Post on 13-May-2015
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Marketing Lead Data: Five Steps to Higher Revenue
July 20, 2011David M. Raab
Raab Associates Inc.
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Data Problem? What Data Problem?
• top 3 marketing problems: technology, resources, process (what about data?)
• 2/3 of prospect data is less than 75% accurate (vs. 1/3 of customer data)
• data decays at 2% per month
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Why Data Problems Matter• your new marketing
automation system will fail (the boss won’t be happy)
• your email won’t get delivered (or, even worse, it will)
• opportunity costs (wasted acquisitions, lost revenue)
• salespeople won’t follow up (55% blame missing data; next-highest reason is 14%)
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Root Causes• poor data capture• user-provided data
• less sales involvement• recycled operational
data
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Solving the Problem: 5 Step Program
1. Set a Baseline2. Organize for Action3. Make Improvements4. Measure Results5. Repeat as Needed
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1. Set a Baseline
• research existing data• select key elements (one
word: email)
• test for dupes and errors
• consider the source
• document update processes
• identify opportunities for improvement
• define value and prioritize
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2. Organize for Action• governance• cross-department
team
• executive sponsor
• departmental data stewards
• select projects• set goals
• define metrics
• track and report
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3. Make Improvementsinitial projects: simple, low cost, measurable• input: data capture, user
registration, progressive profiling
• import: processing rules, source priority
• external data: validation, enhancement, refresh
• process: sales and marketing coordination, training, feedback
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4. Measure Results• always compare to something • goal, history, industry benchmark
• make results accessible• dashboard, variance reports
• measure types• effort (costs, processing volumes)
• results (changes, error rates, usage, attitudes)
• business value (lower costs, more leads, higher revenues)
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5. Repeat as Needed
• (it’s always needed)• identify new
opportunities• avoid back-sliding
(maintain previous improvements)
• on-going baseline measurements
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Tools Can Help
• data cleansing• name/address
standardization, matching, reference data
• real time validation• periodic refresh• no silver bullet
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Conclusion
• quality pays• integrated
systems magnify the value
• quality programs set the stage for additional cooperation
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Thank You.David RaabRaab Associates Inc.draab@raabassociates.comwww.raabassociatesinc.omTwitter: @draab