We reside in a planet that relies on information, and this contains the cannabis market. Nevertheless, not all information is equal. A lot of the information that enterprises use to make choices, produce leads, and close sales every single day is poor, and poor information hurts your bottom line.
Here’s a sentence I want you to commit to memory:
✔ Quality data supports quality decisions and delivers high-quality outcomes.
Create that sentence down, paste it on your wall, but do not overlook it, since if you are employing poor information to make organization choices, the resulting outcomes of these choices will be disappointing (or disastrous).
In other words:
✘ Terrible information supports poor choices and delivers poor outcomes.
It is that easy.
What is High quality Information?
High quality information ticks 5 vital boxes:
- Precise: It is right.
- Indispensable: It is mission vital to the demands and ambitions of the organization.
- Complete: It offers a complete image rather than just bits and pieces.
- Timely: It is not outdated.
- Understandable: It can be extracted in a usable format for interpretation and use.
Feel of information as a useful organization asset and devote adequate spending budget and sources to collecting it and employing it successfully.
It is important that everybody on your group – from the leading executives to every single employee – understands the worth of high-quality information and prioritizes it.
Nevertheless, that does not imply your sales group ought to invest their days tracking down e mail addresses and telephone numbers for prospects.
Ideally, you ought to create a content material collection and updating program that guarantees your leads are usually as existing and higher high-quality as doable. According to Harvard Small business Critique, 40% of organization sales leads include poor information, and workers waste 50% of their time browsing for information, locating and correcting errors, and searching for sources to confirm information they do not trust.
The aim is to steer clear of wasting time and revenue by making sure you usually have access to high-quality information. The fantastic news is Cannabiz Media currently constructed that program for you. But extra about that later.
The Price of Terrible Information
If the information your organization makes use of is inaccurate, irrelevant, incomplete, outdated, or not possible to have an understanding of, then the choices you make primarily based on that data will not provide optimal outcomes – or worse, your choices could be fully incorrect and lead to considerable losses.
Investigation by IBM found that poor choices produced primarily based on poor information expense the U.S. economy around $three.1 trillion dollars per year. In addition, Experian identified in its research that the bottom line of almost 90% of all U.S. organizations is straight and negatively impacted by poor information.
Current study from Gartner identified that organizations think poor information high-quality is accountable for an typical of $15 million per year in losses, and a report from Ovum Research found that poor high-quality information is costing enterprises at least 30% of revenues.
Even smaller sized enterprises really feel the damaging effects of poor information. Investigation from Blue Sheep revealed that smaller sized organizations drop six$ of their income each and every year since of poor information.
In simplest terms, low high-quality data can lead to missed possibilities and huge blunders that have an effect on sales, income, brand reputation, and extra.
The Causes of Terrible Information
Most normally, poor information is triggered by a single or extra of the following aspects:
- Missing: Information and facts is not integrated in the database at all.
- Inaccurate: The data is incorrect.
- Erroneous: The data was entered into the incorrect field.
- Non-conforming: The data hasn’t been normalized primarily based on the processes place in location to standardize it.
- Duplicate: The data seems in many records.
- Mistyped: The data was entered into the database incorrectly and contains misspellings and typographical blunders.
When you are establishing your personal repository of information or you are licensing information from a different supply in the cannabis market, it is important that the provider has complete procedures in location to enhance the high-quality of the data to the extent doable.
Did you know the following statistics about poor information?
- 40% of e mail customers adjust their e mail address at least after every single two years and 15% adjust it a single or extra instances per year
- 25-33% of e mail addresses grow to be outdated every single year
- 20% of all physical mailing addresses adjust every single year
- 18% of all phone numbers adjust every single year
- 21% of all CEOs adjust every single year
- 60% of individuals adjust job functions inside their organizations every single year
What you have to have to have an understanding of is that not all information is designed equal, and it is crucial to the survival of your organization that you are basing choices and focusing sales and advertising and marketing efforts on high-quality information.
Dangers to Your Small business if You Use Terrible Information and facts
The dangers to your organization if you use poor information are just also huge to ignore. From losing a sale to a public relations disaster, right here are some typical issues you could incur if you rely on low high-quality data to make organization choices:
- Errors in solution deliverables
- Misaligned advertising and marketing and sales techniques and budgets
- Failure of advertising and marketing and sales efforts
- Improved churn price
- Lost sales and income
- Reduce client satisfaction
- Decreased client loyalty
- Damaging publicity
- Distorted reporting metrics
- Decreased productivity
- Decreased customer self-assurance
- Expensive compliance blunders
This list is not exhaustive, but it does give you an notion of how far-reaching the effects of relying on poor data can be to your organization. Tread very carefully and do your due diligence to make confident the supply of the information you are employing is delivering precise, indispensable, complete, timely, and understandable data.
The Worth of High quality Information
When you have access to high-quality information, you and your group have self-assurance that the choices you make are properly-informed and backed by quantifiable proof. As a outcome, everybody is extra probably to commit to your organization techniques, and they’re improved positioned to seize possibilities and thwart threats when they present themselves.
The cannabis market is expanding swiftly, which tends to make it a single of the most tough industries to gather dependable data for, but do not let that discourage you. The trick is to obtain dependable sources by asking the appropriate concerns.
Use the data in this report to enable you do your study and obtain the very best cannabis market information supply. Right here are a handful of concerns to enable you get began:
- Exactly where does your information come from?
- How do you gather your information?
- How normally is the information updated?
- What methods do you take to make confident the information is precise?
- Do you have a program to confirm the information with many sources?
- What processes do you have in location to standardize the information, get rid of duplicates, and repair blunders?
- Can you describe some of the solutions for extracting the information so it is valuable and understandable for me and my group?
Locating High quality Cannabis Market Information to Develop Your Small business
There are several information providers in the cannabis market, but as in all industries, all of these providers do not present the identical level of high-quality in the data they gather and provide to customers.
The Cannabiz Media License Database is distinctive since the study group requires many methods to gather, confirm, and cleanse the information customers rely on to make vital organization choices and to develop their cannabis-connected organizations.
Cannabiz Media employs a employees of specialist researchers, several of whom have sophisticated degrees, who perform with regulators to receive this data. The researchers then scour many sources to add to this data in order to make it extra useful and actionable.
Lastly, the researchers get in touch with license holders to confirm what they identified and add useful marketplace study information that can only be obtained through the phone.
In addition to delivering the most precise data on cannabis and hemp license holders in the U.S. and international markets, the Cannabiz Media License Database is constructed with complete CRM functionality so you can maximize your advertising and marketing and sales outcomes.
Prepared to get access to the highest high-quality information on cannabis licenses and a potent CRM and e mail advertising and marketing tool?
Schedule a demo to see the Cannabiz Media License Database in action and understand extra about how the group guarantees the information is precise, relevant, comprehensive, existing, and understandable for you and your organization.
Initially published two/13/19. Updated eight/two/19.
Susan Gunelius, Lead Analyst for Cannabiz Media and author of Marijuana Licensing Reference Guide: 2017 Edition, is also President & CEO of KeySplash Inventive, Inc., a advertising and marketing communications business providing, copywriting, content material advertising and marketing, e mail advertising and marketing, social media advertising and marketing, and strategic branding solutions. She spent the initially half of her 25-year profession directing advertising and marketing applications for AT&T and HSBC. These days, her consumers contain household brands like Citigroup, Cox Communications, Intuit, and extra as properly as modest enterprises about the planet. Susan has written 11 advertising and marketing-connected books, such as the very preferred Content material Advertising and marketing for Dummies, 30-Minute Social Media Advertising and marketing, Kick-ass Copywriting in 10 Uncomplicated Methods, The Ultimate Guide to E-mail Advertising and marketing, and she is a preferred advertising and marketing and branding keynote speaker. She is also a Certified Profession Coach and Founder and Editor in Chief of Females on Small business, an award-winning weblog for organization ladies. Susan holds a B.S. in advertising and marketing and an M.B.A in management and tactic.