Capturing New Accounts is at Risk Due to Poor Data Quality
In CSO Insights 9th annual Lead Management Optimization study we gathered data on 100+ metrics from 600+ firms worldwide. Topping the list of marketing’s key objectives for 2013 is helping sales capture new accounts. But further analysis of the study data surfaced a major barrier to achieving this goal – poor data quality. We asked the study participants to give us a rating on the percentage of their prospect data that was accurate. What we found was only 26.8% of the firms said their data accuracy percentage was >75%, and another 26.1% said the figure was in the 51% to 75% range.
We have made the observation before that “averages” are the enemy of “insights”. As we drilled deeper into the 2013 LMO study data we found that to be the case regarding prospect data quality. What we found ws that 30.2% of the firms we surveyed were not leveraging any other services to augment and enhance the quality of their customer and prospect data. As a result their data quality ratings were noticeably lower that the average.
The remaining 69.8% were subscribing to one or more sales intelligence (SI) service. The study participants gave us feedback on 37 different solution providers with the most often cited vendor being LinkedIn. When we did an anlaysis of data quality by SI vednor, we found that data quality for some of the services was much higher than others.
If you have a data quality improvement goal for this year, advisory services clients who would like a briefing on the current state of the Sales Intelligence marketplace, and user satisfaction ratings for the various options available, should contact their CSO Insights analyst.