Technology has fundamentally changed the role of Marketing. What was once seen largely as an art, has increasingly become less about fancy pictures, and more about deploying revenue generating messaging to the masses. The rise of radio and television made it possible for marketers to reach new audiences, marketing automation enabled advertising on an unprecedented scale, and now the emergence of big data and predictive analytics have ushered in an age of hyper targeted and highly personalized messages delivered precisely when they’ll be most effective. But with every one of these technological leaps, there is one factor that can determine success or failure: data.
Almost every marketing tactic relies on data, whether it’s a mailing address, email address, or IP address – to fully leverage modern capabilities you must have access to the right information. Unfortunately, while most organizations have no shortage of data, very few of them have good data. Years of list buying, form fills, and manual inputs have resulted in data sets with duplicate entries, missing information, and fake information.
Download the Marketing Database Assessment Framework to understand core aspects of an effective marketing database, assess current state against emerging best practice, and identify areas of opportunity to improve your database strategy.
Common Causes of Bad Data
Misuse of marketing automation
As marketing automation moved from a sophisticated emerging best practice to standing operation procedure, marketing teams everywhere began buying lists and sending emails to everyone they could get a hold of. Years of list buys, nurture campaigns, and form fills have resulted in old, irrelevant, or down right wrong information. Even worse, with the emphasis on quantity over quality, much of this existing data may not reflect the accounts and personas in your target audience. The only thing worse than no data, is wrong data.
Campaigns not aligned to the buyer’s journey
A good marketing database is not always a sure thing, you need to keep your audience engaged and prevent them from opting out of your reach. Even if you managed to maintain a quality list of targets, you could be at risk for high unsubscribe rates if your communication strategy isn’t aligned to the buyer’s journey. Customers expectations are increasingly more demanding and sending an awareness email to someone already primed to purchase is a sure-fire way to lose trust. If your content strategy hasn’t been aligned to your customer journey, you could be losing access to precious contacts that could be potential customers.
Botched system integrations
Has your organization always used the same platforms? If you’ve ever switched up your automation platform, or even your CRM, chances are your data has had to go through multiple transfers, upgrades, and migrations. Without careful consideration, this often leads to massive amounts of duplicate, or worse, missing data.
Common Effects of Bad Data
Bad data creates a host of issues, the most obvious, and painful, being wasted spend. Creating nurture flows or deploying sophisticated account-based targeting could mean dollars down the drain if you’re sending content to outdated, missing, or irreverent data. The result is a campaign with poor ROI and a missed opportunity for marketing to make an impact on the bottom line.
With the wrong people getting the wrong content (or no content at all), it’s difficult to measure and report on the success of your campaigns. Even worse, account based marketing tactics rely on the ability to measure engagement within target personas and accounts – but if you have gaps in your data you may not be able to accurately report on what’s working and what’s not.
With inaccurate reporting and limited visibility into campaign performance, you’re missing the opportunity to test variations, double down on what’s working, and shut down what’s not.
To avoid these negative effects, or correct what’s already been done, check your organizations alignment around these seven core components of an effective marketing database:
The 7 Core Components to an Effective Marketing Database
To assess yourself against these core components, download our 2019 Marketing Database Assessment Framework and identify the key areas you need to improve. Then, take the SBI Revenue Growth Diagnostic to assess the rest of your organization and see how other functions may be contributing to problem.
Schedule a working session at SBI’s Studio.
Located in Dallas, TX, our facility offers state-of-the-art meeting rooms, lounge, full-service bar, and a studio used to tape our TV shows. SBI provides the location and facilitators, all at a compelling price point.
As a guest of The Studio, you’ll get unlimited access to SBI’s CEO, Partners, and a handpicked team of experts.