How much is bad data costing your business?

Salespeople are motivated by money and closing the deal. Finance teams are motivated by overall financial health. The impact of ‘bad data’ is detrimental to both of these things.

Every week, month, and year databases are flooded with bad data. Every time your sales teams try and prospect a lead that has the wrong title, phone number, email address, etc., they are wasting valuable time and costing you money. Is £5 wasted every time a bad lead is followed? Is it £10? And that is before we get into the hours and days this wastes that could be spent contacting good leads that convert into business and profit.

Don’t Let Bad Data Hinder Performance

Failing to perpetually keep on top of your CRM and sales data is easily done, in fact, it's the norm. The lead contact moves on or retires, a telephone number changes or an office relocates. Good data can turn ‘bad’ very quickly if it isn’t continually updated and managed.

Research reports that bad leads can cost up to £8.84 per lead and that 32% of data is inaccurate. This means that you are paying your sales teams to contact and prospect leads that will only ever waste (not make) money. You undoubtedly spend considerable time, effort, and money designing effective marketing campaigns intended to whet the appetite, boost your brand and encourage inbound leads. However, up to 32% of this money is immediately wasted as campaigns fail to connect to the right recipient. Annually, bad data can be costing your company tens of thousands of pounds.

Whilst your teams are busy contacting bad leads, your competitors are getting the first crack of the whip on the good ones. You could buy some sales leads, but the cycle continues as they too soon become out of date. The simple fact is that no one can put a true monetary cost on the price of bad data, but it is a substantial one. There are also other associated costs of bad data, such as fines for non-compliance relating to the GDPR. If you need more information on data compliance we've got a great pdf you can download here: 2 Minute Guide to Data Compliance.

How Can You Stop Wasting Money on Bad Sales Data?

A good start is to ask yourself the following questions:

• How do you collect the data?
• How often is the data managed and updated?
• Is the data comprehensive and goal-orientated?
• Does your data generate accurate insights?
• Is your data available, secure, and up to date?

You could also download our 20 Questions To Ask Before Buying Data which not only covers specific issues related to buying data but also looks at the bigger picture of all your data as well.

What if you had access to comprehensive and continually up-to-date live sales data? You would immediately reclaim the 32% of revenue wasted chasing bad leads…zero time would be wasted prospecting…100% accurate data and leads…the subsequent higher conversion and revenues.

Data is continually changing and becoming inaccurate, however, there are cost-effective methods that you can implement to immediately stop wasting money and eradicate the problem.

i-4business has been providing advanced business data for Europe, the Middle East, and Africa for more than 25 years. This is our core focus and area of expertise.

We can help you:

• Target the right organisations with quality, relevant content
• Compliantly connect with key decision-makers
• Provide full sector/company/website/location/job roles/contact information
• A continual, exhaustive sales resource for maximum results

We are so confident about our sales and marketing data that we offer a 30-Day Free Account which provides full access to our database. This lets you properly evaluate our platform and our data by using it for live campaigns with no financial commitment and no obligation to continue. Why not see for yourself how effective prospecting really is, without bad data tying one hand behind your back?

What we do

At i-4business, our technology company prospect data is GDPR-compliant, and we supply only permissioned information.

If you'd like a chat to find out more, please get in touch with one of the i-4business team today.