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Bad Data: A Real Threat To Business

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By Author: Murtaza Husain
Total Articles: 5
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Going for a treasure hunt and by the end of the journey, you realize you've been following the wrong map.

Visiting Paris and hoping to see the Great Wall of China.

You want to eat Biryani, but Bottle Gourd is what you get.

Sounds stupid, right?

It is stupid.

This is exactly how stupid we look when we prefer bad data overdata appending. All the above example may sound entirely foolish for you, but trust me, business professionals make the same stupid mistakes, when they want to grow their business but do not want to invest in the cleaning and appending of their data, which is a highly valuable asset to them.

It's about time for professionals to understand that data gets old with each passing day, and they have to keep on adding fresh data to grow in business.

Though every data has a deteriority rate and keeps on getting inaccurate with time, you may categorize data in three categories -

Accurate data.

Inaccurate data &

Bad data.

Accurate data is what we dig and is highly valuable for any organization.
We all want data which is reliable and provide meaningful insights. Data differ from company to company and requirement to requirement.

Inaccurate data which needs cleaning and scrubbing, Every company’s CRM has a lot of inaccurate data stored in it, this data is not serving any value to the company and should either be deleted immediately or should be put upfront for cleaning.

Bad data, this is where the problem lies, piles of data sets, stored in the company database for years without any concern or importance. If we go by deterioration - data deteriorates by a rate of 4% per month by this calculation, bad data has absolutely no value to your business and should be omitted once and for all.

Every company has its own objective. Thus, customized data is in high demand.


Threat Of Loss


A bad data is a real threat to your business, company professionals think that they already have a truckload of data available to them but what they don’t understand is how much of there data is accurate and is unable to serve their purpose now.

Sales firms are incurring a huge amount of loss due to bad data, and this is becoming a significant issue in organizations when they have to go through a bad experience when they expect something and happen something else in meetings and sales processes.


Sales & Marketing

Data is a mandatory requirement in sales & marketing firms. From making their first sales call to scheduling an appointment, from sending the quotations to closing the deal. Their whole process is based on data and client lists to target from.

If they don't have access to accurate data their whole day may amount to zero productivity, given that inaccurate data won’t lead them anywhere in work.

Sales and marketing departments lose approximately 550 hours and as much as $32,000 per sales from using bad data.

Almost every company have a CRM and store tons of data in it. The problem is they don’t append it; they don’t clean it. They feel like once they have got the data, there is no need for any further amends to it and will use it for a lifetime.

Give it a thought -

Do you have the same phone number you had two years ago?

Do you work in the same company you were working for six months ago?

Do you still operate and active on the same email address?

Probably not, and that is where data solution services come to your aid.

Okay, many of you may answer that yes you are still active to these details. There is still much information that is missing, and for that, you need data scrubbing.

If you have data which isn’t appended from years, you don’t have the right information and make bad calls.

Bad calls lead to bad sales experiences.

Bad experiences waste a lot of time and wastage of time ultimately amounts to zero productivity and negative motivation.

On a psychological level, it can also be said that employees get disturbed and start hating their jobs when they can’t turn the prospects into leads and leads into customers. However, the fact is that the list of prospect is wrong and inaccurate in the first place.

Email Marketing

B2B companies invest a lot in their email marketing campaigns, but what if I tell you most of the emails they send do not get received or end up in the wrong inboxes or dormant accounts.


Why is that?

Simple because they don’t perform email appending and with time people switch to new accounts, in case of employees, they are more active in their professional email addresses and hardly check their personal emails anymore.

How can you think of growing your business if this is the case?

Your traffic from email marketing keeps on diminishing with the number of your qualified leads. On an average 25% of the B2B database is inaccurate.

Working with bad data is like sabotaging your own business. It is like digging a hole in your own boat.

Bad Image Portrayal

Your name, your brand image, your goodwill is all you have, you seriously can’t risk it for something like bad data, not taking the right decision, not taking opting for data solutions, not performing data cleaning will hinder your brand image in the long run, when you won’t be able to close deals. When there won’t be a sufficient number of qualified leads, and due to bad data, you won’t be performing well in sales meetings.

Slowly you will lose respect in the eyes of your clients. To have a goodwill in the market in one thing and to maintain it throughout your lifetime is an entirely different aspect.

Not to forget, there are competitors in the market already investing in data mining solutions. If you won’t, they will do it and take away every opportunity of business away from you.

Prevention

Every company has a CRM stored with dozens of data lists, and they don’t delete it or append it, keep it stored for years without paying attention to it because they believe that any data is a useful data. However, this is a very wrong perception.

If you’ve decided to append it or clean it, let me tell you, you’re on the right track.

The first thing you should do is to connect with an end to end data solution company and perform data cleansing on your existing data and ask for data appending services to get your hands on fresh data as well.

You need to understand that you may be able to collect data & leads from various channels, but do you know that 40% of leads contain bad data.

To keep them intact and useful, you need to perform data scrubbing at regular intervals of time.

If you want customized data for your new campaign, you may look for data mining services. It is the right way of getting quality data for your new business strategies without any hassle.

Good data is the right diet for a healthy business.


I hope I’ve been able to make you understand how immediate you need to respond to this issue o bad data and cater to new business opportunities.

More About the Author

Murtaza is the Founder and CEO of Bizprospex: A Data mining, CRM Cleaning Company. He runs a moderately successful web-based business helping B2B companies clean their CRM/Data/Lists You can connect with him on, Facebook, Twitter, LinkedIn. visit wwww.bizprospex.com

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