Role of Data Quality in B2B Lead Generation
B2B marketers must generate the right leads if they are going to convert them into customers. Of course, there are several lead generation examples and best practices from which you can choose. However, data quality in B2B lead generation plays a vital role. Inaccurate data is going to bring in the wrong leads. These leads will not convert into customers. So all of that money you spend on marketing would be wasted.
Why is Data Quality so Important in B2B Lead Generation?
It’s easy to fall into the trap of using low-quality data. Over time, it will become obsolete or incorrect to the point where it handicaps your business. Let’s look at some of the ways that poor quality can hinder your overall marketing plan.
Mailing costs are higher because you waste so much money on sending marketing materials to the wrong leads. You will have to resend packages. You will also experience delays that could potentially lose customers. Your customer data needs to be accurate. There is also another fact that many businesses overlook. It’s worth to know that the U.S. Postal Service offers discounted rates to companies that work to keep their addresses up-to-date.
But do you know what is one of the biggest disadvantages of poor customer data? It can hinder the relationship with your customers. Of course, you can keep sending them marketing material that are of no use to them. But they are going to start seeing it as spam. Eventually, they will block you and put you onto a blacklist.
Impact of Outdated, Duplicate and Incomplete Data on B2B
One of the biggest problems that businesses face is that they find it difficult to tell when bad data is plaguing them. So, let’s start this section by looking at a few causes:
- Outdated database: If your business does not have a database update plan in place, then chances are that you are suffering from poor data quality.
- Not using all the data that you collect. Businesses should only be collecting data that they need. So if you find yourself with data that you never use, then you need to reevaluate your data collection policies. Furthermore, you have to cleanse that old data to ensure accuracy.
- No system in place to collect data from different sources. This one is tricky. Many businesses will have several collection policies in place. But they won’t have a way to eliminate duplicate data automatically. For instance, let’s say a B2B buyer puts their email address into two different forms. Does your system put this into your system twice? If so, then you need to update it.
The last example is probably the most common way that data becomes second-rate. Duplicate data is costly and will harm your overall marketing plan. It provides you with inaccurate reports. To make it worse, many email list building services will charge based on the number of listings you have. So, you are paying twice as much for a single contact.
How should I Ensure Data Quality?
You can avoid duplicate data by setting up a process. Whereas current customer data is updated when the same customer opts into another list or makes an additional purchase. This should be fully automated.
Outdated customer data is another big issue. Time decays everything, including your records. So you need to have a system in place. It should automatically sort and place older records into another system where it cannot contaminate your important data.
Outdated data can significantly lessen data quality in B2B lead generation. Businesses change and evolve over time. Job positions change. So someone who opted into your system a year ago might not be relevant anymore. Therefore, you are wasting money trying to market to them.
High-Quality Data Helps Create Successful Marketing Campaigns
The amount of data that businesses collect now continues to grow at an exponential rate. Insight available through high-quality data has also improved as a result. B2B businesses that do not focus on creating a proper database strategy are going to struggle.
Marketing Communication Should be More Targeted
Marketing communication is one of the strategies that help your data to create focused campaigns. It also creates a way to reach your marketing targets. On the other side, marketing communication helps to create your brand’s awareness. You design these strategies to position the company as being superior to its competitors. Targeting B2B customers based on income level and niche is going to ensure that your campaigns convert at a higher rate.
Make Marketing Campaigns More Efficient
The best way to structure marketing campaigns is to keep your eye on the specific goal of your B2B. It’s necessary to plan each step from first view to last conversion. Focused targeting is the key to converting the most customers possible for the lowest amount of money.
Foster Customer Loyalty
Quality data help your B2B business identify with your target market. So that you can send them the information they need most. Singling out customers in this way shows them your appreciation. In turn, you are fostering their loyalty. For instance, having loyalty programs in place that rewards their behaviour is a great strategy. But for it to work, you must give them something useful. You’ll use data to determine what it is that’s useful to them.
Personalize Their Customer Experience
B2B clients love systems that are streamlined to their needs. They engage more with businesses that can provide them with a seamless, personalized experience. For instance, data can show you exactly how to communicate in a way that meets their needs.
None of This is Possible with Incorrect Data
Data-driven B2B marketing requires accurate information. Maintaining high data quality is the only way you can successfully generate leads that will become customers. The first step is to make sure that you put data accurately into the system. Sometimes data entry is outsourced. If this is a requirement, make sure you have policies in place to verify all the information that is put into the system.
B2B Growth Hinges on the Quality of Marketing Data
We know that there are many ways to generate B2B leads (such as SEO-based lead generation or social media lead generation strategies, for example). But data quality must be your number one priority! Simply, because it’s the foundation of your entire marketing plan. The volume of data being generated today is at an all-time high. Thus, the demand for data cleansing will continue to grow. Customer habits change. So you must be able to rely on your data to adjust to these changes.