Make Healthy Prospect Data Part of Your Business Resolutions
It’s no surprise that living a healthier lifestyle often tops the list of New Year’s Resolutions year after year. Companies focused on B2B sales can also use this renewed focus to build a robust pipeline, garner more leads and improve sales making for a much healthier bottom line simply by committing to quality data.
While it’s easy to rely on the same prospect data or purchase sales lists from external companies to help supplement your own, remember that lists are just that – lists. Having qualified data is something more and requires an ongoing commitment to maintain, update and keep the information in tip-top shape all year-round.
According to The Black Report, 36.8% of respondents said quality issues around data lists are a big part of why their company lead generation programs are not delivering qualified sales leads. Despite poor data being a known factor in negatively impacting sales, a study by Experian Data Quality found that businesses not only lacked the funds to build business cases for data quality, but also the required knowledge or skills.
Investing in the health of your data quality pays. The same study found that 56% of US and UK executives said bad data led to lost sales opportunities. Get your prospect data in shape in 5 steps:
Divide and clean-up
Define your list by dividing it into two categories; current customers and prospects. Throughout the year scrub your list of old or outdated information and standardize existing and new data into key fields such as e-mail, job titles etc. A simple clean-up once or twice a month and adopting standard fields for every contact will help your business screen data easier and enable more sales.
Grow your sales database with new sales leads
Take advantage of various data entry points already available to you – company website, social media channels and interactions with prospects and customers to capture new leads. There are several companies from which you can also buy data to help fill your lists, but be diligent and do your research before investing in this service – you need specific data that will work for your targets.
Segment and nurture, nurture, nurture
While new sales leads can make any marketer or sales person excited, it’s important to retain the customers you already have and further communicate with those who are almost at the finish line of your buying cycle. The 360 Leads Black Report found that companies who communicate three or more times with leads they generate are more than twice as effective at achieving their targets. Segment these customers into groups in your lists, so you know where they are in the buying cycle and can personalize any communications with them and keep messages and conversations with them relevant. Nurturing leads also make for healthy customer relations.
Align marketing and sales data
The disconnect between marketing and sales have long been documented. Bridge the gap between your teams by ensuring everyone defines a qualified sales lead and lead generation success in the same way. Ensuring both marketing and sales have access to the data and understand the processes of updating and maintaining lists will help make for more efficient processes.
Know your data. Use your data.
If the other four points weren’t enough to convince you how important it is to screen, refresh and maintain your data, this might: Companies who effectively manage their sales data and pipeline see an 18% difference in revenue growth than companies who don’t. Updating your lists once a month ensures they are always accurate, complete, timely and most importantly for your sales and marketing team – easy to understand. By segmenting contacts and leads it will help you take action and send personalized communications to qualified prospects.
If your company needs better quality sales lead data, contact us.