Sean Shea, a philanthropist and CEO of ViB, is addressing the issue of data decay in B2B marketing, emphasizing the importance of combating it to protect revenue. According to Gartner, B2B contact data can decay by as much as 70.3% per year, leading to significant losses for companies. Data decay occurs as contacts change positions, companies undergo restructuring, and business information becomes outdated.
The impact of data decay on revenue can be substantial, with a survey by Validity revealing that 44% of respondents reported annual revenue losses of over 10% due to CRM data decay. Ineffective marketing campaigns, bounced emails, and wasted resources are just a few of the consequences of bad B2B contact data. Combatting data decay requires a proactive approach, with regular data audits, data validation, data appending, and collaboration with B2B data providers all playing a role in maintaining accurate and up-to-date data.
By implementing strategies to combat data decay, businesses can protect their revenue, improve marketing campaigns, and enhance customer relationships. Encouraging clients and contacts to update their own information, leveraging external data sources, and utilizing data validation tools are all effective ways to prevent data decay. Proactive data management practices can help companies stay ahead of the curve and ensure that their marketing efforts are based on fresh, accurate data.
Looking towards the future of B2B marketing, the key to success lies in maintaining clean and accurate data. By understanding the challenges of data decay and taking steps to address them, businesses can avoid potential revenue losses and enhance the effectiveness of their marketing strategies. Implementing preventative actions and utilizing the right tools are essential to combating data decay and ensuring that companies have access to high-quality, reliable data for their marketing efforts.
