The world is changing at an unprecedented pace. Within a four-month span, the United States unemployment rate went from 3.5% (5.8 million people) in February 2020, to what experts predict will reach 20% unemployment (or 33 million people) by June 2020. In what seemed like an instant, non-essential businesses have had to halt or completely overhaul operations, while essential industries grapple with a strange new normal.
These sudden economic shifts have only underscored the importance of harnessing the power of current, refreshed data at scale. Working with even the slightest outdated information can wreak havoc on critical business operations and strategic planning, ranging from sales territory mapping and lead routing, to resource allocations, capital investment decisions, and much more in between.
Now more than ever, it’s vital to partner with a data provider that refreshes their master data as often as possible, using the most current reference source available. As so many jobs shift and companies restrategize, refreshing data frequently produces vastly more accurate and reliable information, especially in times of great change, and here’s how.
Tracking Job Turnover
Revenue teams rely on accurate contact data to help them reach the right people at the right time. According to the U.S. Bureau of Labor Statistics, the average worker will have held over 12 different jobs in their lifetime, not including promotions to new roles within the same organization. In 2017, ADP reported that approximately 27% of employees change their job each year.
In 2020, the U.S. unemployment claims have reached an all-time high. With over 155.76 million people in the workforce today, that’s an astronomical amount of data to keep refreshed.
Not only does job turnover impact individual contact information, job roles, and decision making authority, but it also impacts a company’s overall employee size, revenue, business sophistication levels and even markets served, all of which are data points many sales and marketing teams use for vital planning and routing purposes. When this information is outdated, incorrect, or even missing altogether, no longer can that contact and account be nurtured and served in the right ways across the organization.
On the flip side… with data refreshed regularly, amazing things can happen.
Take this example, from a customer that needed to hone in on exactly the right contacts to engage with:
One of the nation’s leading online retailers for home and office furnishings had an established inbound lead flow with a broad audience segment. But when it came time to nurture their leads with more costly direct mailers, the company needed a way to target only those accounts and job functions that would generate the most ROI. Using fit scoring, the company prioritized their entire account list, then further narrowed the list by job titles and leveraged keyword semantics graphs to customize the mailers for each role.
Beyond job title, data modeling helped understand the level of decision making power within each account. For example, if the owner of a small business has “Lead Designer” as their job title, they may still be the right contact for furniture purchases. Furthermore, the team also used known job titles to find lookalike ones that previously weren’t included, but actually did fit well within the same campaign. These are just some of the ways nuanced insights made possible by modern B2B data help drive better direct mail ROI.
RECOMMENDED RESOURCE: We’ve heard it time and time again. There are common misconceptions about where your data truly comes from and how accurate it really is. Watch our Data Origin Explainer Video to help clear them up: Demystify the Origin of Data Explainer Video + Asset.
Monitoring Business Closures (& Reopens)
Yes, the economy will get back to some sense of “new” normal soon enough. We’re already seeing that happen as some States begin to reopen. With the future still unknown for many industries, tracking when particular businesses close and reopen will be a key success factor in gaining competitive advantage during and post-pandemic.
“I use EverString to import lists of 1000+ accounts and filter out the companies that are too big or too small to benefit from our platform. EverString allows me to limit the number of bad fit companies that are being sent to our SDR team. Saving everyone time and increasing the opportunities created per demo set.”
– Eddie Slaughter, Account Executive & EverString Customer
To illustrate what’s possible with real-time data refreshes, consider this customer story:
One of the largest global credit card and banking providers already knew their revenue data was highly accurate for existing customers. With that as a reference point, the institution conducted a free Data Test with EverString, which uncovered EverString’s quality matching and enrichment capabilities for not only their existing customers but net new accounts as well.
Upon seeing the results, the team felt confident turning to EverString to serve various data needs for all four of their B2B divisions: SMB Banking, Large Enterprise Banking, SMB Credit Cards, and Large Enterprise Credit Cards. Not only did EverString’s data prove to be highly accurate and vastly superior to any other external data provider, but the depth of signals meant they could search, filter, segment and prioritize their target accounts using over 20,000 B2B data attributes, including nuanced information such as software installed, markets served, annual revenue for small private firms, and much more.
Since working with EverString, the organization has reported significant performance improvements:
- Direct Mail Campaigns – 2-3x increase in location data accuracy
- Next-Gen Propensity Models – Leveraging EverString technographic and intent data to more accurately predict model customers
- Reliable Lead Data – 4-5x increase in Industry Classification and Estimated Revenue accuracy for SMB
RECOMMENDED RESOURCE: See if your target accounts are deemed ‘essential’ during an emergency order. Browse the Essential Business NAICS Code Directory to view detailed industry segments by 2-digit, 4-digit, or 6-digit NAICS Code.
Gaining Advanced Insights
With marketplace shifts happening on a macro and micro scale, considerable changes are taking place to company firmographics. Metrics like employee size, annual revenue, business sophistication ratings, credit standings, are always in constant flex, but even more so during times of great economic change.
Modern sales and marketing teams should work with a data provider that is crawling the web to extract relevant information in real-time, and modeling that information to fill in knowledge gaps when present. The result produces a comprehensive, reliable set of b2b data that reflects current marketplace standings.
Of course, having the right data is half the battle. Leaders must ensure fresh, current data flows seamlessly to their team, through the tools and platforms they use daily.
When you empower your team with the right tools for success, you’ll start saying things like this:
- “If I had a marketing superpower, I’d be able to connect the dots between tens of thousands of attributes to determine whether or not a company was a good fit for our prospecting efforts. With EverString, I get that superpower”
– Kevin O’Malley, (former) VP of Marketing for SalesLoft. Read about their successes here
- “Putting the Sales Intelligence Panel in front of our sellers enabled them to use it in their day-to-day interactions making EverString not just a marketing tool, but a whole GTM tool for us.”
– Jeff Marcoux, VP of Marketing for TTEC. Watch Jeff share their story here
- “[EverString’s Sales Intelligence Panel] is efficient and fast. The AEs can get their contact in 5 minutes when the rest of their leads had already gone stale. They found someone that wasn’t even on their radar yet. So this tool is going to be instantly valuable and already so intuitive. This is awesome! This is really great! We’re super excited!”
– iHeartMedia Sales Leadership Team
RECOMMENDED RESOURCE: When purchasing third-party B2B data, ask these ten questions to safeguard yourself against the shortcomings of legacy data providers. View the Buyer’s Guide: 10 Questions To Ask Your Data Provider
See What’s Possible With a Free Data Test
Propel your business with up to 10x better data. Take our data for a test drive and see for yourself with a free EverString Data Test. You’ll receive a complimentary Executive Summary highlighting key findings and results… no strings attached! Start here