RegTech Growth – The Power of Quality Data

How many times have you tried to contact a prospect and the telephone number is incorrect, the email address bounces, or the person has simply moved on? It’s frustrating and a waste of time and resources. That’s why when it comes to prospecting, the importance of data quality can’t be overstated. It forms the bedrock of generating sales-qualified leads effectively, ensuring that time and resources are invested in pursuing prospects with genuine potential.

RegTech Sales Directors are constantly striving to secure high-quality leads and drive revenue growth. However, their efforts are often impeded by the challenge of dealing with ‘unclean’ prospecting data leaving them navigating a sea of unqualified leads.

According to the Global Data Management Report cited by Datamatics, 72% of business leaders consider data crucial for making important decisions. However, 32% of those surveyed admit their data isn’t accurate, and 55% have trust issues with their data.

95% of appointments booked by Gungho stem from our own dataset of 550,000+ contacts, rather than our clients’ datasets. This highlights the critical role accurate, up-to-date, and comprehensive data plays in maximising productivity and optimising sales strategies.

Here are the top five reasons why your poor data quality hurts your sales:

1. Wasted Time and Effort: Outdated or inaccurate contact information leads to wasted time chasing down bad leads, while duplicate entries create confusion and inefficiency.
2. Missed Opportunities: Clean data helps identify the right prospects with the greatest potential. Inaccurate data means your team could be missing out on valuable sales opportunities.
3. Ineffective Targeting: Without accurate data on customer needs and preferences, targeted outreach becomes impossible. Your messaging won’t resonate, leading to decreased engagement and lost sales.
4. Damaged Reputation: Delivering emails or calls to the wrong contacts can damage your brand image and lead to frustration among potential customers.
5. Poor ROI on Marketing Efforts: Marketing campaigns based on flawed data translate to wasted resources and a diminished return on investment.

So how can you keep your data clean?

1. Customer Relationship Management System – If you don’t already have one, get a CRM to help manage the data. Spreadsheets and lists are a breeding ground for mistakes, that’s before we consider data security…
2. Implement data quality guidelines and standards – Establish clear standards and guidelines for data entry, ensuring consistency across all entries. This includes formats for names, addresses, phone numbers, etc. Mandatory fields are a must when it comes to data entry and here’s why: time is precious but so are sales leads! We have all been there before, where finding that extra telephone number, HQ address or email address takes a couple of extra minutes. When the pressure is on to get leads it seems like a waste of time, but it isn’t, that phone number can secure your next sale.
3. Assess and review – Assess the data you have and review the last time that account was contacted. You might have an account and contacts lurking in your data that you haven’t spoken to in over 6 months, a lot can happen in that time.
4. User access – Know who has access to the data and ensure everyone understands the processes for input.
5. Report on your data – Your data should be constantly developing to avoid data decay; out of date data isn’t going to generate leads/revenue. Bouce rates indicate incorrect data, regularly monitor these alongside other factors like changes of role, change of company and keep tabs on where prospects move to. The more you can keep your data accurate and up-to-date, the harder it will work for you.

When it comes to prospecting in the RegTech space, companies often find themselves in one of several categories:

• No Data – Often smaller organisations at the start of their lead generation journey, holding little to no prospect data.
• The Dregs – Organisations that have some data, but it is outdated and may no longer accurately reflect their Ideal Customer Profile. The data often includes a list of the people who have previously said ‘no’.
• Some Data – This data is often gathered from events and includes named accounts.
• ‘Best Data’ – This is where an organisation holds target lists and named accounts. The data is collected via sources like Zoom/Dun and Bradstreet and includes larger accounts.

You will probably fall into one of these categories. There are very few organisations that we work with which have dedicated data cleaning staff working full-time to ensure sales effectiveness. Even then, we can usually find people in their target market they didn’t know.

Why do we care so much about data?

We wouldn’t be where we are today without our proprietary dataset which is built on the foundational needs of RegTech organisations. With over 17 years of experience exclusively serving the RegTech sector, we hold deep insights into global buying trends, empowering our clients with invaluable market intelligence.

Partner with Gungho Marketing and take the first step towards accelerated growth in the RegTech industry. Make the call today: +44 (0) 203 326 8150