Are your reps improving their data and conversions?
According to Dun & Bradstreet’s State of B2B Marketing Data 2015, 54% of the 223M+ data records that were analyzed did not include a phone number. Organizations that are lacking a complete and consistent view of their prospects run the risk of misaligned messaging, resulting in poor conversion rates. Based on these findings, it is critical for sales development reps to have access to complete and accurate data sources to improve their ability to generate fully qualified leads for sales teams.
At QuotaFactory, we wanted to measure how different data sources directly impact sales conversations and conversions. We gathered information from over 20,000+ calls within a month that our sales development teams make here and evaluated how fast or how slow teams with different data sources were able to reach decision-makers. We calculated metrics such as data accuracy, live conversations, and conversions to opportunities, to determine which data was most helpful to sales teams.
To evaluate this data side by side, we created The Tale of Two Data Sources infographic below.
Who Will Win?
It’s the start of the quarter, and your two sales development teams, based on territory, are competing to win a sales contest based on lead conversions. Both teams were trained on the same methodology. Both are using the same technology. However, their data is different, culled from two separate sources. Let’s see who wins the contest!
Accurate data is hard to come by, which is why vendors never guarantee 100% accuracy. Companies are evolving all the time: decision-makers are getting promoted, new hires are being onboarded, and some employees are leaving for other opportunities. To put this in perspective, it’s reported that B2B data decays at a rate of more than 5% per month or 70.3% per year (Biznology). However, the best data providers keep their lists up-to-date and augment and aggregate new information as soon as possible. According to Dun & Bradstreet’s “What’s Working in Demand Generation” 2015 study, 59% of B2B marketing respondents stated that their top priority was to improve the depth and accuracy of their database, proving that data accuracy is steadily growing in importance.
How fast will it take for your sales development team to get a live conversation with a decision-maker? It depends on the accuracy of the data. If your sales development team is constantly being trained on innovative techniques, they’re going to be frustrated with their data if they’re not having the right sales context conversations with the right prospects.
Access to data providers, such as InsideView, that combine accurate contact information with other business insights will further enhance your sales development rep’s ability to have meaningful conversations with their prospects. Taking the extra step to understand the business challenges of potential customers and researching their current environments with the aid of real time insights supports more relevant conversations that will in turn increase conversion rates.
Conversions To Opportunities
Finally, the metric our teams are tracking! When prospects decide to move on to the next step in the sales cycle, each team celebrates by ringing a bell. Remember, each team is following similar scripts to achieve this goal.
Read “A Tale of Two Data Sources” below to find out the winner!
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