Traditional lead generation looks like this: A prospect visits a landing page, fills out a lead magnet form, enters the scoring system, and receives follow-up content indefinitely based on the same old prospect data.
Sadly, 65% of businesses do not realize that they are making marketing decisions from that outdated and inaccurate data.
At any point in time, 25% of the information in a database is incorrect. That is exactly why 30% of all business objectives and 80% of all personalization strategies fail: Marketing and sales teams are relying on bad intel.
Email addresses, company names, job roles – these are details that are constantly changing. Each year, 66% of this contact information passes its expiration date and it can costs companies big: $3 trillion per year in the United States.
What can businesses do about it? Implement a prospect data monitoring strategy.
Why is Accurate and Up-to-Date Prospect Data Critical to Sales and Marketing Success?
Personalization is fast becoming mandatory in every B2B industry, with buyers AND current customers saying they would jump ship if companies don’t meet expectations with a uniquely personalized buying experience.
Furthermore, 85% of buyers say that they expect companies to personalize the very first interaction while 65% would consider switching vendors if a company didn’t make any effort to personalize communications.
While 88% of businesses agree that buyers expect a more human and welcoming experience than they did 5 years ago, only 1 in 5 businesses are implementing effective personalization strategies, according to research from Seismic and Forrester.
Why is there such a massive disconnect between buyer expectations, business understanding, and actual implementation?
The answer is simple: Most businesses use outdated data to create their personalized marketing strategies.
For account-based marketing strategies, accurate data is perhaps even more important because of the risks that are associated when businesses implement an ABM strategy without any concern for data accuracy.
Prospect Data Monitoring is the Solution Every Business Needs
On a micro level, individuals get promoted, switch companies, change their email addresses and phone numbers. On a macro level, industry trends shift, company profits and market shares fluctuate, and business needs evolve.
Remember that poor data costs US businesses $3 trillion every year – that is a massive amount of money. Businesses developing strategies with bad data see that financial loss in areas like:
- Bad lead nurturing strategies and low conversion rates
- Low email marketing open and click rates
- Generic content marketing
- Ineffective retargeting
The bottom line is that this affects ROI. Data is critical today for marketing and sales – there is no escaping it. The only way to fix the problem is with routine prospect data monitoring.
Every business needs trained experts to continuously and effectively update expired data, close incomplete data gaps, and purge irrelevant data from its systems, and if the investment to create those teams in-house is too high, it might be beneficial to look at partnering with a company that has that expertise and resources because in the final analysis that is the only way to create the marketing and sales strategy that both buyers AND current customers expect.
A Prospect Data Monitoring Team on Your Side
Flobile offers an evolutionary solution. Our data scientists and technology work together to transform bad data into usable insights by consistently cleansing and updating your CRM system. Together, we can enable your sales and marketing teams to build effective strategies and create successful solutions.