The Detrimental Effects of Bad Data for B2B Sales
Data is king. Particularly in the new digital age. It can provide valuable insight into the inner workings of your business. Data also allows businesses to react quicker to changing markets and emerging business opportunities. It makes them more agile and provides the ability to make changes to improve profit margins and reach.
For marketing and sales staff, having access to Canadian business directories with properly vetted information is key. All that is true, but what happens when that information is incorrect? When you work with Scott’s, we can provide accurate information by way of a Canada business directory with detailed data.
Businesses have access to huge data sets to aid in marketing and sales decisions. It’s important to be able to glean good data from the bad. There are a few tips to tell what is bad data.
What Leads to Bad Data?
Bad data can greatly impact your bottom line. A report issued by Blue Sheep detailed nearly 6% of revenue across industries could be lost through decisions made on bad data. Below are listed the most common causes of bad data.
- Age of the Database
- Duplicated Data
- Unmanaged Database
- Unverified Data
It really boils down to managing the database. When the data hasn’t been updated or verified for long stretches of time, you run the danger of utilizing outdated or incorrect information.
The Impact of Bad Data
While there are many impacts of using outdated information the most important are listed below:
- Targeting the Wrong Audience
- Bad Strategies
- Loss of Credibility
In today’s business world, reputation and credibility are tantamount to the success of a business.
Targeting the Wrong Audience
Customer service is vital in today’s world. If you rely on bad data and send prospective businesses emails about products they don’t need, you will lose their business. Also, if contact names have changed and the information hasn’t been updated, you could send information to the wrong person. This can lead to contacts unsubscribing from your email lists, losing their future business.
Much like a meteorologist relying on bad data will continue to make poor forecasts, the same can happen in business. Bad information can lead to:
- Unrealistic Goals
- Wrong Forecasting Models
- Poor Decisions
Loss of Credibility
Reputation is incredibly vital in business growth. When your emails are improperly addressed and filled with misinformation about the customer’s needs, your business and its reputation will suffer. If a lawn care company keeps getting emails from your business about providing perfume, it would be laughable and quite damaging to your credibility.
When you need solid, verified data for your Canada business listings, look no further than Scott’s Info. Contact us today to find out more information about our comprehensive and up to date directories.