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How Quality Data Can Drive Sales & Transform Your Business

Posted by IndustrySelect on Tuesday, January 12, 2021

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4 MIN. READ

Data decay is a leading cause of data inconsistencies, which can result in wasted time, resources and ultimately can have a negative impact on your bottom line. Plus, working with outdated and inconsistent data is just plain frustrating. But how prevalent is this problem?

John Coe, President of B2Bmarketing.com performed a simple experiment regarding data decay where he collected over 1,000 business cards from attendees at a workshop. He requested that each attendee review his or her current business card for accuracy, make appropriate changes that had occurred within the past year and submit the card.

An astonishing 70% of the cards that were returned contained changes. The majority of the changes were in job title or job function within the same company. (You can read more on John’s data decay findings in our post: B2B Data Decay: The Achilles Heel of Marketing. )

See the infographic: What Bad Data Costs & Why Good Data Matters

With these discoveries in mind, suppose your company decides to reach out to manufacturers who have not purchased in over one year. Chances are high that the majority of your efforts will be wasted if you rely solely on the data that you have accumulated internally. Instead of reaching the chief purchasing agent, you may reach the same person who is now in charge of accounting. He or she may not forward your well-designed communication to the new chief purchasing agent.

Thus, comparing your internal information with a reliable outside source gives you a strong base for resolving inconsistencies, increasing the likelihood of accurate data and a successful outreach campaign.

Analytics

Companies spend big bucks on keyword auctions to ensure that their product appears first – or at least on the first page – when manufacturers search for their products. Simple guess-work as to which keywords are most relevant to your buyers results in wasted marketing dollars.

Between your in-house data and any purchased data, you are likely suffering from data overload when it comes to analytics. Artificial intelligence (AI) helps you sort through your data to segment your markets (after you have searched it for consistency).

Not all manufacturers purchase the same products or services. Small manufacturers (with 25 or fewer employees) are interested in software that enables them to perform repetitive tasks more easily such as payments, invoicing and inventory. Slightly larger manufacturers (up to approximately 250 employees) benefit from direct services such as warehouse optimization, line improvements and new equipment. Manufacturers with 500 employees or more require ancillary services such as server farms for their own data, data optimization, janitorial services and contract employees.

Other segments that may be beneficial to your marketing efforts include the type of manufacturer, the length of time that it has been in business, whether it primarily imports parts and/or exports finished products, and whether it holds government contracts.

The more granular, accurate data you can collect about U.S. manufacturers, the more tailored you can make your marketing approach so that your company appears at the top of the list when potential clients search for your product or service.

Guide Business Decisions

Take this example: Your company may be considering expanding its offerings. You have a “gut feeling” that your manufacturers are in the market for left-handed widgets. The right-handed widgets you introduced years ago are still one of your best sellers.

You re-tool your entire business model, buy the appropriate keywords and launch what you think will be the best marketing campaign that your company has ever devised – only to find that no one really wants left-handed widgets.

What went wrong? It seemed as though it would be such a sure bet.

You return to your data to find that, upon closer analysis, your customers have been using your right-handed widgets as left-handed widgets for years by simply reversing them. Had your company retrieved better and more accurate data, you would have realized how your clients use your product.

Poor data analytics are not singular to your company. In fact, the Harvard Business Review estimates that only 3% of company data quality scores are acceptable. Including accurate data from a respectable outside source such as IndustrySelect improves your internal data, as you can rely on the fact that is it current and thorough.

For a quick look at what you should be looking for in a data provider, see our infographic: Your Data Decision: A Good Data Checklist

Don’t waste your precious marketing, analytics and business dollars on a hunch. Partnering with a trusted data source is the key to building your business. IndustrySelect is the nation’s #1 source of industrial data for sales, marketing and prospecting, powered by MNI, the industrial information source since 1912.

All of IndustrySelect’s detailed business profiles are hand-researched by an 80-person research team, so you’re always working with the most current data available.

See the video below to learn more about why customers love IndustrySelect or visit our website to start your free demo.

 

 

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