27% of Marketers Say ‘Bad Data’ Costs Them 10% or More in Lost Revenue Annually

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.

marketing

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.

“The team at KoMarketing was great at listening to our organization’s needs to ensure they were on the same page with goals and objectives. They provided a clear path for getting to desired results, were fast and flexible when adjustments were needed and above all else, provided the highest level of client service. KoMarketing is a pleasure to partner with!”

Melissa Sopwith — Melissa Sopwith, Marketing Manager, Guidon Performance Solutions, a Teletech Company

Start a conversation with the KoMarketing team:

Complete our inquiry form now