Surprising but true! B2B data decay rate is 2.1 percent per month or around 22.5 percent per year, according to a recent study by Marketing Sherpa, a market research firm. Along similar lines, the Bureau of Labor and Statistics reports that data decays at a faster rate of 55 percent per year in certain sectors, such as, Entertainment and Arts.
Simply put, a large percentage of the data stored in your database could become outdated within months. Your prospects may change phone numbers, email address and other details more frequently than you could imagine. This is exactly why you need to cleanse your database regularly to replace outdated or inaccurate data with latest, accurate data.
Top Reasons to Opt for Data Cleansing
As your business grows, the task of updating your database becomes more challenging. It is always a good idea to outsource the task to a reliable data entry service provider. Regular data cleansing helps your business to;
Improve marketing efficiency – In order to make your email marketing campaigns successful, you need to keep a record of the latest email addresses of your prospects. For running a sales campaign over phone, you need the up-to-date phone numbers of your customers. Without an updated database, your campaign may generate a large amount of bounces, which could affect your marketing efficiency.
Improve response rate – Modern businesses often require announcing offers and discounts. However, not all offers are for everyone. You need to hook the right prospect with the right offer. Sending bulk emails would only decrease your response rate. Studies show that professionals usually ignore irrelevant letters or emails. Quality data cleansing enables you update your database with additional information about your prospects. In other words, it enables you to gain an insight into your prospects’ contact details, thereby helping you decide which offers are best suited for which clients. This eventually improves response rates of your direct mailing campaigns.
Reduce costs – According to the Experian QAS survey conducted in 2013, around 91 percent of businesses had to suffer some kind of monetary losses due to inaccuracy in contact data. When you keep your database updated, you would not waste your money in sending mailers to outdated addresses. Updating your database with the National Change of Address (NCOA) would help you reduce the number of returned mails. Similarly, keeping the phone numbers validated would help you slim down your call centre costs.
Make the right business decisions – If data is keyed in with even a simple mistake, it could distort the concluding figures, thus disseminating wrong information about something. Consequently, you may end up making a wrong business decision based on those misleading facts and figures.
Maintain brand reputation – Inaccuracy in your contact database can also harm your reputation considerably. Your mailers should reach your clients and prospects directly, rather than being forwarded by someone else. This kind of mistake could have a negative effect on your brand image.
In today’s context, when almost every company requires collecting, processing and organising large volumes of data, it is essential to ensure accuracy in data entry and to update your database at regular intervals
How Data-Entry-India.com Can Help You
Data-Entry-India.com provides a comprehensive range of data entry services, ensuring near-perfect accuracy and timely delivery. As part of our data cleaning services, we update, organize, format, categorize, edit, replace, and rectify data collected from multiple data fields. For more information, please contact us.