Have you ever been in a situation where you probably got tempted or caught out by cheap lists, but you were less than satisfied with the outcomes being delivered? It’s called the watermelon effect – green on the outside and red inside. The temptation to buy cheap data leads you to trap where you ignore the real value of data versus the purchase cost. Marketing data is no different from any other product – you generally get what you pay for, and not more.
Many businesses are aware of their inadequacies when it comes to data but often shy away from addressing the issues. Companies spend top dollars on CRM and marketing automation tools ignoring the fact that CRM is only as good as the data entered in it.
Do you know how much The Elephant in the Room Costs? When your marketing data doesn’t get the attention it needs, your sales, your customers, your operations, and your bottom line can all suffer. Bad data can not only impact your team’s performance but also lower down your CRM adoption rate, making it more of a hindrance than a support.
How do we address this? The key is to know and understand the difference between what is an expense to your business and what is an investment in your business. If you’re clear between the two, you can transform your marketing data budget from expense to investment.
Let’s consider you’re trying to ramp up fast, spinning up a new sales team with a limited budget on data. What would you most likely consider? Buying mass data fitting your budget requirement or start with a small good quality list from a set of targeted accounts.
By spending your marketing data expense on a small list of good contacts, you’re taking the first step in building a solid foundation to return a future benefit. Make data your priority by implementing a long-term hygiene plan, to ensure your CRM is always clean. Invest in adding more high priority accounts and key contacts to your list as your grow exponentially. Remember the idea is not about having less, but more of what matters most. When you stop racking up numbers and start looking at quality, you’ll witness how a good quality list can save you with results probably 5x to 10x plus.
Talk to us if you need help with your existing list or in building a targeted list. SMARTe can help you plan your marketing data strategy.