March 10, 2011 — Hasbrouck Heights, N.J. and Waltham, Mass. — As much as 40 percent of the marketing prospect data with which businesses try to generate new business is inaccurate. That’s one finding from a new survey that DemandGen Report — a leading online publication covering the sales and marketing automation space — conducted in partnership with business information provider ZoomInfo.
The report, available as a free e-book and entitled “Assessing the Impact of Dirty Data on Sales & Marketing Performance,” found that more than 62 percent of respondents rely on prospect data that is 20 percent to 40 percent incomplete or inaccurate. In addition, nearly 85 percent of the businesses surveyed estimated that 10 percent to 40 percent of the records in their customer relationship management (CRM) and/or sales force automation (SFA) systems were incorrect.
“Our research revealed that companies are wasting massive amounts of time — which leads to missing out on millions in potential revenue — by using invalid prospecting data,” said Andrew Gaffney, editor of DemandGen Report. “Data quality should be an area of intense focus because the impact of accurate, high-quality data can be exponential.”
Many companies also reported that they have no strategy to fix the obsolete records. They simply leave inaccurate or incomplete records in their databases and require sales teams to update them. In fact, having sales teams update CRM records was the top strategy companies cited for cleaning up dirty data.
“That companies are just living with obsolete data is startling. Sales teams need to be selling, not hunting for current data,” said Sam Zales, president of ZoomInfo. “This study is a very important benchmark of the severity of the problem: outdated business information is stalling our entire economy. The research showcases that accurate B2B data can significantly drive the speed of business.”
In an upcoming webinar entitled “Dirty Data’s Effect on ROI and Five Ways to Fix it Today” (Tuesday, March 15, 2 p.m. EST), Gaffney, Zales and Jay Hildago, president of The Annuitas Group, will discuss the survey and provide tips on how companies can easily update obsolete prospect data. Register for the webinar.
In addition to results mentioned above, the survey also revealed that:
Immediately following the webinar, the free e-book will be available for download.
About DemandGen Report
DemandGen Report, a G3 Communications Publication, is a targeted e-media publication spotlighting the strategies and solutions that help companies better align their sales and marketing organizations, and ultimately, drive growth. The weekly e-newsletter focuses on the sales and marketing automation tools that enable companies to better measure and manage their multi-channel demand generation efforts.