{"id":557,"date":"2021-08-22T10:37:00","date_gmt":"2021-08-22T09:37:00","guid":{"rendered":"https:\/\/lix-it.com\/blog\/?p=557"},"modified":"2021-08-23T10:25:37","modified_gmt":"2021-08-23T09:25:37","slug":"the-hidden-costs-of-stale-data","status":"publish","type":"post","link":"https:\/\/lix-it.com\/blog\/the-hidden-costs-of-stale-data\/","title":{"rendered":"Stale Data: The Hidden Costs"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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&#8217;re also leaving money on the table in the form of uncontactable warm leads. If you&#8217;re wondering how this happens &#8211; and how you can fix the problem &#8211; read on! <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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 \u2013 but did you know that every three years, more than a quarter of that data becomes stale and unusable?<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Every three years,&nbsp;<a href=\"https:\/\/www.ons.gov.uk\/economy\/nationalaccounts\/uksectoraccounts\/compendium\/economicreview\/april2019\/analysisofjobchangersandstayers#:~:text=On%20average%2C%20around%209%25%20of,in%20both%202017%20and%202018.\">27%<\/a>&nbsp;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\u2019ve spent time and money building goes with them.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" width=\"976\" height=\"750\" src=\"https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/07\/93909535_jobhoppers.jpeg\" alt=\"People in suits on space hoppers - to illustrate how 'job hoppers' lead to stale data.\" class=\"wp-image-723\" srcset=\"https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/07\/93909535_jobhoppers.jpeg 976w, https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/07\/93909535_jobhoppers-300x231.jpeg 300w, https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/07\/93909535_jobhoppers-768x590.jpeg 768w\" sizes=\"(max-width: 976px) 100vw, 976px\" \/><figcaption>Job hoppers, get it? <\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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. <\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Undeniably, the costs of doing nothing are high; <a href=\"https:\/\/www.forbes.com\/sites\/forbespr\/2017\/05\/31\/poor-quality-data-imposes-costs-and-risks-on-businesses-says-new-forbes-insights-report\/#1121987b452b\">Gartner measures the average financial impact of poor data on businesses, at millions every year.<\/a> <\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Forbes reports that <a href=\"https:\/\/marketinginsidergroup.com\/strategy\/how-to-clean-dirty-data-and-increase-your-marketing-roi\/\">94% of B2B businesses speculate they may have stale or inaccurate entries<\/a>. As a result, finding a way to make sure entries are updated and accurate can give you a competitive edge.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4><strong>How do I unearth these hidden leads?<\/strong><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Introducing <a href=\"https:\/\/get.lix-it.com\/retrace\/\">ReTrace<\/a>.<br><br>ReTrace can find fresh leads among your current contacts who may have been promoted into decision-making roles, or moved into new firms. <\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><a href=\"https:\/\/get.lix-it.com\/retrace\/\">ReTrace<\/a> filters your CRM to find decision-makers and points of influence, using real-time B2B data. <\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Updating these records manually is a thankless and unending task. The amount of research and record-checking could take so long, that once you&#8217;d finished&#8230; you&#8217;d need to start over again! <\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>ReTrace&#8217;s AI achieves this in a fraction of the time it would take a human, with greater accuracy too.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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&#8217;re yet to close. <br><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4><strong>Compatibility<\/strong><\/h4>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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.<br><br>We can help you maximise your CRM&#8217;s potential. <a href=\"https:\/\/get.lix-it.com\/retrace\/\">Get in touch with us today.<\/a><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" width=\"600\" height=\"600\" src=\"https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/08\/blog-card-1.png\" alt=\"\" class=\"wp-image-756 size-full\" srcset=\"https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/08\/blog-card-1.png 600w, https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/08\/blog-card-1-300x300.png 300w, https:\/\/lix-it.com\/blog\/wp-content\/uploads\/2021\/08\/blog-card-1-150x150.png 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p id=\"block-09c3d6b8-39e0-4c87-a64e-fc1fae3e3b07\"><strong><br>Try Lix &amp; get 50 free leads!<\/strong><\/p>\n\n\n\n<p id=\"block-294b027e-9805-4597-9ebc-6be76d0cc7ad\">Supercharge your pipeline with monthly, free, targeted leads. <a href=\"https:\/\/lix-it.com\/\">Click here to get started.<\/a><\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p class=\"qua-blog-post-description\"><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Every 3 years, 27% of your CRM goes out of date&#8230; but there is a solt<\/p>\n","protected":false},"author":3,"featured_media":724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[42,40,43,39],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does your CRM hide stale data? 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