Three Questions You Need to Ask When Assessing the Quality of Your Marketing Databases
Data is critical to the success of any business. Unfortunately, some businesses today make the mistake of choosing quantity over quality when it comes to their marketing databases.
Ninety-seven percent of businesses report that they are trying to achieve a more comprehensive view of their customers in order to improve things like the buyer experience and loyalty to their brand. Unfortunately, 94 percent of those businesses also report that they have experienced challenges when trying to improve the quality of their data so that they can achieve those goals.
In order to reach your targeted audience of customers and prospects, you need to take a hard look at the marketing data and lists that you are currently using. Once you have that information in front of you, you need to ask yourself three important questions.
- How often do I enrich my databases? Buyers aren’t static. Their wants and needs change over time. As a result, your means of targeting qualified leads must evolve over time, as well. It is no exaggeration to say that if a database isn’t fluid, it is becoming obsolete. Worse still, your targeted list of qualified leads may be rendered useless because it is being overrun with outdated data that isn’t replaced with new and updated information.
- Are my parameters too generic? In an effort to fill their sales pipeline, many businesses will fill their funnel with leads that are not narrowly focused enough. While your ideal customer may be CEOs, for example, if that is your only parameter you will find yourself wasting a lot of time and money contacting CEOs who have no interest in what you are selling.
- Do I have access to demographic and psychographic information? Demographic data which includes things like household income or number of employees is crucial to understanding your target audience. However, psychographic information-focusing on things like attitude, social media “likes,” or specific product purchases-is equally important. Since neither of these types of data exists in a vacuum, you need access to both types.
Inaccurate or overly-general data can cause a lot of issues for your business, including a failure to provide a favorable customer experience, lost engagement and missed revenue opportunities. Securing higher quality and more specific data, on the other hand, will help to pinpoint qualified leads and result in increased sales. It also will allow you to leverage this insight to fend off competitors who are looking to improve their data quality, as well.