Quality a Big Consideration in List Sourcing

Top quality data is the key to running a business effectively. The quality of the data in a list can make or break a company. Lists comprised of inaccurate or outdated data mean wasted time and wasted money. Additionally, following the leads on such a list is inefficient, and unfruitful. Quality is a big consideration in list sourcing. It is vital to manage and update the data from lists regularly. Otherwise, the likelihood of generating any revenue from lists is virtually nil. Recent marketing surveys have discovered the following: Inaccurate Data is Costly While it may require a small amount of time and money to process accurate leads, the costs rise significantly if the data is faulty. In fact, the measurable costs can increase as much as 10 times. Non-compliance is Costly Failure to comply with requests for no contact from contacts is a waste of time. It’s also illegal. Lists that contain the names of individuals who cannot, or will not respond to offers, can waste countless hours. Data Can Change Contact data decays at a rate of 37.7% per year. On average, 20% of Managing Directors, 33% of Sales Directors and 50% of Marketing Directors change every year. Additionally, the following figures can demonstrate how much information changes for businesses, and how often:
  • A company name changes occurs each minute
  • A business closes every two minutes
  • A business fails every four minutes
  • A business moves to another location every six minutes
Business data isn’t the only information that changes frequently. Customer records can be out of date within the year, costing sales and wasting money:
  • At least $22 million is wasted per year on mailing deceased individuals
  • B2B mailings have an error rate of 67%
  • Almost 90% of data integration projects fail due to the poor quality of data
  • 4.5% of marketing emails bounce
Accurate Data is Essential Inaccurate data can kill a campaign. An accurate list is essential to any marketing campaign. Some of the primary factors that can create problems include:
  • Companies that ‘opt-out’ of receiving cold calls
  • Contact details that change
  • Personnel changes
  • Inaccurate data
  • Poorly managed data
  • Outdated data
6 Steps to Superior List Quality The only method for insuring that a list is accurate is to do the following:
  1. Start out with a quality list. Having a bad list is worse than not having a list at all.
  2. Screen the list against telephone and mailing preferences. Marketing to customers or companies that aren’t interested won’t generate any profit.
  3. Validate the list. Every list will contain some inaccurate information, especially as the list ages. The only way to validate is to check every reference by phone.
  4. Profile any possible targets. Determine which prospects are best suited for solicitations.
  5. Check and recheck the data. Data can change or be erroneous. It’s best to check lists for accuracy on a regular basis.
  6. Manage the list effectively. Storing the data in an appropriate an accessible method is vital./ What good is data, if it’s isn’t searchable or accessible?
It’s clear that quality list sourcing is essential for profitability. Investing in accurate data is important for businesses of all types and sizes.