Data decay is the process through which the accuracy of your B2B database degrades over time as a result of containing obsolete, incomplete or erroneous information. Unfortunately, data deterioration cannot be prevented, especially when static data is used in sales. Your data needs ongoing care and maintenance in order to stay current. Your team will need to invest both time and money into this.
Both the importance of data and the digital future of B2B sales are constantly changing. The accelerated push toward digital transformation has reportedly left businesses more dependent than ever on data when making critical business choices. According to the Global Data Management Report, which polled 72% of company leaders, 55% of respondents say they lack trust in their data assets and they estimate that 32% of their data is inaccurate.
When people start new jobs, change roles or professions, update their official contact information or the entire firm rebrands or moves, these are the variables that typically affect B2B marketing because they are more business-oriented. For instance, between 25% – 33% of emails become outdated and between 60% – 70% of professionals change jobs within a year.
Every member of the marketing and sales team immediately feels the initial effects of a high data decay rate. Inaccurate data and information prevent any representatives from reaching their target audience, which lowers productivity and causes missed goals. Despite their greatest efforts, they find it difficult to meet their delivery targets. It will be difficult to demonstrate the ROI for database marketing if a high rate of data decay is not stopped.
Naturally, a smaller number of leads and a shrinking pipeline will be the next casualties. Meeting sales and revenue targets also gets harder as marketing and sales campaigns struggle to maintain the supply of leads and prospects. As a result, engagement and conversion rates decline while churn rates rise.
The misuse of time, resources and effort is among the most damaging effects of data degradation. The sales and marketing staff would be better served concentrating on other problems, coming up with solutions and putting those solutions into action than pursuing prospects based on outdated databases.
Ways to Fight Data Decay in B2B Sales
1. Use email verification tools to validate emails
2. Develop a data hygiene strategy
3. Maintain the effectiveness of your CRM Software
4. Outsource Data Solutions
If not stopped, data deterioration poses a severe threat to the effectiveness of digital marketing strategies and has the potential to sabotage entire campaigns. If an organization wants to use data-driven marketing, it must have solid database management procedures in place or work with specialists in the field. Use only appropriate and up-to-date input to get the most out of your data-driven approach. If data decay is not stopped in time, it might result in severe harm. Keep in mind that it is your job to ensure that your team only uses dependable, high-quality datasets.