Understanding Data Maintenance Vis-à-vis Revenue Growth

Sales | 5 minutes to read

12th Nov, 2021

Database maintenance is an integrated process involving data standardization, enrichment, and cleansing to maintain an accurate and clean set of customer database. It strengthens lead pipelines, minimizes marketing costs, and improves conversions.

Snapshots

    • Absence of data maintenance practices degrades data quality leading to increased costs and wasted sales efforts

    • Enterprises can leverage AI and ML-led tools to automate data maintenance processes and keep marketing lists standardized, enriched, and hygienic

    • Database maintenance delivers multi-fold benefits for B2B enterprises ranging from reduced overheads to increased conversions

    Data is the lifeline for any B2B enterprise and a critical asset around which revenue enablement campaigns revolve. After all, if an enterprise can’t reach its prospects or customers, its products, messaging, and content no longer matters. Therefore, it is crucial that a business have a complete and accurate database with firmographic details, contact information of sales leads and key decision-makers, financials, and more. Data is a critical business resource in the present marketing climate and needs to be refreshed, updated, and kept relevant for improved sales prospecting.

    However, many companies continue to struggle with database maintenance, instead of leveraging next gen capabilities of a B2B database provider. According to a recent survey, 54% of B2B enterprises reveal that their biggest challenge is poor data quality.

    Marketing and sales teams rely on high-quality data to segment contacts, personalize marketing communication, and develop targeted campaigns. However, in the absence of a robust data maintenance program, bad data creeps into the CRM system of the companies imposing huge sales and marketing costs. Even today, companies rely heavily on manual processes to perform database maintenance instead of benefitting from a professional b2b database provider. The manual data maintenance process is time-consuming and a primary cause of errors and redundancies in the CRM. Businesses can leverage tech-enabled data maintenance tools to keep their database refreshed, clean, and accurate to maximize ROI.

    Read this blog to understand the meaning of database maintenance and its undeniable importance in driving business growth for B2B enterprises.

    What is data maintenance?

    Data maintenance in the B2B ecosystem is the process of regularly cleaning the customer databases and marketing lists. It involves a series of interconnected database management programs, including data standardization, enrichment, and cleansing. It keeps the B2B marketing lists clean, accurate, updated, and enriched with new insights, which helps in strengthening lead pipelines. It helps in creating targeted and personalized marketing campaigns for improved lead nurturing and conversion rates.

    It is imperative that enterprises implement a marketing program that continuously engages and cleans the data as part of the process. Modern b2b database provider leverage AI and ML algorithms to optimize and clean the contactable database as part of a data maintenance program. Additionally, enterprises must collaborate with a b2b contact database provider to regularly enrich and renew the existing databases.

    Data standardization

    The first step in data maintenance is to standardize the data obtained from diverse sources. Enterprises should deploy a robust deduplication engine and ongoing data validation techniques for quick automated bulk verification of existing data. This step creates relativity and context by categorizing similar values into one common value. In addition, data standardization can fix issues of bad data by categorizing values and standardizing inconsistencies.

    Data enrichment

    The second step in the process of data maintenance is enriching data by appending additional and net new information within the existing databases. It helps fill any gaps regarding technographic, firmographic, demographic, financials, or new contact information. It is an ongoing process that keeps data refreshed, updated and prevents it from deteriorating. The process helps in increasing sales connect rate, improved email deliverability, wider marketing reach, and improved client retention. Enterprises can benefit from the services of best database providers to frequently clean and enrich their databases.

    Data cleansing

    The final step in the process, data cleansing, is identifying inaccuracies in the existing database and fixing them. It also involves weeding out redundant and obsolete data from the system. The process can also involve standardization and enrichment, deduplication, market intelligence reports, and net new leads.

    The undeniable importance of data maintenance

    From everything that is discussed above, building an accurate and relevant marketing list requires continuous data maintenance efforts. If a company doesn’t have the contact details of its prospects, or worst yet, if the contact information is about the wrong person, the marketing list will have no relevance. Without correct information, a company cannot build meaningful engagement and lose out on prospective customers. Businesses can use the capabilities of a result-driven B2B database provider to maintain data hygiene and streamline their demand generation campaigns. Let’s look at some of the reasons why data maintenance is essential for the growth of b2b businesses:

    Saves time and minimizes overheads 

    An ill-maintained database affects everyone from marketing, PR, sales, and customer support teams that has to engage with customers. Having a well-maintained database with accurate and true information about clients can streamline every process within an organization that needs to address the clients, call, follow up, and provide post-sale support. An ongoing data maintenance program can also save costs by accurately targeting the prospects due to the availability of clear and necessary customer information. Additionally, the cost of keeping bad data from entering into the CRM is $1, $10 to correct the data after it is in the CRM, and $100 if no actions are taken to eliminate bad data.

    Improves conversion rates

    If an enterprise has warm leads, their probability of success towards immediate sales (SQL) and building long-term client retention (MQL) is improved significantly. Data maintenance programs make the marketing list more refined and cleaner, which increases the leads-to-clients conversion rates. Having complete information about the prospects makes a sales team more intelligent and designs their lead nurturing and conversion campaigns accordingly.

    Personalized communication 

    It cannot be emphasized enough that personalized marketing communication is key to campaign success. Hence, if the customer database is high-quality and consistent, the messaging can be personalized and highly effective. Enterprises can achieve this by keeping their database free from inconsistencies and continuously append new information.

    Also, read our blog “Expert Opinions: Best Ways to Overcome the Challenges of Data Decay and Improve Sales Prospecting” to identify best practices across industries on how to overcome the challenges of B2B data decay and maximize revenue.

    Final thoughts

    In conclusion, B2B enterprises obtain data from varied sources, which is replete with errors and inaccuracies. Enterprises must implement continuous data maintenance programs so that the marketing & sales team can be armed with correct customer information. Understanding prospects and customers are key to developing a successful campaign. The sales and marketing outreach of any company can only be as good as their database. Therefore, database maintenance must be a priority for b2b companies to drive lead nurturing campaigns and maximize the bottom line.

    Database marketing is increasingly becoming a norm among B2B enterprises to expand the demand generation and lead generation coverage and increasing the chances of both SQL and MQL success. Hence, enterprises looking to buy B2B database to achieve these goals should emphasize on the next gen building blocks that will define success in database marketing in 2021 and beyond. Download the whitepaper “Best-Fit Components to Transform Database into a Lead Machine” to know more.

     

     

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