Acadia Blog

The Real Cost of Data

Written by Margery Murphy | June 15, 2020

It’s no secret that poor quality data costs organizations BIG DOLLARS. Being in the business of lead generation, strategic sales and marketing, and business consulting, this issue comes up time and time again with many of our clients.

It all comes down to cost versus value. A familiar example is  shopping for a new consumer appliance  within a certain price range. As you research it, you might realize that if you spend a bit more you may have a better warranty. Or maybe the product reviews indicate the value is worth the extra dollars. It is clear that with a durable good such as an appliance, you can touch it to feel the quality or consider the reviews and determine the cost versus value.

This is not so much the case with data. You cannot touch or feel data. You cannot determine value by looking at it, as it is intangible. There are no reviews as it is specific to you and your organization. There is also no warranty. And these days, there are so many sources of data, it can be hard to know exactly where it’s coming from. All the more reason to look more carefully before you purchase data such as a prospecting list, or as you embark on a list-building project.

Targeting Your Prospects

When working with our clients we spend a great deal of time discussing contact data. Who is the target, how easily will they be to reach, what are key role descriptions (not just job titles) to connect with, and what is the message you bring to them? We are diligent about educating clients with regard to direct dial phone numbers, the need for thoughtful email follow up and nurturing, and the concept of ownership of the list versus a rental list. All of these are critical but often overlooked by organizations looking to buy data.

A list is assumed to be a commodity item and yet it is far from it if it’s not tailored to a client’s goals. The list is the key driver for all other actions that happen in the sales campaign. It is one of the most critical portions of any marketing outreach.

 

Purchased lists of phone numbers are rarely as targeted or tailored as you need them to be, which means more time and money spent cold calling for prospecting. What about email lists? Purchased email lists are often off-limits for email marketing management platforms. And you don’t want to risk having your email recipients mark your messages as spam either. It tarnishes your reputation and takes more time (and money) to repair the damage.

The key takeaways are that “cheap” data actually contributes more expenses, and the less you spend on the data the more you will spend on telephonic lead generation List acquisition must be seen as strategic and not simply transactional.

Have you struggled with list building, or run afoul of too-good-to-be-true lists of contacts? We can be your guide and advisor in creating a list to reach your goals. Contact us to learn more!