Data is the new currency in today’s digital age, data leads to new opportunities, strategies, and allows transparency into the market making it important to invest in data. But, are you sure that the data you have is exactly what you need to guide you in the right direction? With so many data points available, many analysts ask whether they are receiving quality data that could really lead them to business opportunity? How would you know?
The Pain Points of Data
Data is a prime asset in marketing as it can boost the performance of marketing and sales. In a hyper-competitive economy, analysis driven by data can help develop strategies and efficient activities that will catch your target market interest and improve both bottom-line and top-line figures. Activities, such as lead generation, would become more streamlined reducing time, effort and resources needed to land a sale by personalizing each activity to the specific interests of the target market.
However, the relationship between data and marketers has become distressed due to the quality of data companies have. In a recent survey, only 50% of marketers say that they still have confidence in the quality of data they are receiving. This means that only 50% of marketers succeed in curating sufficient and quality data that help them strategize better.
One cause of the failure to gather qualified data are organizations who don’t prioritize data gathering efforts. But with data as the core of creating marketing activities, many marketers are then forced to rely on data that is out of date, flawed, and often contradictory.
This is a dangerous practice for any organization that wishes to thrive. Especially when your organization is eager to keep up with competitors in a continuously evolving industry.
Improving Your Data Quality
Don’t let your marketers fall into the trap of using the wrong data just to churn out strategies and activities for the sake of creating outputs. Optimize your organization’s ability to gather quality data that your marketers can use to bolster the ROI on your marketing investments.
- Commit to Improving Data Quality – Many departments rely on market data, your organizations within should align their efforts to increase the quality of data. Without good data, companies go about losing $3.1 trillion per year.
- Data Quality Ownership – In any endeavor, there is always a leader. Someone who takes the lead in ensuring things are done right. This is the same thing with ensuring data quality. There should be people in charge of keeping and receiving quality data that work alongside teams who rely on these data points.
- Determine What Data You Need – The problem with data is…there can be too much data. In order for marketers to use data given to them, it has to be relevant. It is important to recognize which data is valuable to your company an will assist in further market research and strategy. In the age of big data, sorting through all the noise and clutter can go a long way into helping your marketers see the big picture.
- Validate Your Data – There is no more painful realization than to gather and process data only to realize that the data you have is not valid because of errors such as fraudulent email addresses etc. Make sure that your data is sound by paying attention to the tiniest details with a system that will not take too much of your company’s resources.
- Standardize Data – Data processing can be a tedious job—more so when data is not arranged properly. Data that is not formatted in the same way can be time consuming for those who need to process them. Cut the time by having a standard format to all data.
- Identify Duplicates – Skewed data can affect your decisions greatly, and sometimes, it’s all due to duplicate data. Avoid duplicates by setting up trigger alerts for notifications for suspicious entries or duplicates.
- Integrate Marketing and Sales Data – Without the integration of marketing and sales data, the information will not reveal the whole story for marketing to create a viable strategy that sales can be on board with. It’s important to align the data collected from both marketing and sales to gather the most accurate and up to date information. This will not only allow for better visibility but will increase the efforts being made to convert future prospects and clients.
- Regular Data Reviews – As with anything in the company, data must have a regular checkup to ensure its integrity and help marketers keep their trust in the data.
Data is a very powerful tool that marketers can use to help their company get ahead of the competition. By keeping your data integrity intact with these 8 steps, companies can improve the quality of data that their employees are using in the long term. With 51% of marketers prioritizing data for their decisions, providing them with quality data can go a long way in building the company’s future, and increasing RIO.
Do you need help with database optimization? See how PureB2Bs, research solution PureResearch utilized multiple tactics to clean, supplement, and grow Sidecar’s lead database by working across the growing PureB2B global audience in recent case study: Sidecar Increases Vertical Market Penetration & Optimizes Internal Resources.