How Quality B2B Data Can Grow Your Business
The benefits of quality data to your business are numerous but are very often difficult to measure – this is because most are intangible.
Here we look at a range of benefits which will help you understand why investing in quality data can grow your business:
FIVE KEY BENEFITS OF QUALITY DATA
1. Lower Costs
A major benefit of improved data quality is a reduction in overall costs. Here are a few examples:
- Reduced marketing spend e.g. quality data allows you to be more efficient. Targeting is more effective which means there is less wastage. The right message gets to the right audience hence increasing your ROI.
- Reduced time reconciling data e.g. with low quality data you can waste time trying to reconcile data issues and trying to resolve anomalies / errors.
- Accountancy savings e.g. Obviously reduced marketing spend and increased sales has a positive impact on the P&L. Also, having correct customer data in a single database will aid credit control and billing.
- Cross-selling: better data enables selling an additional product or service to an existing customer
- Up-selling: better data gives companies the ability to sell add-ons, upgrades etc
- Retention: having better customer insights will improved retention of customers
- New Product Development: having better customer insights will allow a deeper understanding of your customer and help identify any new product development opportunities.
2. Increased Sales
Cleansed, accurate data will deliver the best customer profiling. Improved targeting will ensure you get the right message to the right person automatically increasing the likelihood of conversion and a sale. Across the board, quality data has a positive effect on sales:
3. Improved Satisfaction
Data quality can improve both customer and employee satisfaction.
From a customer point of view, having quality data allows you to adopt a more personalised approach. Receiving relevant, tailored communications will resonante more with the recipient increasing their perception / satisfaction.
From an employee point of view, quality data will reduce frustration. Contact rates will be higher both via phone and email plus lower levels of returned postage. All in all this will reduce frustration within the business.
With GDPR looming, now more than ever the spotlight is on data regulation and compliance. Ensuring all existing and new data complies with UK data regulation is imperative to avoid costly fines and negative PR. Having a clear data processing strategy is key and ensuring any cold data is bought from a reputable source is advisable.
5. Better Decision Making
At Data HQ we believe the better the data quality the better the decision making within the business. Incorrect decisions can be taken if the data is wrong i.e. sending marketing messages to goneaways or deceased records. Accurate data will obviously deliver better results and generally reduce business risks.
- Are you in the B2B industry?
- Do you have a proactive marketing strategy?
- Can we help with your data marketing needs?