There is no greater asset to your organization than your B2B database. However, when your database becomes cluttered with outdated, incomplete or inaccurate contact information, it can prove to be a costly obstacle along your route to success.
From marketing, lead generation and customer relationships, to sales and even revenue, dirty data can have an insurmountable impact on all areas of your business.
As frustrating as it may be, data decay is a natural outcome of the ever-changing B2B landscape; professionals are constantly changing positions, titles, locations and places of work, rendering data useless.
Even if you don’t see the direct impact of dirty data to your bottom line, there is no question that your sales and marketing teams would perform even better if your contact data was regularly cleaned and optimized.
Still not convinced? Let’s look at the consequences of inaccurate data.
Here are 36 statistics about dirty data that highlight the importance of database maintenance
- 67% of businesses rely on CRM data to segment and target customers. (source)
- 33% of businesses have over 100,000 records in their database. (source)
- Prospect and customer databases double every 12-18 months. (source)
- 94% of businesses suspect that their customer and prospect data is inaccurate. (source)
- 60% of companies have an overall data health that’s “unreliable.” (source)
- 62% of organizations rely on marketing and prospect data that’s up to 40% inaccurate. (source)
- The U.S. Department of Labor projects a 30-40% annual turnover rate in corporate America. (source)
- 40% of leads contain bad data. (source)
- 25% of the average B2B database is inaccurate. (source)
- 30% of people change jobs annually. (source)
- 76 people change jobs every minute. (source)
- 43% of people’s phone numbers change annually. (source)
- 80% of companies say they have “risky” phone contact records. (source)
- Up to 20% of all postal addresses change every year. (source)
- 37% of email addresses change annually. (source)
- 65% of people’s titles and/or job function change annually. (source)
- 34% of companies change their names annually. (source)
- Up to 21% of all CEO’s change every year. (source)
- In the next hour, 58 business addresses will change, 11 companies will change their names, and 41 new businesses will open. (source)
- 15% of leads contained duplicated data. (source)
- 10% of leads contain invalid information. (source)
- 8% of leads are missing information. (source)
- 7% of leads contained invalid email/physical addresses. (source)
- 30% of organizations currently have no strategy to update inaccurate or incomplete records. (source)
- 1/3 or more leave inaccurate or incomplete records in their databases, requiring sales teams to update records as frequently as possible. (source)
- Companies reported that lead generation (80%), marketing (66%), finance (30%) and customer relationships (54%) were the business processes most affected by dirty data. (source)
- Based on a 95% delivery rate, out of every 100 emails you send, 2 result in a scheduled meeting. If you have a delivery rate of 75%, you’d have to send 133 emails to schedule 2 meetings. That’s 25% more time being wasted due to inaccurate data. (source)
- 64% of “very successful” data-driven marketers say improving data quality is the most challenging obstacle to achieving success. (source)
- Only 16% of companies characterize the data they use for marketing as “very good”. (source)
- 40% of business objectives fail due to inaccurate data. (source)
- It costs $1 to verify a record as it’s entered, $10 to scrub and cleanse it later, and $100 if nothing is done. (source)
- 50% of IT budgets are spent on data rehabilitation. (source)
- Bad data costs U.S. businesses more than $611 billion each year. (source)
Clean Up Your Data:
- Conversion rates are roughly 25% higher between the inquiry and the marketing qualified lead stages for organizations that have clean data. (source)
- 66% of organizations with clean data report a boosted revenue. (source)
- An organization can generate up to 70% more revenue based solely on clean data. (source)
Ready to prioritize database cleanliness? ZoomInfo can help. We eliminate invalid records, fill in missing fields, check email validity, and append B2B data with correct, complete, and current contact information. Contact ZoomInfo today for more information!