As important as it would be to say marketing and sales data is a priceless resource, the proper use is essential for the increasing the ROI. Data-driven marketing decisions can increase spending ROI and provide better, faster results. Data is a precious commodity, a decade back we would easily not agree on the same but today data is the oil of digital era.
Why does your data get out of date?
Accuracy of data is not steady anymore as it keeps changing as people change jobs. Studies have shown that one third of prospect/customer data goes out of date in every few months. Similarly, data starts getting out of date as it hits your CRM. So precisely 50% of data used by sales teams is assumingly out of date.
What’s detrimental is when sales teams call on the prospects who have already left the organization. This in turn affects revenue and opportunities are lost as data is not mapping in the right direction. In this way, you leave money on the table.
How can you profit from accurate contact data?
When a change happens within one of your target organizations’, it becomes an opportunity for you to grab. The most effective way to drive revenue with data is to use the fact that it should always be in sync to your advantage
- If your existing customer moves to another company, you can use that relationship to create a deal with the new company.
- If an organization you sell to has just been acquired, it creates another opportunity in disguise. What solution does the acquiring company use? Can you use your relationship to sell a bigger deal to the larger company?
Up-to-date contact information helps you to spot opportunities in real-time, which you can use to close deals faster.