SUPERCHARGE YOUR REVENUE ENGINE WITH BETTER DATA. Data is the Fuel that Powers Your Revenue Campaigns, So Make Sure You re Not Running on Fumes

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1 SUPERCHARGE YOUR REVENUE ENGINE WITH BETTER DATA Data is the Fuel that Powers Your Revenue Campaigns, So Make Sure You re Not Running on Fumes

2 SUMMARY A quarter of your lead data is wrong. Nearly every contact record is missing key information. Every one of your competitors plans to rely on data-driven marketing in In the race against the competition to find and engage with more leads, is your bad data going to cause your revenue campaigns to crash and burn? CONTENTS Sumary...3 The Race is Starting With or Without You...4 You Need Good, Clean Fuel...7 Data Fuels Your Campaign Success...or Failure...10 Map Out Your Race Strategy...13 InsideView. Work, informed...17

3 25% 84% 88% 64% of data is inaccurate 84% of databases are barely functional of data lacks basic info of leads don t include a phone number (SiriusDecisions) (Forrester) (SiriusDecisions) (NetProspex) A strong (data) organization will realize nearly 70% more revenue than an average organization, purely based on data quality. -Research Brief: The Impact of Bad Data on Demand Creation, SiriusDecisions

4 THE REVENUE RACE IS STARTING WITH OR WITHOUT YOU The data in your database is the gasoline that fuels your campaigns. If it s dirty, or watered down with missing or incomplete fields, you re not going to be effective. Sadly, chances are that your marketing data is pretty bad.

5 HERE S WHAT THE RESEARCH SHOWS FOR THE AVERAGE COMPANY:???? Up to 25% of your marketing data is just plain wrong, according to SiriusDecisions. That means that every fourth lead you target either doesn t exist or is getting the wrong message. 88% of leads are missing basic firmographic data, according to NetProspex (NPX). That s almost every lead in your database, and it means that you can t accurately target or segment your leads. It s bad for sales reps, too: NPX found that 64% of leads don t include a phone number! The amount of data doubles every months in the average B2B enterprise, according to SiriusDecisions. The issues caused by your bad data are getting worse every day. The longer incorrect records remain in the database, the more expensive it becomes to deal with them. In data management circles, this point is illustrated by the rule: It takes $1 to verify a record as it is entered, $10 to cleanse and de-dupe it and $100 if nothing is done, as the ramifications of the mistakes are felt over and over again. SiriusDecisions

6 AND, HERE S THE NOT-SO-FUNNY PART: 98% of companies plan to increase their data-driven marketing in So we have nearly every company out there planning to rely on their data to drive marketing, and most of their data is either missing or incorrect. Now there s a recipe for non-success. THINK OF IT ANOTHER WAY. Say you re a racecar driver and the big race is tomorrow. You have 100 cans marked FUEL, but 25 are filled with water and the rest are partially empty. How would you rate your chances for seeing the checkered flag? Incomplete data presents challenges at all stages of the marketing and sales funnel: low conversion rates on nurturing programs due to broad-brush targeting; ineffective lead scoring models that route unqualified leads to sales; poorly executed content personalization. Without complete data records, achieving insight and efficiencies becomes difficult, if not impossible NetProspex Annual Marketing Data Benchmark Report

7 YOU NEED GOOD, CLEAN FUEL Forrester Research recently found that poor data quality is the most common cause of failed adoption of both sales and marketing tools, with users refusing to adopt the tools because they don t trust the data.

8 Even more, management starts to lose confidence in the data, since they also recognize that it s bad. You re spending too much time validating or researching leads for missing data. Everyone wastes time, productivity drops, you miss opportunities, and your revenues take a hit. MOST OF YOUR LEADS ARE MISSING KEY DATA! Leads with Revenue Data Leads with Employee Data Leads with Industry Leads with Phone Number 18% 19% 26% 36% So if the data is at least partially bad, then how are you planning to use data to drive revenue success without first addressing your data quality and cleanliness issues?

9 HERE S THE WORST PART: The investment you made in sales and marketing tools is being wasted. You re driving a Ferrari, yet you re poor-quality, watered-down data as the fuel. You re expecting 20 miles per gallon and a top speed of 215 miles per hour, yet you re getting8 mpg and topping out at 35 mph. Even the best race car isn t going to perform well with dirty fuel. Organizations that have an early-phase data strategy in place can expect a roughly 25% uplift in conversion rates between the inquiry and marketing qualified lead stages. SiriusDecisions

10 DATA FUELS YOUR CAMPAIGN SUCCESS OR FAILURE If you re starting out with bad data, your chances of success are pretty slim, especially if you re on the more modern side of marketing, such as using personas, segmenting leads, and tailoring your message for greater engagement.

11 GOOD DATA PROVIDES THE RIGHT FUEL TO POWER EVERY TYPE OF CAMPAIGN, OBVIOUSLY. Without it, look at what you can t do: SEGMENTATION: TARGETING: PERSONAS: Even at the most basic segmentation levels company size, location, or industry if you don t have the data, you re unable to connect with leads at this fundamental level. Bad data means you re inviting leads in Pittsburgh to your event in San Francisco, or offering million dollar products to mom-and-pop operations. Again, even basic title data is critical to effective targeting and messaging. You want a different message going to the executives who sign the checks versus the front-line employees who you want to win over. Bad title data makes that difficult. Dirty data completely undermines any effort to accurately target personas. While location and title are one level, building campaigns around any type of persona is going to hinge on complete, accurate data. Bad data also prevents you from looking at your database and crafting the persona details that fit your market. If you don t know who is interested in your pitch, then how are you going to create accurate personas?

12 POOR MARKETING LEADS TO POOR RESULTS. You re seeing high bounce rates and weak click-through rates. Worse, it impacts the entire funnel, since you can t accurately score and route leads, and then sales blames marketing for sending too many bad leads, wasting everyone s time. With bad data, you re not only blasting the wrong targets with the wrong message, you re hurting your brand every time you do it. You re offering oil changes to people without cars, or strollers to people without children. At best, it s annoying. At worst, you ve potentially lost an opportunity without realizing it. Let s say it again: It s the data that fuels your revenue success. Untargeted s increase costs by as much as 360% over targeted programs. NPX Marketing Data Benchmark Report

13 MAP OUT YOUR RACE STRATEGY To get your data to the point where it can really power your revenuedriving campaigns requires work, but first it requires planning.

14 RECOGNIZING YOUR DATA DEFICIENCIES IS FINE, BUT WHAT AND WHERE ARE THE DEFICIENCIES? What specific data do you need? What s missing? How would you like to segment and target? Have you created your personas, and if so, what data do you need to speak to them? THERE ARE FOUR BASIC STEPS TO DATA READINESS: Foundation Standardization Cleansing Enrichment Let s look at each of these in more detail

15 1 FOUNDATION Building the foundation means determining the specific data fields you need to support your campaigns, and organizing your overall data. You want to ensure that all leads have the needed data fields populated, and you want to ensure that it s easy to score and route leads to sales, but also to segment and target leads in a simple, logical manner. 2 STANDARDIZATION Once you build the foundation, you want to standardize the fields across all lead records and de-duplicate your records. If you have multiple databases, join them into one. It s the best way to eliminate the chance of someone getting the same from you more than once, or, worse, someone getting multiple, conflicting messages from you because one record says they re a product manager while the other says they re the vice president of operations.

16 3 CLEANSING Clean up the data that you do have, and add in missing information where you can. This is as simple as making sure everyone who works at Ford Motor Company has that exact text string in their company name field, and as difficult as knowing that John Doe at Ford is the same person as Jonathan Doe at Ford Motors. But, this isn t a one-and-done task, and the only way to ensure success is to continue doing periodic cleanses and de-dups at least annually. It s been proven that firms with a well-established data cleansing process see higher conversions throughout the pipeline. 4 ENRICHMENT Enrich leads as they come in and automatically populate fields of new leads to increase form completions and ensure accuracy. NPX found that companies using data enrichment are twice as likely to be satisfied with the contact-and companylevel accuracy of their database. Better yet, limiting leads to just a few data entry fields increases conversion rates and helps to ensure complete and accurate data (how many really know their exact company revenue, number of employees, and official industry segment?). Downstream, better and more complete data means more effective lead scoring and better prospect prioritization, which keeps sales teams happy, productive, and successful.

17 InsideView provides market intelligence about your leads and customers. We aggregate, curate and deliver inside information and present it to you when and where you need it. Being relevant and connected is the best way for you to increase your chances of connecting with today s more informed, better networked, less responsive targets. InsideView delivers the most complete, accurate, and relevant market intelligence to put your finger on the pulse, guide you to the opportunities and arm you to win. Get informed today at InsideView.com.