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Can you afford to let software append and clean the most crucial B2B information?

Data decay is a big challenge affecting millions of B2B businesses, can you afford to let software append and clean the most crucial part of your sales process - data.

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Can you afford to let software append and clean the most crucial B2B information?

  1. 1. Is data decay really a thing? A guide by BizProspex
  2. 2. What is data decay? Data decay ( in customer, contacts or data lifecycle) means gradual loss of accuracy in data. Have you ever called a business to realize they closed two years ago? Well, we all have. That my friend, is data decay.
  3. 3. B2B data decays for 3 main reasons: ➔ Company closed 96% business fail in the first 10 years, reports: ➔ Person Switched Job People change jobs, that’s not something new. ➔ Retired About 4 million people retire every year, as of 2014. From 2014 to 2034, about 80 million people are expected to retire.
  4. 4. Like bananas, your customer data starts out green, begins to yellow, and before you know it it’s attracting flies. Don’t let this happen to your CRM data. Tip Clean and append information to it on a regular basis, if your CRM data mainly consists of big companies, setup LinkedIn and Google alerts to be notified of changes.
  5. 5. How effective your sales strategy be when you are trying to contact a director of marketing Who left last year? The answer is not very much. Tip Do a background check on the data in your CRM. Append everything you can find about them before making that call.
  6. 6. Don’t ask your sales reps to spend time to clean messy data, they aren’t equipped to do so plus that one hour everyday is effectively loss of productivity. Hire experts to clean, sort and append information to your CRM and start better prospecting.
  7. 7. Both successful sales directors, working in mid sized B2B companies in the US. Assumptions: 1. They both spent the same amount of the money to generate leads. 2. Had the same number of leads in their CRM. 3. Had the same ARPC (average revenue per customer) 4. Had same selling skills to sell the software. 5. Had the same budget for data cleaning 4000$ for 2016 (apart from the usual marketing spent on online / radio and paper ad). To make this interesting, allow me to tell you the story of Kumar and Robert.
  8. 8. Meet Robert. He recently moved up as the regional VP of sales for a SaaS company in Atlanta. His target is to close 15 deals per month with 8 sales people and maintain ARPC of 500,000 $ / month. He was told that there are on an average 100 new leads in pipeline any given month and 8000 leads in total in their CRM and marketing automation software.
  9. 9. Meet Kumar. He recently was awestruck when one of his sales rep informed him of how big of a mess his CRM data is in. 5000 leads are at stake. What do you think Kumar will do to next? Story for illustration purposes only
  10. 10. The logical next step for both was to do some Googling.
  11. 11. Typical solutions they found or had heard of in the market. ➔ Automated Companies like offer appending and cleansing services at as low as 10 cents per lead and help them regenerate interest from those stale leads, but, automated solutions lacked when it came to accuracy. ➔ Manual Companies like BizProspex offer data appending and data cleaning through manual research and human logic ensuring data is as good as it can be.
  12. 12. Kumar, decided to go with manual data cleaning because he wanted to personalize each and every interaction with the leads in his CRM and hired BizProspex to manually append and clean the messy data.
  13. 13. Robert hired an automated data cleaning company (web based SaaS service) to de- dupe and append information from whatever was available with that SaaS company. At 10 cents a lead he was told to expect over 60% accuracy. What he wasn’t calculating was that 40% of the leads are going 100% wasted.
  14. 14. On the other hand Kumar was expecting over 95% accuracy and almost over 80% match rate, because manual approach to data cleaning meant researching for new information on the web for those leads, through company website, business networks, personal websites, human logic, etc. Download BizProspex’s 5 step CRM cleaning guide. Tip Ask your data cleaning company to do a small test, compare manual vs automated results before selecting the vendor to clean your entire CRM data.
  15. 15. It’s no surprise that Kumar had far better data, closed more deals and saved more money. Let’s look at some stats that helped Kumar score homerun. Tip Do the math, how much is an average lead worth to you? If it is ten X of the investment, you don’t want a machine to append it.
  16. 16. Kumar (manual) Robert (automated) Spent 4000$ to clean to clean their CRM (spent 100% of the budget). Spent 800$ to clean their CRM data (spend only 20% of the budget) TAT for manual work for 8k leads is a month atleast. TAT for automated work for 8k leads is 3 - 5 days at max. Spent the total amount on manual data cleaning, and got back ~20% more data that Robert missed on because of the automated system. As they had spent same money on lead gen and has same no. of leads, that meant Kumar had 1600 leads more than Robert. 20% of 8000 total leads is 1600. Spent the rest 3200 on generating new leads (considering a 5% opt in rate) at 5 $ / click, he got 640 clicks and 32 opt in’s in pipeline, that is 100$ / opt in. Avg. close rate to opt in is 15 - 20% atmost, that means he might have got 5 to 6 conversions at best. Got more leads with higher accuracy because manual data research ensures every contact is duly researched, unlike SaaS solutions that only use the below mentioned techniques. Lost 16,000 $ worth of leads because his automated system could only match records that are available in the pre scrapped data that the SaaS software had.
  17. 17. So, how does manual and automated system differ exactly? Manual data cleaning requires a human to look up each record, Google them, find them on LinkedIn, update information, do background research, append, edit and improve information. Manual appending also can help append critical information like recents updates, achievements for their company, or on the personal front to ensure you KNOW everything about the lead before making that critical phone call. Every automated data appending company maintains a master record file (which they assume is more accurate than yours), because they constantly buy data from other data vendors. They majorly check for 4 things: Is this record available in their master data file, if yes, update info in the CRM. If no, move forward. Check for typos in the email, name etc, correct
  18. 18. Manual data research ensures to not just check for email bounces but other fields are also checked and updated, more often than not, emails are kept active even after people leave companies to receive critical emails. Check for email bounce, if it bounced, remove record, if it didn’t perform the next step. Check company validity through human logic. Check company validity through DnB master data through API. Apart from data standardization and email bounce check, human logic can keep an eye for anomalies that softwares can’t. No automated data cleaning system can manually research and update information to CRM, they only check for standardization and email bounce check through pre fed logic, and append whatever info is available with them for that company. Leads that are marked important are given more time to ensure nothing is missed Every lead is just another contact, nothing more, nothing less.
  19. 19. 5 Reasons to go manual: 1. Sales managers are under pressure to decrease CPL and increase conversion rates. 2. There is tons of unnecessary sales waste: sales teams spend enormous amount of time researching prospects and contacting wrong leads. 3. Traditional “lead list” providers suck: legacy “lead list” vendors offer outdated, badly categorized and mostly irrelevant data. 4. Manual offers new ways of lead qualification: modern logic-based signals (technology in use, website features, advertising) give the customer much better contextual businesses information. 5. Sales teams deserve better data: sales teams have long been left in the darkness of being told that this is the most perfect email list. Not anymore.
  20. 20. What people are saying When you hit your 1st campaign, that is when you realize the value of manual cleaning. (Video) Gary Sullivan, Founder and CMO BizProspex helped us generate leads without spending money on new lead generation. (video) Gary V, B2B IT Consulting Biz Manual data appending paid for itself with just 2 new leads. (Video) Ivan, Founder VideoJuke
  21. 21. Want to give it a try? First 100 leads or 5 hours of work is on the house. Also, we offer 120% money back. (no, this is not a typo). And have a 7 day (few questions asked) money back policy. Learn More here.
  22. 22. Good luck! We hope you’ll use the information above to make a educated decision! For more (free) data cleaning tips relevant to B2B business, click here: BizProspex Download our 5 step CRM cleaning guide by clicking here or on the image at side.

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  • MurtazaAmin1

    Dec. 4, 2016
  • dereksullivan7890

    May. 26, 2017

Data decay is a big challenge affecting millions of B2B businesses, can you afford to let software append and clean the most crucial part of your sales process - data.


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