High quality data is one of the most important assets a business can own. With so much data available, being able to have the right information about the key players and decision makers for the right target companies is crucial to the generation of business for a company. If there was any doubt in your mind about the financial impact that data can have, IBM estimates that bad data costs the U.S. economy $3.1 trillion per year. These costs come from lost deals, time spent correcting bad data, and impacts on the long-term business as well as reputation of companies.
On top of lacking high-quality data, many companies do not realize how outdated or incorrect the data is that they possess. In a study done by the Harvard Business Review, some staggering statistics arose:
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“On average, 47% of newly-created data records have at least one critical (e.g., work-impacting) error.”
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“Only 3% of the DQ scores in (their) study can be rated “acceptable” using the loosest-possible standard.”
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“The variation in DQ scores is enormous.”
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“Our deeper analyses (to see if, for instance, specific industries are better or worse) have yielded no meaningful insights. Thus, no sector, government agency, or department is immune to the ravages of extremely poor data quality.”
Databases will never be completely perfect, however, it’s important for your business to be using the highest quality data to ensure time and money isn’t being wasted. The best way to accomplish this is to receive your data from a company that has an extended amount of time and experience in the industry. This data will lead to higher quality in your outreach, connecting you to the correct people to give you a true chance at generating business, and in turn, make your business more successful.
“Focusing on qualified prospects with a real, identified need or project is the only way to high-level results in business development. Blindly cold-calling is the sales equivalent of throwing a dart at a very small board with a blindfold on. Taking the time to research and qualify your contacts before reaching out takes your touchpoint from a full- court heave to a foul shot or lay-up.”
– John Cameron, Business Development Representative
Channel Methods is your answer to receiving high quality data in the life sciences industry. The primary source for our contacts comes from the over 32,000 sales outreaches into the life science industry we make per month, including CDMO, CRO, Imaging, Analytical Chemistry, Validation, and e-clinical services.
While we support and validate these contacts with other data services, we are not simply “pulling lists” from them – like other firms may offer. Our database is organic and grown from the time that we’ve spent in this industry, making the data unique and not offered by anyone else in the industry, giving you a competitive edge.
The foundation for good sales and marketing is good data. Let us build that for you!
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