Like Oscar Wilde’s play, the state of your of your lead database can be quite comical. All marketing and sales teams deal with the pain of bad person and company data. Between incomplete form-fills, attendee lists from events, and anonymous web visitors, trying to make sense of this information can be a complete mess, not to mention a huge waste of time.
Considering the entire Martech landscape, I find it surprising that the database problem still plagues most marketers. In fact, according to the State of Salesforce Report produced by Bluewolf, 51% of respondents said they are currently invested in data cleansing tools and another 26% said they would be investing in the next year.
The data problem is proliferating as marketing continues to expand into new channels and technologies. Traditionally, marketing and sales teams have looked to data and lead vendors to help cleanse and enrich their data. The problem with this method — as most will agree — is that the data from these vendors tend to be out of date by 6 months if not more; therefore, rendering it useless.
In a typical day for anyone in sales or marketing, you will likely visit at least one social or web channel (e.g. LinkedIn, Twitter, Google) to find a particular person or company. You do this because you know that whatever is available on the open and social web is most likely the most accurate and up-to-date information.
The open and social web is comprised of mostly unstructured data (i.e. data that either does not have a pre-defined data model or is not organized in a pre-defined manner). So there’s a manual element to finding the information you need and then synthesizing it with your existing records. This process makes it difficult to support at scale.
Predictive Analytics Platforms, like Leadspace, have entered the market to address this exact opportunity. They provide an intelligence layer to reconcile the different data sources while also bringing in contextually relevant and valuable external information from the open and social web. This type of platform not only eliminates the need for “data cleansing” tools, but it also provides an on-demand, “virtual” database of the most accurate person and company information.
We put the Leadspace Platform to work for the upcoming SiriusDecisions Summit in Nashville next week. The event organizers provided an attendee list with last names, titles and companies. We ran this list of partial data through our platform and, in a matter of minutes, we had an enriched file with more than 40+ fields of information at the individual and company level.
Imagine the time saved and the improved efficacy of your campaigns if your database was on-demand and always up-to-date. It’s no longer a fantasy with predictive analytics entering the fray.