Attrition and Your Prospect Data
How employee attrition can decay your prospect data quicker than you think.
There's a lot of data vendors out there and even more vendors that sell cadence tools, marketing automation tools, lead scoring tools etc. etc.
What most of them fail to reveal is that data quality is the life blood on which their tools rely upon to work effectively. Depending on the type of prospect role you target, the annual rate of attrition can be from 14% to as hight as 40%. This can render some prospect databases useless in less than 2 years without a refresh.
Consider this. These are the average attrition rates of commonly targeted job functions and roles:
The main conclusion from the above research is that you should expect your prospect database in CRM to decay by an average of at least 1/5 contacts or 20% every year.
One of the founders of Contact Persona is from Enterprise Software sales and recalls several occasions over a 10 year period when 6 & 7 figure deals that were literally at the finish line were derailed when the principal decision maker left the client company. His employer at the time relied on that one person to carry the deal over the line and when they left, the sales process had to revert back to earlier stages to identify the new decision maker and build a new relationship. Several deals collapsed because of prospect attrition and no backup plan.
We have yet to encounter a client or prospect that truly understands the value of accurate and fresh data to every part of their sales and marketing funnel. Those that do take a closer look at their data tend to view it as a commodity to be acquired as cheaply as possible and accepting that poor and stale data is inevitable but expecting your tools that use it to work well. That's like buying a Saturn and expecting a Mercedes in terms of quality, performance and reliability. It just isn't going to happen.
In this recession of all recessions, it's important to understand that your database is degrading as we speak and not refreshing it is going to cost you valuable pipeline you can ill afford to miss right now. Read our other blog on this subject.
Our ContactPERSONA On-Demand Service can scrub the junk out of your contact database and dramatically enhance the valid contacts that are still there. You don't have to take our word for it. Request a sample clean or analysis of your contact database today.