How Much Data Do I Need?
Don’t Start an Email Campaign Without Knowing This
Running an email campaign without a clear understanding of your data needs is like setting sail without a map.
Missing your goal is not only frustrating but also expensive. To ensure your campaign’s success, you must know if you’re on track to hit your goals. This requires a thorough analysis of how many leads you need and how much marketing data is necessary to achieve your objectives.
Here’s a comprehensive guide on how to determine the data you need for your campaign.
You need to work out (from your data)
- What is your target goal? (e.g. £1m)
- What is your Average Deal Size? (e.g. £20k)
- Conversion Rate on cold to lead (e.g. 1%)
- Conversion Rate from lead to won business (e.g. 10%)
Example:
£1,000,000 Goal
£20,000 Average Deal Size
1% = Conversion Rate on cold to lead
10% = Conversion Rate from lead to won business
Required closed won = 50 (£1m ÷ £20k)
Required Leads = 500 (50 won ÷ 10% lead to won ratio) x 100
Required Cold Data = 50,000 (500 ÷ 1) x 100
50k contacts required in order to reach the intended goal.
This equation will let you know if you’re going to win or
lose.
Are You Missing Data?
Now, if you find yourself lacking the necessary volume of data or suspect that more than 15% of your data is inaccurate, it’s time to take action. Here’s what you can do:
- Reach Out for Help: Don’t hesitate to contact a data expert. Connect Marketing can assist you in identifying the volume of data you need and help you source high-quality data.
- Data Enrichment Services: Use our services that enhance your existing data by adding missing information, improving its overall quality.
- Leverage Advanced Analytics: Employ tools that can help you analyse your current data and predict the additional data required to meet your campaign goals.
The success of your marketing campaign hinges on the right balance of data volume and quality. By ensuring you have accurate and sufficient data, you set a strong foundation for achieving your campaign objectives. If you’re unsure about your data needs or quality, don’t hesitate to reach out – We’re here to help. Remember, investing in the right data now can save you from expensive mistakes later.
Need Help?
If you’re missing the volume of data you need, give Connect Marketing a shout. We’ll fix that for you. If you think that your data is bad quality and 15%+ is inaccurate, we can fix that for you too.
Don’t let poor data hold you back from hitting your goals. Reach out today, and let’s ensure your campaign is a resounding success.
Need B2B Data?
Use Connect Marketing for your B2B data acquisition to ensure access to verified, up-to-date datasets sourced from reputable channels. Our expertise guarantees data accuracy, compliance with regulations, and segmentation that aligns with your specific targeting needs.
Connect Marketing possess the tools and experience to navigate complex databases, filtering out irrelevant information and delivering tailored datasets crucial for effective campaigns.
Connect Marketing will streamline the procurement process, saving time and resources. Utilising us ensures strategic guidance, enabling your business to leverage insights, optimise outreach, and maximise ROI – ultimately fostering successful B2B engagements and sustaining long-term growth in competitive markets
