Benjamin Franklin once said, “the bitterness of poor quality remains long after the sweet taste of low prices is forgotten.”
B2B businesses, particularly those dealing with small and medium firms, require precise data in order to create leads and increase sales. Furthermore, the decay rate for B2B data is predicted to be 70.3 % each year, with roughly 3% of data decaying every month throughout the world. (Gartner study)(1) Thus, choosing an intelligent and reputed b2b database services provider is extremely important.
With so many B2B Database Providers in India, choosing which one to partner with is a daunting task. It’s a natural tendency for businesses to go get tempted by lower price since the variations can be huge. However, it is likely that such companies might be employing multiple tactics to be able to sell their b2b database services at an unrealistically lower price.
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Practices that are followed by Some B2B Database Services Provider Who Sell “Bad Data” in the Name of “Affordable”:
1. Outdated Data:
Data is ever-evolving- details like designations, leadership contacts, size in terms of the number of employees and turnover keep changing with every passing year.
As a matter of fact, around 18%(2) of all telephone numbers, 22.5% of emails, and 20% of postal addresses, 60%(3) of employees’ job titles or organizations change every year. Thus, it is mandatory for the database providers to constantly keep a check on the validity of the data.
However, some companies do not have any data cleansing strategy and keep circulating the same data year after year. This kind of database can do more harm than good as it would lead to inaccurate marketing and business decisions.
2. Inaccurate Data:
Imagine having a new hot lead and being all set you reach out to your point of contact, who can vouch for your goods or service and get the transaction done! Sounds simple? Now imagine dialing the number and being connected to some random corporate representative. The entire marketing and data collection efforts just went useless!
Businesses falling into the trap of such database providers who provide incorrect data end up having a loss of marketing dollars, reduced lead conversion, or possible bad consumer feedback on outreach and demand generation initiatives.
According to a LeadJen study, incorrect prospect data costs companies 550 hours and USD 32,000 for each salesperson. (4)
3. Incomplete or Inconsistent Data:
You need to rely on some important data elements whether you’re establishing a focused marketing campaign or trying to segment your data. Incomplete data refers to data records that are lacking critical data items or attributes.
For instance, you have to launch a campaign for small companies in a particular state. Now, even if specific organisations belong to your target demographic, you will be unable to identify them if their location fields are left blank. As a result, you’ll miss on so many lead generation opportunities.
While it is impossible to collect every last piece of data, losing out on crucial aspects can prevent the sales team from effectively following up or developing an effective relationship strategy. Thus it’s important for businesses to be aware of database providers that claim to deliver huge databases in unrealistic timelines.
4. Duplicate Data:
Some database providers tend to deliver duplicate data that is of no use, in fact is highly risky. In addition to the cost, duplication can negatively impact lead scoring, lead assigning, paid search tracking, resource and budget allocation, nurture campaigns, and poor customer experience further leading to customers opting out from your subscriber list.
The possibility of getting duped is even higher in case of bulk orders as by the time you’ll realize that there are incorrect and duplicate entries, it would be too late and you would have already realized the payment.
With 93% (5) of consumers getting irritated upon receiving irrelevant marketing communication every now and then, it’s safe to say that you cannot afford to work around poor data as the risks are immeasurable, ranging from unsubscribing to a possible blacklisting of the entire domain.
To prevent this, it’s extremely important to partner with a database company that provides you with reliable data points and allows your team to be more flexible when it comes to lead targeting.
Channel Technologies, one of the leading b2b database companies in India, run routine data cleansing, enrichment and validation checks and ensure you have all the data you need to target the right individuals, personalize your messaging, and ensure excellent deliverability.