All databases become obsolete over time, unless they are regularly cleaned and restocked.
In many ways they are like the human body. We all benefit from washing regularly, to stay fresh, and maintaining a proper nutritional balance, to keep energised.
Data decay refers to the gradual degradation of the accuracy and completeness of data over time, as contacts change jobs, companies merge or go out of business, and other changes occur.
We are powerless to avoid these influences and the rate of annual decay is steep. Estimates by Experian and Forrester Research put the range between one quarter and one third of our marketing lists each year.
Here are some thoughts on how we can lean into the challenges and keep our valuable data assets in good shape:
- Data Cleansing: Implement regular data hygiene processes to verify and update contact information, company details, and other relevant information. This can involve using third-party data providers, conducting manual research, or bringing in automated data verification tools.
- Continuous Data Enrichment: Research new information to help fill in gaps and keep data fresh.
- Data Management Processes: Have regular audits to strip out duplicate information and ensure information is stored consistently, using a standard template.
- Consistent Updates: Ensure information is updated across all in house platforms to help maintain data consistency and reduce the risk of working with outdated information.
- Bring in More Raw Materials: Acquire fresh data from reliable sources or manually research new information to grow our list of contacts in specific commercial sectors or geographic regions.
Tired data makes our work tougher. It’s draining to work an out-of-date list and it has a dramatic impact on the effectiveness of our marketing campaigns.
Time for a data spring clean, I think!
“Data isn’t units of information. Data is a story about human behaviour – about real people’s wants, needs, goals and fears. Never let the numbers, charts, platforms and methodologies cloud your vision.
Our real job with data is to better understand these very human stories, so we can better serve these people.
Every goal your business has is directly tied to your success in understanding and serving people.” – Daniel Burstein.
Thank you for reading.
