The Scary Numbers Bulletin
Statistics to Ruin Your Day!
Here are at Digital Persona we don't believe in beating about the bush when it comes to telling you what you need to know to be successful. So we decided to compile some statistics from reputable sources that will probably ruin your day if you are responsible for sales or marketing data quality or lead generating and lead processing.
According to Compensation Force, the average total rate of attrition for a US employee (2016) was as low as 9% (Utilities) to as high as 26% (Hospitality). Lets split the difference between those two at 18%. That means every year your contact database will degrade by around 18% for every year old your data is. If your data is an average of 3 years old then 54% of your contact data probably belongs in the dumpster....
So that's why your marketing email bounce rate is so high and the sale team is complaining they can't reach anybody in the Salesforce contact database!
Still not convinced huh? OK, next one:
According to Sirius Decisions you can classify your data cost in terms of 1-10-100 or:
It costs $1 to validate your record at the source
It costs $10 to clean and de-duplicate a record once you've captured it into your database
The ongoing cost of not doing anything to clean the record is $100 (based on wasted sales productivity, poor response rates to marketing campaigns etc.)
Not convinced on that last point maybe? Take a fully loaded Sales Executive at $120K per year is a rolled up cost of $60ph. So wasting exactly 1 hour and 40 minutes of their time chasing bad data and there's your $100 cost/loss right there. We all know the reality is much worse than that. Just ask any AE or BDR how many emails they sent to defunct addresses or dead-end phone dials to departed prospects.
Ok, you might be feeling a little nauseous at this point so last one, we promise (for now).
According to Gartner, Sales Executives spend approximately 27% of their working day searching for or confirming data on prospects and companies that they should have available to hand. Lets use our friend the $120K sales exec again. You can look at this one in two ways.
1. 27% of their paid time is wasted chasing data. In simple terms that's $32,000 a year. Then multiply that by your number of salespeople. Ouch!
2. More importantly you've also lost 27% of selling opportunity time. If your AE is on a $1M quota then that's $270K lost per year. Now multiply that by the number of AE's. OUCH!
OK, so that covers the vinegar, let's get to the honey. Everyone one of these statistic is avoidable if you go about it in the right way and we can help you with most of it.
If you need to clean your account and contact database in small or targeted batches then look at ContactPERSONA On-Demand
If you need to clean your whole sales database and then keep it clean, look at DataPERSONA
If you need to clean your leads as they arrive so you don't have to clean them later then you need to read up on ContactPERSONA
What you don't have to put up with is the status quo. We have what you need to make these scary statistics go away.