The Importance of Data Verification
A customer database is one of the most valuable assets a business possesses. Unfortunately, customer databases and lists don’t have a long shelf-life. In fact, 30 percent of marketing and sales lists become outdated within 12 months.
The simplest way to describe data verification is the process of checking data for accuracy. There are basically two types of data verification. Full verification means that all data contained in a database is checked for accuracy. Sampling verification is used to check a small sample of data for verification. When data is verified, it is reviewed for everything from spelling errors to inaccurate numbers. It also checks for data loss after a data migration.
Chances are if you are not sure how long it has been since you have verified the data contained in your customer database or lists, it’s been too long. Verifying the accuracy of your database is the key to retaining customers. It also guards against wasting time and money trying to engage with dead-end prospects.
Many small- and mid-sized companies put off data verification in an effort to save money. While this is understandable, it is not a good idea because failing to verify data can negatively impact your marketing and sales efforts. Even small percentages of outdated or erroneous data can cost a business big money because of the negative effect on marketing and sales campaigns. Verifying your data, on the other hand, can increase your bottom line by providing the following benefits:
- A shortened sales cycle which can include a significant reduction in time spent prospecting.
- The ability to segment customer database to accommodate multi-layered marketing campaigns.
- Decreased time and resources spent on pursing unqualified or unverified leads.
- Increased ROI on marketing campaigns.
- Improved employee productivity and morale.
Databases and lists are critical to any size business. Without these tools, a business will be bogged down with busy work. While every database is different and has particular intricacies, a well-organized and quality database makes large amounts of information manageable and gives each individual employee what they need to do their job as well possible. In light of the importance of databases and lists, it only makes sense that a business invests in data verification so that these tools can continue to do their jobs and allow employees to do theirs, as well!