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Your business can have the largest CRM database in the world, full of lots of comprehensive data about your prospective customers.
However, if you don’t refresh it on a regular basis, this data will decay at an alarming rate.
According to Marketing Sherpas, CRM databases decay at a rate of 2.1% a month.
What does this mean for your business? It means if you have 1,000 contacts at the start of the month, 21 contacts will no longer be useable at the end of the month.
The decay rate is even higher in specific industries where there is a high turnover of staff, such as sales and technology.
Find out how prospect data decays, the problems it can cause and how to keep your data refreshed.
How does prospect data decay?
The main reason prospect data decays is people leaving jobs and moving to positions at other companies. However, there can be other factors to bear in mind too:
What problems can out of date prospect data cause?
You may think one out of date piece of information may not pose a problem, but incorrect data can quickly mount up and put your business at a disadvantage.
Incorrect data can:
Are you aware of the 1-10-100 rule? This rule advises that it is more cost-effective to prevent a record going out of date than it is to correct it. Failing to cleanse the record at all is the most expensive course of action and should be avoided.
How can I stop prospect data decaying?
The only way to stop prospect data decaying is by reviewing it on a regular basis and ensuring it is up to date before use.
Encourage your sales and marketing team to keep your CRM database as up to date as possible. If they send an email and get a hard bounce back; or find out someone has left the company; remind them to update the CRM.
Updating the CRM database little and often is better than making it a sizeable annual task. It is not the most exciting task, but is still something that has to be done.
Standardising your data by getting rid of industries that aren’t your target market and purging duplicate records will help streamline your database. It’s estimated that up to 30% of database records are duplicates, so getting rid of these will make your database much easier to maintain.
The alternative way to keep your prospect data refreshed
Keeping your databases up to date is a big task. If your sales and marketing team don’t have the time to do this, Metric Central is here to help.
We can audit the contacts that are already in your CRM database, refreshing the details to make sure they are up to date. This means that when your sales and marketing team contact people by phone or email, they can do so with complete confidence.
We refresh your contacts taking our data from a range of high-quality, reputable databases including:
All of this is combined with our decades of experience and knowledge in the sales industry.
The bonus is that we can update your contact information with details you may not have already had on file, for example, company turnover. These additional details will give you even more information about the businesses you want to pitch to, increasing the chance of a sale.
The big bonus? We refresh our own data every single day, meaning that when we audit your data, you can be guaranteed that the brand-new data you receive is accurate and ready to use.
Contact us today for your free, no-obligation review. We will prove to you how refreshing your existing data will give your business the advantage.