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Why you should use quality accurate data
Data is key point for every organization that engages in outreach. In recent years, the amount of data obtained from users has shot through the roof. Artificial intelligence and machine learning tools can extract valuable data that would otherwise go unnoticed. However, this avalanche of data has posed a crucial question: how important is the data’s quality? We must take a step back and note that the consistency of our data is now the most critical consideration.
Is quantity better than quality?
When we evaluate how businesses approach marketing campaigns, we can see that quantity often gets the center stage. When it comes to numbers, quantity does not equally correspond to benefits. Getting a big database isn’t enough.
Gathering “as much information as possible” is not advised unless it can be checked for accuracy and comes from reliable sources. It is more important to ensure data quality than quantity for the data to be used correctly in the future.
How Businesses See quantity data versus quality data
There are two types of businesses that buy data:
- TYPE A: The first-time buyers. often prefer data quantity, the more the better.
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TYPE B: Businesses who are not satisfied with their existing data provider.
They prefer accuracy of the data above all.
Let’s say, you get 30 human-verified contacts that are guaranteed to purchase something with you this year. At the same time, you are offered 10,000 random contacts that probably won’t event turn into your clients. So, would you take 30 ready-to-buy verified contacts over the 10,000 contacts that you have no visibility into? We are sure the answer would be 30 over 10,000.
However, the mindset of a first-time buyer and type B are different. A first-time buyer assumes their sales funnel can grab a high percentage, but if you’re pouring random contacts into your sales pipeline, you’re going to get bad results. Given a necessary data quantity minimum, you should always prefer data accuracy over volume.
Accurate Data Will give you
- Shorter Sales Cycles. A prolonged sales cycle can feel draining, exhausting, and sometimes frustrating. Effective use of accurate data and analytics tools can significantly reduce the time it takes to close a deal. You can reach the right decision-maker in a short time. This way, you can easily shorten the sales cycle and close more deals.
- More Conversions: Rising your conversion rate lowers your acquisition costs by increasing revenue per lead. Accurate data will lead to accurate targeting. An organization that can identify and target its potential customers is always in a better position than those who can’t.
- More Deals. Keeping all the necessary information handy, you can create a consistent sales pipeline. Using enriched data, you can try to close ready-to-buy leads as well as continuing to nurture potential leads and prospects. This way, you can ensure that you have a strong and consistent sales pipeline with a higher win rate.
- Lower Cost. The risk is much greater than simply losing money. Bad data quality data could have a terrible impact on your brand’s reputation, competitiveness, and effectiveness, in addition to draining your financial capital. The most serious issue with bad data is that one error leads to more errors, and detecting and correcting these errors takes a long time. Instead of using newly purchased data, you will have to spend time verifying and correcting everything.
- Strategic Decision Making. Accurate data ensures that all those who depend on the data for targeting will be confident while making decisions. Businesses can enhance their entire decision-making process and easily mitigate any risks along the way with consistent outputs.
Conclusion
“Every decision taken by business leaders to boost their company’s performance and profitability is based on data. Businesses must ensure that the data they use is complete, reliable, and up-to-date to derive concrete information from company data and ultimately raise profits. You want to always aim at your sweet spot prospects with a high level of precision. That’s why we at Binox MSP maintain 95% accurate data to ensure you target the ideal prospect”
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