to-B Spotlight: 4 Data Quality Must-Haves for Marketing Automation
But let's take a step back—data hygiene should start before the data enters the marketing workflow.
1. Define the right types of companies. Starting with the right initial data set can impact a campaign's results more than any other single factor, including creative, offer or design. Important questions need to be asked, such as "What does our best customer look like?" or "What types of firms have the highest lifetime value?" It can be argued that these qualifiers are more important than whether an email is opened, a link is clicked, etc.
2. Accurate contact details are essential to success. Sure, you may have a list of 100,000 prospects that you market to each month, but how old are those records? How frequently have they been updated? The fact is, data decays with time. Did you know that within 12 months, 66 percent of titles, 43 percent of phone numbers and 37 percent of email address become incorrect? It's likely your database of accurate data is a lot smaller than you think.
3. Data quality is essential for sales team follow up. This is the age-old junction between sales and marketing—the gap that solutions like Eloqua and Marketo help fill. Marketing automation tools take qualified and nurtured leads and deliver them to the sales team along with a score and contact details. This in itself solved a huge problem by connecting marketing activities to the sales process. But knowing if a lead is hot, warm or cold is only one piece of the puzzle. Isn't it just as important to know if the firm is a legitimate prospect? Or already a customer? This is why your data needs insight.
4. B-to-B data insight means deep, updated information on the firms. Chew on this: within the next 60 minutes, 12 companies will file for bankruptcy and 78 new businesses will open their doors.
Who’s Your Data? is a blog that aims to disseminate thought-provoking tips and techniques involving the use of data and database marketing to direct marketing professionals. Why should you care? Because implementing data best practices has been shown to lift response rates, improve analytics and enhance overall customer experience. Reader participation is encouraged!
Rio Longacre is a Sales & Marketing Professional with more than 10 years of experience in the direct marketing trenches. He has worked closely with businesses across many different vertical markets, helping them effectively leverage the use of data, personalization technologies and tracking platforms. Longacre is currently employed as a Managing Consultant, Marketing, Sales & Service Consulting at Capgemini Consulting, a premier management consulting firm. He is based in the company's New York City office, which is located in Midtown Manhattan. He has also previously worked as an online media buyer and digital marketing strategist.
Email Longacre below, or you can follow him on Twitter at @RioLongacre. Any opinions expressed are his own.