Regularly applying a Prospect Database Assessment provides ease in assessing and scoring your prospect database effectiveness. In our last blog, What’s Wrong With My Prospect List?, we discussed three obvious signs that prove that you are targeting the wrong prospects. Knowing your prospect database inside-out will enable you to reach the right prospects.
Prospect Database Assessment
There is a direct connection between the quality of your marketing database and the results you will attain from your lead generation campaigns. Data age quickly, unless continually maintained. As per Marketing Sherpa, B2B prospect databases lose precision at a startling rate of 3% every month. This is an annualized rate of 22.5%.
Prospect Database Quality
How would you rate the quality of your prospect database?
Good – Score 10 points if you are sure about your marketing database quality
Ok – Award yourself 5 points if you are quite confident about the quality of your database but still feel there is some scope for improvement
Bad – 0 points if you think your prospect database is dirty
Prospect Database Centralization
Do you currently have a centralized marketing database shared between different departments of your organization?
Yes – Score yourself 5 points if you have a centralized database
No – 0 points if your team still is working on multiple excel sheets and assorted databases
Regular Database Cleansing
Do you regularly cleanse your prospect database?
Yes – Add yourself 10 points if your team regularly monitors data quality and scrubs outdated information
No – 0 points if your database has not been updated in very long time
Do you collect multi-channel data (website visits, email campaign clicks, landing page form information, calling data, survey data, etc.) to build customer profiles?
Yes – Score 10 points if you supplement prospect data with information from two or more marketing channels
Somewhat – Award yourself 5 points if you supplement prospect data with information from any one of the marketing channels
Bad – 0 points if you have not been collecting multi-channel activity information
Third party database verification/supplementation
Are you using third-party prospect database verification tools or data sources to enhance database quality?
Yes – Add yourself 5 points if your prospect list development team uses any third party data sources or verification/authentication tools
No – 0 points if you are not using any such third party tools
0-20 Points: Your database needs a lot of attention. It is probably outdated and may have lot of duplicates and erroneous data. This could be the reason why your marketing team has been complaining about low marketing campaign conversions.
20-30 Points: Your marketing database is decent, but needs help. Do make efforts to improve data quality before it gets out of hand. Third party prospect email list verification and validation can significantly help.
30-40 Points: The score indicates that your marketing database is in good shape.