The pressure is on for businesses to digitize and automate by 2020. However, even a proper business strategy won’t help without clean prospect data generation.
A crisis is brewing and no one is talking about it.
1,160 CEOs stepped down in the first three quarters of 2019 – surpassing the figure for the 2008 recession. The B2B world wasn’t immune and the tech sector witnessed the second-highest number of departures: 154.
Of course, each company and CEO have their own problems so it doesn’t help to make sweeping generalizations. However, it’s impossible to ignore the fact that businesses are struggling to manage the art of digital transformation.
Major companies like Ford and GE poured $1.3 trillion into digital transformation initiatives in 2019 – and $900 billion (70%) ended up wasted on failed projects. Even tech and media companies only enjoyed a 26% success rate.
No, these massive companies don’t have it all figured out.
The pressure to digitize and automate by 2020 has left businesses rushing in without a strategy or concrete goals. Not only are these companies failing to communicate with their teams, but they’re also neglecting prospect data generation and maintenance – and that’s a huge problem.
Why Is Prospect Data Generation and Cleansing Important to Business Strategy?
Multinational companies pour massive amounts of money into business strategy teams hoping they’ll achieve outrageous growth in just a brief time.
To increase conversions, the sales team naturally needs prospects and leads so most strategy teams start there, by purchasing third-party prospect data.
But there’s a big problem with buying data: it’s not accurate. Prospect data has an expiration date and starts decaying as soon as you get it. Every year:
- 30% of data decays
- 40% of people switch jobs
- 66% job titles and functions change
- 40% of phone numbers change
- 37% of email addresses change (or more if job titles change)
Not only that, but research shows that plenty of paid third-party data isn’t even good to begin with. It often contains:
- 15% invalid leads
- 18% invalid ranges or missing fields
- 33% duplicate entries
Unfortunately, given the quality of that lead data, it’s a constant challenge for the sales team to connect, schedule, engage, and ultimately convert the leads and reach their desired sales target.
That’s where prospect data cleansing comes into play. Before any prospect profiles enter a business’s CRM system, they need comprehensive vetting. It only costs around $1 to verify a lead before it enters the system but it costs $10 to clean it up later and $100 if it just sits there.
The costs of bad intel add up fast.
When bad data plagues a marketing or sales team, that’s time wasted on dead-end calls and money wasted on targeting the wrong people. Considering that sales teams spend 65% of their time researching or managing data and only 35% of their time getting their hands dirty with sales, lost time literally becomes lost money.
Taking Charge with Prospect Data Generation and Cleansing
Flobile can increase productivity and sales by 200% with technology automation and strategy built on solid data compiled by our team of dedicated data scientists.
Partnering with Flobile means getting the right prospects with tools like data scientists, call center personnel, and comprehensive data cleansing before any information enters the system.