Your company’s database represents the core of your marketing division. Having accurate actionable data is the most important thing or your marketing team. Without it, your marketing team can’t perform, your revenue falters and sooner or later everything crumbles. Having a good quality B2B database is quintessential for your business in this age. This is a real struggle because there’s plenty of bad data present. One has to put in a lot of effort and even investment to get a good quality actionable database.
Moreover, despite following all practices of building a good quality database, there are critical issues to address. Data is never constant. People change their companies, phone numbers, addresses, email IDs and so on. Change is inevitable. So is a decaying database. Once you’ve established a good quality database, you have established your growing plant. It is up to you to nurture it or to leave it be.
Bad B2B Marketing data can affect your company adversely as follows:
High churning rate:
Churning in the field of marketing is defined as the percentage of your email marketing followers who unsubscribe over time. This happens because of multiple reasons. The primary being, that there is a general loss of interest in your company. The secondary and most common one is irrelevant and frequent reaching out. There are further two kinds of churn:
1. Transparent churn: This consists of those kinds of people who unsubscribe, report spam, hard bouncing and so on.
2. Opaque churn: This includes the kind of people who don’t see your emails at all. This is because of two reasons, they mark them as spam, or just simply delete the mail.
All this is critical info because churn rates also affect your B2B database. So, the solution to this issue is to keep growing your data list. If it remains the same and isn’t nurtured, it will decay and become unusable affecting your business operations. As marketing acts as the interface between your company and the outer world, it is important to keep this interface healthy and updated. The better the quality, greater the input and efficiency of your marketing efforts.
Additionally, there is also the case of losing interest in the company’s emails. Some people don’t like reading to any marketing email at all. Unless you can capture their attention with some attractive deal which is a hats off to the marketing team for pulling it off. One can analyze what works and what doesn’t work in such a scenario using data analytics. There are various monitoring tools available which can help in improving opening rates. Personalization is the key to attracting attention and not losing out on your subscribers.
Annoying emails and alerts:
There can be a lot of reasons that can put your email under the annoying emails list. All it takes is one or two instances of such a thing happening to lose interest or report as spam. It can be anything like getting a mail in the morning coffee time or at odd times. It can also be something like mispronouncing names, sending completely irrelevant promotions. Some other factors can include sending emails for a product they’ve already recently purchased and getting very frequent alerts for the same.
How can you know when to contact and what not to send? Thanks to the personalization trend, there are monitoring tools and other software available today. They help you in a full analysis of what is happening with your list. It isn’t possible to address and monitor each individual. So, they’re distributed in lists. Here you can treat them fairly similar and catch their attention. Ideally, one should follow up and promote anything only after getting the green flag from such practices. Without them, it is similar to shooting an apple on the head in the dark. You either lose the client or you hit your mark, in the dark.
Not targeting the proper audience:
As mentioned above, personalization is critical for any marketing operation today. You lose your prospects if you do anything wrong. Put yourself in a prospect’s place and see. Would you read an email from so many companies of the products/services you’re using? A person only opens an email if you gather their attention and vice versa. If you read a few emails from the same company regarding something irrelevant, chances are the sender is going to spam list.
So, the solution to this is monitoring and keeping your B2B database updated. If there is bad quality data or non-actionable data, it is going to degrade your brand name and affect it the same. Use analytics to establish certain use cases that your marketing team could encounter and whether any time and effort would be worth or not. If there is inaccurate or outdated data you wouldn’t be able to follow up at all.
The solution to all the problems is:
Performance of your B2B marketing database can be tuned and improved over time. In instances like bad conversion rate or bad lead quality or even a bad lead nurturing pipeline, the case behind it is a bad quality B2B marketing database. Here are some points you can follow to improve the data quality
Analyzing the data:
Using analytics is one of the best methods to tune or clean your database. It’s possible to find good patterns to take action and bad patterns revealing where you’re going wrong. Use a business intelligence solution to solve this issue. Here it is a good practice to engage a third party service that can do it best and has a good track record. It may be nothing wrong or maybe a lot wrong but why spend all the time and effort after gathering data?
Ask your data intelligence vendor to keep the data consistent. They specialize in data cleaning. All this comes under data analytics services which many companies provide these days.
Improve the gathering process:
Better be safe than sorry. If it is possible to train your marketing team to follow best data practices for cleaning and gathering data. It will be worth it and definitely reduce the load in post-processing.