Although marketers now have an abundance of data and analytics at their disposal, new research shows that those who do not regularly check their information for inaccuracies may be at a disadvantage.
Validity recently published “The State of CRM Data Management” report, and statistics indicated that 27% of marketers report that bad data costs them 10% or more in lost revenue annually. Almost half of respondents could not estimate how bad data impacts their organization’s revenue.
In addition, 39% of marketers stated that they either have no customer relationship management (CRM) data management process, or they have one that is ineffective.
Approximately 92% of respondents stated that their CRM and the data in it is “important” or “very important,” highlighting the need for better data hygiene.
Marketers and the Investment in Data Quality
Data accuracy is not always a priority for marketers, but previous research suggests that organizations that make it a top objective see improvements across the board.
Dun and Bradstreet conducted its “7th Annual B2B Marketing Data Report,” and statistics showed that 100% of B2B companies that increased their investment in data quality saw overall performance gains. Approximately 94% reported that their sales and marketing performance rose as well.
For the remainder of the year, 18% of B2B companies “strongly” expect to boost their investment in data and analytics. Nearly 75% expect to see an increase in some respect, with only 1% stating that their investment will decrease.