The 1/10/100 Rule | The Business Benefits of Customer Data Enrichment
Business decisions are increasingly driven by data and dirty data is expensive. Organizations invest a lot of time into CRM implementation and management. All these efforts can be rendered useless if your system is fed with dirty data. This can eventually lead to lower productivity, unnecessary spendings and bad decision making.
Reports suggests that dirty data — data that is incomplete, outdated, or contains errors — costs companies up to $3 trillion each year. That’s a sizeables loss when you look at it like that! This is because dirty data trickles down to a large variety of problems.
Duplicate data is just one use case. When contact and company databases are redundant, not only do you end up paying a lot of money for data storage, but your sales and marketing campaigns also suffer.
Outdated data a bigger issue. Company revenues rise and fall, employees switch jobs and there are mergers and acquisitions. In such situations, contact and company databases are highly likely to fail to keep up with the ever changing market.
Campaigns suffer, Sales Development Representatives waste time on wrong or outdated data, sales operations spend crazy amounts of time of data prep leading to enormous losses!
The 1/10/100 Rule determines the “Cost of Quality”. The rule states that…
“Prevention is less expensive than correction, and correction is less expensive than failure.
Assuming Cost of Prevention = $1. Then…
Cost of Correction = $10
Cost on the event of failure = $100
It would make more sense to invest $1 in prevention than spend $10 on correction. Furthermore, it makes more sense to spend $10 on correction than spending $100 at the event of failure.”
Steps to take to stay miles away from Dirty Data
- Identify duplicates impacting leads in your pipeline and avoid wastage of marketing resources and inaccurate revenue projections.
- Plan out an approach to eliminate incorrect, duplicate data that is currently lowering your conversion rates.
SMARTe’s data cleansing platform DataGenie has solutions to find and remove duplicate, outdated and incorrect data. DataGenie provides CRM data health analysis and real-time enrichment of Salesforce data. It audits every record on Salesforce CRM providing detailed insights along with quality scoring for each field. It enriches company and contact data within CRM in real-time with more than 60 relevant attributes.
DataGenie offers better data match rate than any of its competing products using a combination of language translation, nick-name match, diacritic translations, fuzzy match and phonetic and email intelligence algorithms and hyper persona segmentation. The level of detailing available on DataGenie is unmatched by any other product in the market today.
Clean and updated customer and prospect data lets you build a high-quality pipeline which translates to a better sales closing ratio. DataGenie is one of the most elaborate data enrichment solutions in the industry today with truly global coverage across personas, levels, functions, size and industries. Visit http://smarteinc.com/datagenie/ to schedule a demo!