Data quality first, smart applications next

From the times we have been offering data enrichment solutions, we have come across a lot of companies that do not have the data they precisely need in their CRM and marketing automation systems. It can be due to missing lead information, or data has become old and irrelevant over-time and many more reasons.

As one would expect – wrong data leads to reaching out to a wrong audience, thereby low sales conversion ratio, etc.

This leads to two huge problems:

  1. There is a significant cost incurred due to bad data ($8.8 mil per year, as per Gartner)
  2. It becomes very difficult to predict where your revenue is likely to come from

Fix your data quality first

While martech is focused on smarter applications, we need to build a process around ensuring proper update of information in CRM. More than the number of accounts in your CRM, the data you have about the accounts matters. Over time, sales operations teams struggle in updating the account data, removing duplicates and enriching this data. Therefore, it becomes an easier option for them to change the vendor who provides contact lists. In other words, they end up buying more data.

This is a problem because, even the best of AI for marketing and sales solutions, cannot help if you don’t have updated and relevant data. Algorithms and models are as good as data. Processing bad data quality will only give you bad results.

Why do you need to enrich your data quality?

On an average, B2B data tends to decay at 30% or more every year. In other words, 30% of your business contacts can go out of date each year; including key company information, details about the org structure, and most importantly, accurate contact information.

This doesn’t just stop with your contact database getting smaller. Inaccurate data means marketing messages are sent to the wrong people, sales professionals waste their time trying to reach prospects who aren’t sales ready. Also, it can lead to misclassified prospect segmentation and reach out tactics.

We need a holistic approach to enrich the data quality and maintain data integrity.

What are we at Fiind doing to help data enrichment?

Typically, customer data comes from varied sources such as website forms, social media, email lists, and more. For example, in a typical B2B scenario, we receive the information about a customer or a prospect, which in most cases is partial data and sometimes invalid information. You might just have their email address and name, or at best, their organization name and a phone number in addition to it.

We all come across fake lead information, every now and then. Therefore, as a marketer, this data is not enough.  You neither know if the prospect is a firmographic fit (meaning, they fall under your target industry, organization size, job title, revenue, etc.) nor do you know where they are in their purchase cycle. This where Fiind’s data enrichment app comes into play.

Sign up for the beta version of the app

At Fiind, we are developing a data enrichment app, where the only data that you need to have about your prospect/customer is their domain name. So, what starts as an email or domain name transforms into an enriched organizational profile, with not only actionable firmographic information but also customer signals on buying intent and product fit to identify your total addressable market and serviceable market.

It’s AI-driven sensors constantly look for updates in data or events, thereby activating a bot that knows where to look across the web to get the maximum value.

Fiind’s data enrichment app fills up the gaps of inadequate data or inaccurate information and ensures you all the information you need to build a relevant conversation with your prospect. It also ensures you have the records up-to-date and refreshes the information automatically once a month. As we are building up our own app for data enrichment, you can sign up with us for the free beta trial – so that we can share the login credentials with you once the app is ready.

We’re looking forward to the app to help you stay relevant, are you?

About the Author

Ganesh is the Customer Success Manager at Fiind Inc. and likes to keep things simple. He believes that the devil lies in the details but mostly under the hood. He is one of the key drivers in building the martech stack at Fiind and has unique experience across functions such as IT, Pre-sales and Marketing.