In B2B marketing, bad data represents a huge lost opportunity. According to SiriusDecisions, companies with the best quality data drive 70% more revenue through marketing programs than those with simply average data quality.
Despite the cost of bad data, the practice of the average marketer guarantees bad data, and it may be getting worse each year. With a growing body of research showing current marketing practices are consistently delivering bad data, it is time for change.
What Is Your Content Really Worth?
You have seen the registration forms that go on and on, asking for information about an individual’s role in the buying process, project budget, timeline and more. These forms are asking for far more than the content is worth.
Individuals simply are not willing to share this much information, and sometimes they do not expect to share any information at all.
Based on a recent study from DemandGen Report, most B2B buyers feel long registration forms are inappropriate.
- Only 10% of individuals are willing to provide information beyond basic contact details for a webcast.
- Even fewer (6%) are willing to do so for an “interactive presentation,” and the numbers are even lower for other formats, including white papers.
- Nearly half do not believe any registration should be required for case studies.
This is based on an additional question that was not included in the publicly posted survey results. Contact DemandGen Report directly for additional information.
The Data Is Bad
When you ask for information people don’t believe they should need to provide, they lie. Rather than saying they have an immediate need, they say they have none. Rather than providing a real phone number, they make something up.
About two years ago, I was reviewing registration data. One particular record still sticks in my mind:
- The name, company and title matched (based on LinkedIn).
- The physical address was bogus, something like 123 Main St, but the company only had one location and it was easily identified.
- The phone number was for a salon on the same street. A quick Google Street View check confirmed the salon was across the street and the phone number was in the window!
In a (now older) report from TechTarget, the majority of people lie when asked about specific buying plans. Furthermore, willingness to provide accurate contact data like email and phone number is decreasing. Here is an excerpt from the report:
In a more recent (2011) study from Janrain (with a broader consumer base), 88% report having lied on registration forms.
Are you asking for too much information? If so, you are begging for bad data.
What will it take for marketers to change their approach to registration? What marketers are already making this change successfully? Share your view in the comments below or with me on Twitter (@wittlake).
Thank you to Colin O’Neill for the Million Dollar Analyst Report graphic.