Stale Data: The Hidden Costs

Tom O'Connell Updated 9 April 2021

Stale Data - cover image depicting characters working with data
Reading Time: 2 minutes

Stale data is a problem for any company that stores customer or prospect contact information. Not only are you paying to store this unusable data, you’re also leaving money on the table in the form of uncontactable warm leads. If you’re wondering how this happens – and how you can fix the problem – read on!

Every day your business can amass thousands of data points on current and potential customers. Each contact in your CRM represents a relationship initiated and nurtured by you or your team – but did you know that every three years, more than a quarter of that data becomes stale and unusable?

Every three years, 27% of the workforce change jobs. This means CRM details are constantly changing and have little shelf-life. Every time someone changes their role, the relationship you’ve spent time and money building goes with them.

People in suits on space hoppers - to illustrate how 'job hoppers' lead to stale data.
Job hoppers, get it?

Not every single one of these job moves involve changing company. Many of your contacts might have been promoted into decision-making roles; meaning there are a myriad of unearthed gems in your data. A lead with prior knowledge of your product or service is a very warm lead indeed.

Undeniably, the costs of doing nothing are high; Gartner measures the average financial impact of poor data on businesses, at millions every year.

Forbes reports that 94% of B2B businesses speculate they may have stale or inaccurate entries. As a result, finding a way to make sure entries are updated and accurate can give you a competitive edge.

How do I unearth these hidden leads?

Introducing ReTrace.

ReTrace can find fresh leads among your current contacts who may have been promoted into decision-making roles, or moved into new firms.

ReTrace filters your CRM to find decision-makers and points of influence, using real-time B2B data.

Updating these records manually is a thankless and unending task. The amount of research and record-checking could take so long, that once you’d finished… you’d need to start over again!

ReTrace’s AI achieves this in a fraction of the time it would take a human, with greater accuracy too.

The hidden costs of stale data includes not only lost relationships and the extensive time that goes into establishing them, but the potential deals you’re yet to close.

Compatibility

ReTrace data is compatible with almost all CRMs, including Salesforce, Hubspot, Tealium and more. Data exports are in CSV or Excel format, making them easy to import and update to your CRM.

We can help you maximise your CRM’s potential. Get in touch with us today.

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