How Bad Data Can Dampen Your ABM Strategy
Author: Charles Berry
The rise of big data is fuelling ABM’s success over the past few years with its tailored marketing standards. About 60% of mainstream companies have adopted account-based marketing in recent years.
And why wouldn’t they?
Statistics show that the ABM market is projected to reach $202.3 million by 2027 and 87% of marketers say that ABM outperforms other marketing activities. Here’s how bad data affects your ABM strategy.
Poor mapping of Ideal Customer Profile (ICP)
![Poor mapping of Ideal Customer Profile Poor mapping of Ideal Customer Profile](https://www.lakeb2b.com/blog/wp-content/uploads/2022/10/Poor-mapping-of-Ideal-Customer-Profile.jpg)
Accurate mapping is critical to understanding the decision-makers values and creating a buyer journey roadmap.
- 81% of top-performing organizations have ICPs that represent their ideal accounts.
- Companies that have developed strong ICPs average a 68% higher account win rate.
- Research conducted by Accenture reveals – 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history.
Additional Read: The Ideal Customer Profile blueprint: A step by step guide
Incorrect understanding of the prospect
![Incorrect understanding of the prospect Incorrect understanding of the prospect](https://www.lakeb2b.com/blog/wp-content/uploads/2022/10/Incorrect-understanding-of-the-prospect.jpg)
Bad and inaccurate data acts like kryptonite for ABM campaigns. The wrong dataset can hinder an organization’s understanding of its high-valued clients, wasting all the research, data, and time utilized.
- A study conducted by Open rise reveals that 24% of respondents lack confidence in their organization’s data and keeping them up at night.
- That is why 88% of marketers use data obtained by third parties to enhance their understanding of the customers.
Additional Read: Change the Way You Think About Good Data
Wasting resources on sales and marketing
![Wasting resources of sales and marketing Wasting resources of sales and marketing](https://www.lakeb2b.com/blog/wp-content/uploads/2022/10/Wasting-resources-of-sales-and-marketing.jpg)
According to a survey by Integrate, 40% of B2B generated leads are invalid and duplicate. Incorrect or poor data slows the momentum of the sales and marketing team.
- Bad leads waste around 27.3% of sales rep time.
- 60% of global respondents in a LinkedIn survey believed that misalignment between Sales and Marketing could damage financial performance.
- Businesses with aligned sales and marketing teams experience 36% higher customer retention.
Additional Read: Hack Top-line Growth with Seamless Sales and Marketing Alignment: Our 8-Pointer Checklist to jump-start your Revenue Growth!
Conclusion
ABM strategies rely on personalized, high-quality, and tailored account-based data to conduct marketing campaigns. Poor and misinformed data affect the overall ROI and its basic mechanism.
About Author
![](https://www.lakeb2b.com/blog/wp-content/uploads/2020/04/naini-150x150.jpg)
Charles Berry, Director Business Development at Lake B2B is an industry expert with 10+ years of experience in full life cycle B2B data-driven sales & marketing. He has a proven ability to foster relationships with C-suites & leaders across industries & key business verticals. He’s an expert at creating unique market-entry strategies and consistently ensures the long-term viability of multi-million dollar portfolios.