Develop A Policy That Boosts Your Performance And Reduces Data Costs
As soon as a list is created, it begins decaying. People move, change jobs, change roles, change email addresses. In fact, it's estimated that as many as 40% of B2B business initiatives fail due to inaccurate data.* On top of that, when is the last time you sat down and looked at your data storage costs and calculated how much your bad data is actually costing you?
Whoa! Time to clean house, right? Not so fast. Before you get delete-happy with your database, you need to have a plan. Yes, inaccurate data should get trashed immediately. But some seemingly-bad data should actually be retained and worked on. It may take a little extra time, but careful upfront planning ensures you get the most out of your data: the good, the bad, and the ugly.
With RevEngine Marketing's Data Retention services, you'll develop a formal policy that gives you a clear process so you understand what data to keep, what to get rid of, and how long you should retain certain pieces of data.
The Data Retention Plan From 40,000 Feet
We'll start the process by analyzing your current data, as well as your current data strategy. How did you manage data retention before you decided to adopt a formal strategy? The goal is to develop a purge/retention strategy where the remaining data is data that actually works for your organization.
For example, truly dead leads can hit the road; but only after we execute a strategic Wake The Dead campaign - a last ditch effort, if you will - to reengage those leads and bring them back into the fold. Imagine if you were able to reawaken even a handful of leads that resulted in a just two conversions - you would be kicking yourself if you had deleted those leads simply because they had been inactive for 10 months!
This is why it's difficult to delete data based on a singular factor. A good plan will take a holistic approach, considering multiple factors to determine the viability of the data and a designated path that each type of data will take to be revived, or removed.
From here, you just need to commit to regular audits to continually purge, retain and act on data that is flagged by your retention plan.
Data Retention Is Tedious Business. Don't Go It Alone.If you're here, you have acknowledged that your database is in need of a PLAN. And RevEngine Marketing has it. Database management is a fluid task; it's always ongoing and never ending. Combined with the myriad factors that must be considered as you decide "to delete, or not to delete," it can be a downright tedious process. But businesses that do data retention, and do it well, enjoy clean data and all the benefits that come with it like better engagement, shorter sales cycles, and ultimately more closed deals!
Don't let dirty data get you down - learn more about RevEngine's signature 6-step Gold Nugget strategy for the ultimate data retention plan.
When to Flush Those Bad Leads: 8 Steps to Improve Data Quality 3 Reasons Why You Need to do a Data Health Check Four Data Steps to Widen Your Funnel
* Source: http://blog.zoominfo.com/data-decay-is-your-b2b-database-full-of-rotten-apples-infographic/