Account-based marketing (ABM) is a growth strategy that focuses marketing and sales teams on collaboration, creating personalized buying experiences for high-value accounts. In a sense, an ABM strategy will treat the most valuable customers as individual markets to increase their ROI and maintain loyalty.
However, with an ABM strategy, it can be easy to concentrate too heavily on the accounts and forget about the importance of quality data. Without accurate, complete, and organized data, ABM programs can quickly fail to reach the correct audience. For example, if transactional records are missing, you run the risk of leaving out valuable customers in your program.
The impact of bad data
The statistics show why account-based marketing data cleaning is so critical.
- Bad data costs the US over $3 trillion per year
- As much as 40% of B2B sales leads contain dirty data
- In B2B marketing, customer data can decay between 30-70% each year.
- 57% of businesses only find out about dirty data when their prospects or customers tell them.
Assessing and cleansing your contacts in an account-based marketing strategy is critical if you want to get value from your data. Companies such as Oceanos will provide a free data health check report, providing insights on important metrics like accuracy and completeness of the information. Clean data will ultimately ensure you segment customers properly and optimize marketing campaigns.
Data blind spots
In account-based marketing, it’s vital that you deploy an ongoing data management strategy. As data is not typically the most glamourous part of marketing, it tends to be where businesses fall short. A lack of data quality can create blind spots within your ABM campaigns, whereby you don’t know if the data is accurate or not. The Database Marketing and Contact Acquisition Report states that only 29% of B2B marketers clean their data on a quarterly basis, and more worryingly, 27% don’t know how often it is cleaned.
Data and ABM
If you consider a B2B marketing campaign, target accounts will often be large organizations, potentially with multiple offices around the globe in the ABM world. Sending direct mail to a business address and expecting it to find its way to a specific contact is a challenge. It can quickly end up in a recycle bin after being distributed to the wrong place, or if the contact isn’t expecting it.
Some companies might try to call every contact and confirm the best location to mail them, but smaller enterprises won’t have the budget or resource to do so. Instead, data collection practices should incorporate the necessary information to avoid problems in future campaigns.
ABM data cleaning starts right from the point of sale with data validation and verification for every contact.
Improve account-based marketing with clean data
The goal of ABM is to engage prospects that you identify as high value. The best way to do so is by digging deep and finding enriched attributes. Discovering useful data will only be possible if it is clean, accurate, and complete. The more complete your contact data is, for example, the easier it will be to ascertain the contacts missing in each account.
In cutting out dirty data, you also make sure that communications reach the ideal audience and improve your engagement metrics. Continual data cleansing helps marketing automation run smoothly, giving the business confidence in reporting and functionality.
Looking for ABM Data Cleansing Company?
StrategicDB is a full service data cleansing company, include ABM Data cleansing, de-duping, data standardization and record validation. Contact us today, to get a free data audit.