Sales and marketing both agree that data quality is one of the most important things when it comes on their effect to make sales. Marketing keeps track of number of new leads, number of unsubscribed, opens and click thru rates. Sales keeps track of funnel conversions, sales rep’s performance and overall sales. What is missing is that neither groups are keeping track of their data quality.
So how does one start tracking data quality? Here are a few widgets or charts you should add to your data quality dashboard:
- Data Completeness Score: This may require you to create a new field which calculates how complete your data is for only key fields. Here is how to calculate the score:
= (# of Required Fields – Count if Blank) / (# of Required Fields)
Once you calculate the score you can use it to display completeness score over time, by Rep and By Source to identify ways to improve data completeness.
- Bounce Rate: You should keep track of bounce rates by source and by date added to the system to identify if 1) your data is getting outdated and you need new leads and 2) what sources have bad data.
- Date Created: Date created and other date fields such as last activity date will let you know how engaged and outdated your data is. You may want to keep track of the amount of records that are no longer engaged to identify new ways to bring new records into the system.
- Accuracy (If Available) – If you are using Data.com you can identify the percentage of records that do not match Data.com using data.com clean status. Alternatively, you can keep track of all the changes that is happening from first point of entry to the next by field and build your own accuracy score.
Other data quality data that you may want to include is # of duplicates in the system by using one or two fields to identify duplicates for example email and website. You may keep track of accounts without contacts if you are selling B2B. Records without email or phone # if you are using B2C. Identify addresses that are not verified or validated if you are doing direct mail campaigns. The list can go on and on depending on your business needs, the bottom line is that you should keep track of data quality as it is your company’s biggest asset.
If you need help developing a data quality dashboard or are looking to have your database cleaned, contact StrategicDB for a free data audit.