B2B marketers are in a pickle when it comes to data. Data insights are critical to boosting marketing and sales performance. Yet the marketer’s trust in data has plunged to a new low that’s putting a damper on strategic marketing initiatives, according to Dun & Bradstreet’s (D&B) recently released Sixth Annual B2B Marketing Data Report.
Just 50% of D&B survey respondents expressed confidence
in the quality of their data—down from 75% in 2017. And only 11% expressed extreme confidence in 2018. “The lack of confidence B2B organizations have in their data is hindering the ability to deploy key sales and marketing initiatives,” the D&B Belgium Phone Number report concludes. “Instead of creating opportunity it’s creating chaos.”
It’s important to improve data quality to make sure your company’s data is accurate, up-to-date, complete and consistent, and that it produces the depth of insight required for solid decision making. Define data quality based on business objectives.. Marketers are forced to rely on information that’s outdated, contradictory, misleading or otherwise flawed, and that’s costing them. They’re left with a limited or inaccurate view of customers or prospects.
Meanwhile, quality data is the key to providing personalized content,
which is crucial to enhancing the customer experience and driving revenue. VisionCritical predicts the customer experience will overtake price and product as the top brand differentiator by 2020, and Forrester estimates that a mere 10% increase in data accessibility will result in more than $65 million additional net income for a typical Fortune 1000 company.
What’s a marketer to do? In my company’s work with data, we’ve discovered eight steps to ensure your data is working for and not against you.