Defining Accurate Data
The most crucial component for any sales of the business in the world is data and data accuracy refers to the error-free records that are used as a reliable source of information.
Accurate data is an important part of any business that influences the decision-making process by marketers. The inaccuracy in data can leads to suboptimal decisions made by the companies costing more money and time to them.
Data accuracy reflects the quality of the data ensuring companies proceed with reliable and appropriate pieces of information that influences better decision-making capabilities in all areas comprising planning, forecasting, budgeting intelligence, and more.
Impacts of Errors in B2B Database
- Error in B2B Database Cost Money
The inaccurate lead or fake lead costs a lot of money to get cleaned from the lead’s database. If someone enters fake details on your lead magnet form to access content or report on our website. It will charge $10 on average to clean up the error once enters the B2B database. If the rectification is not done with this error it will cost $100.
- Sales Database Errors Cost Existing Customers
As per resources, 65% of buyers agreed to switch their vendors if the company is not fixing errors with personalized communications as it is crucial if you don’t want to lose your existing customers to the competitors who are solving their problems.
- Leads Database Errors Cost Sales
Nowadays personalization is not just an option but a requirement for any business. The survey reports that 85% of Buyers dismiss a company if the interaction is not done with personalization. Personalization is important because the majority of buyers’ journey is completed bet tween 57% to 90% of the sales process before speaking to someone within your company. Therefore, no genric sales pitches or website content decrease the credibility of the buyers of your business as leads require nurturing.
Causes of Data Inaccuracy
- Data is not cleansed duly
One of the reasons behind data inaccuracy is that the data sets have many redundancies errors like the same data has been entered multiple times, no complete data, outdated data, or inaccurate data. The accurate data sets require the cleansing process of weeding out the errors to assuring data purity and accuracy. To render accurate analytics, having good data is the only key.
- Failed with normalizing data
If the data has not been normalized or transferred in a consistent manner to generate results with accuracy. The compatibility of data is required to get an accurate analysis and this is the mistake that many data analysts do.
- Inaccurate algorithms
The tweaking of the algorithms is important by making adjustments and refinements based on the real-world changes and trends revising the algorithms until the right one is grabbed and tweaking it is what data scientists are required to do.
- Limitations in models
Even after having all the required attempts your data analysis is not accurate as per your plan, which means the fault lies in your model. Whether your model is too complex or too simple, it will affect your data accuracy. Design your data model in a different manner.
Benefits of B2B Accurate Database
- Deal closes quickly
The accurate database that is relevant to the company helps in quick deals closures. This saves sales and marketing executives time and effort in the leads nurturing process. The personalization or connecting with the promising leads becomes easy as these data helps sales and marketing executives with accurate data amplifying the revenue generation, as well as multiplies, lead generation navigating to quick deal closure.
- ROI or Return on Investment enhance
Purchasing of relevant B2B Database accelerates the working capacity of the sales and marketing tasks working as the effective key to getting in touch with the decision-makers of numerous industries and businesses saving money, resources, and time of the sales and marketing representatives and utilizing it for driving core sales activities. The accurate data relevant to the business helps in sending sale and marketing emails to only those leads who are looking for these offerings that your business is offering. Hence, this approach execution accelerates revenue generation and ROI.
- Time and money saver
The cleansed and accurate database saves time and money that affects as the time savior for the sales and marketing team by doing lead nurturing itself increasing the revenue generation of the campaign. This is because most of the decision-makers don’t share their personal business email instantly which consumes more time in gaining their trust. Such challenges are overcome by buying an accurate and relevant database with quick resolution to all data requirements saving lots of time.
Steps to Improve Data Accuracy
- Conduct a data quality audit
Work on the top issues affecting data quality. Remove the duplicates, incomplete data, and data stored in multiple silos to improve your database.
- Measure the estimated impact
Measuring your campaign or business goals or how many new leads you got. How many of them are relevant to your business?
- Get Rid of Forms
Entertain your site visitors through a hefty sample and let them give a business email address and country location to access the entire piece of content. Doing this is important as bots drive 52% of all internet traffic that affects forms getting spam. Make your content mobile-friendly because some surveys demonstrate that 70% of all B2B searches are done via mobile and your forms prevent it from self-nurturing when they visit your website. So dealing with leads through sharing sample content is a good way to proceed. This will give you contact details about your leads and also let you analyze the browsing behavior of those leads.
- Go for Human Lead Verification
Verify your leads with human verification. Get their business email and country and verify data via LinkedIn creating a comprehensive leads database profile that can update itself as information changes.
