Data is like Blood to Human Body as infected blood can cause serious issue in your health same damage BAD DATA can do to your business and Marketing Campaign. For any mailing, calling or digital activity Good Data is like base on which solid platform can be built and you can have success story, on the contrary a bad or shaky platform can result in numerous problems later on which is hard to rectify.
We must understand collection and aggregation of information from various sources and packaging them as complete or vast list is NOT Good DATA..How that information is collected validated and re-validated over a period of time for maximum accuracy is very critical. Today in market every data provider genuine or fake claims highest level of accuracy which makes very difficult for purchaser to evaluate genuine offering in market and they often land in “Cheap and Best” offering which is a paradox.
What is Bad Data?
- Bad data mainly refers to misleading information with very low level of accuracy. There are many other parameters that define bad data.
- Duplicate records – Single contact is added multiple times under same name or different company name.
- Outdated Information – When the information is updated long time ago.
- Bad Quality – It includes spelling mistakes, incorrect names and contact details.
- Missing Fields: Most of the fields are not complete which makes it impossible to use data set for various activity imagine 30% contacts does not have Contact number, 25% does not have address, 20% does not have proper industry classification so on and so forth. Every field in data line becomes very critical to strategies and pull right set of companies.
What is Good Data
- Data should have unique entries giving true picture of market size eliminating duplicate entries
- As data has shelf life it becomes very important to analyse how recently data is updated
- Data should be free from typos, incorrect name, mismatch of company and key executive details.
- All fields promised in data row should be complete so that you can plan various activity and not just one to get maximum result from data by churning all fields and getting best out of it as per business requirement and strategy.
How to evaluate:
- Understand what is the methodology used by data provider to collect Information
- How data is validated, using manual process for validation increases chances of accuracy due to assurance of physical touch on all fields regularly.
- Understand total cost offered vs validation cost of all entries this will help you in choosing right data partner. Claims for lacks of validated records can not be offered in few thousand.
Impact of Bad Data on Organizations
- Wastage of Sales team time and Marketing team efforts
- Huge opportunity lost cost due to time wasted in working on BAD DATA
- Low Morale of end users of data who feel shared information is Mostly JUNK and not resulting in Sales Result
- Conflict between Marketing and Sales team for Activity done VS Results received
- BAD Image of your BRAND in market due to improper communication.
- Leads to generation of unqualified leads that can never turn into business
- It hinders the way for right decision making due to incorrect reporting.
Benefits of Good data vs BAD Data
- Good Data increases Sales team time to work on valid leads.
- Good data generates more valid lead as compared to BAD Data in short span of time
- Good data keeps sales force motivated as they are sure of getting more business as compared to BAD Data
- Good data enhances your chance to reduce opportunity lost cost.
- Good data improve your email, hard mail and calling campaigns.
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