We reside in a globe that relies on information, and this incorporates the cannabis business. Having said that, not all information is equal. A lot of the information that enterprises use to make choices, create leads, and close sales every single day is terrible, and terrible information hurts your bottom line.
Here’s a sentence I want you to commit to memory:
✔ Quality data supports quality decisions and delivers good quality outcomes.
Create that sentence down, paste it on your wall, but do not overlook it, mainly because if you are employing terrible information to make organization choices, the resulting outcomes of these choices will be disappointing (or disastrous).
In other words:
✘ Poor information supports terrible choices and delivers terrible outcomes.
It is that basic.
What is High quality Information?
High quality information ticks 5 important boxes:
- Correct: It is right.
- Indispensable: It is mission important to the requires and targets of the organization.
- Extensive: 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- Timely: It is not outdated.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.
Believe of information as a important organization asset and devote adequate price range and sources to collecting it and employing it successfully.
It is necessary that everybody on your group – from the best executives to every single employee – understands the worth of good quality information and prioritizes it.
Having said that, that does not imply your sales group should really invest their days tracking down e mail addresses and telephone numbers for prospects.
Ideally, you should really construct a content material collection and updating technique that guarantees your leads are generally as existing and higher good quality as probable. According to Harvard Enterprise Overview, 40% of organization sales leads include terrible information, and workers waste 50% of their time looking for information, getting and correcting errors, and hunting for sources to confirm information they do not trust.
The objective is to keep away from wasting time and revenue by guaranteeing you generally have access to good quality information. The fantastic news is Cannabiz Media currently constructed that technique for you. But far more about that later.
The Expense of Poor 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If the information your organization makes use of is inaccurate, irrelevant, incomplete, outdated, or not possible to have an understanding of, then the choices you make primarily based on that information and facts will not provide optimal benefits – or worse, your choices could be fully incorrect and lead to important losses.
Investigation by IBM found that poor choices produced primarily based on terrible information expense the U.S. economy about $three.1 trillion dollars per year. In addition, Experian located in its research that the bottom line of almost 90% of all U.S. organizations is straight and negatively impacted by terrible information.
Current analysis from Gartner located that organizations think poor information good quality is accountable for an typical of $15 million per year in losses, and a report from Ovum Research found that poor good quality information is costing enterprises at least 30% of revenues.
Even smaller sized enterprises really feel the adverse effects of terrible information. Investigation from Blue Sheep revealed that smaller sized organizations drop six$ of their income each and every year mainly because of terrible information.
In simplest terms, low good quality information and facts can lead to missed possibilities and huge errors that impact sales, income, brand reputation, and far more.
The Causes of Poor Information
Most usually, terrible information is brought on by 1 or far more of the following elements:
- Missing: Data is not incorporated in the database at all.
- Inaccurate: The information and facts is incorrect.
- Erroneous: The information and facts was entered into the incorrect field.
- Non-conforming: The information and facts hasn’t been normalized primarily based on the processes place in spot to standardize it.
- Duplicate: The information and facts seems in many records.
- Mistyped: The information and facts was entered into the database incorrectly and incorporates misspellings and typographical errors.
When you are building your personal repository of information or you are licensing information from a further supply in the cannabis business, it is necessary that the provider has complete procedures in spot to increase the good quality of the information and facts to the extent probable.
Did you know the following statistics about terrible information?
- 40% of e mail customers modify their e mail address at least as soon as every single two years and 15% modify it 1 or far more occasions per year
- 25-33% of e mail addresses develop into outdated every single year
- 20% of all physical mailing addresses modify every single year
- 18% of all phone numbers modify every single year
- 21% of all CEOs modify every single year
- 60% of people today modify job functions inside their organizations every single year
What you have to have to have an understanding of is that not all information is made equal, and it is crucial to the survival of your organization that you are basing choices and focusing sales and advertising efforts on good quality information.
Dangers to Your Enterprise if You Use Poor Data
The dangers to your organization if you use terrible information are merely also huge to ignore. From losing a sale to a public relations disaster, right here are some popular issues you could incur if you rely on low good quality information and facts to make organization choices:
- Errors in item deliverables
- Misaligned advertising and sales methods and budgets
- Failure of advertising and sales efforts
- Elevated churn price
- Lost sales and income
- Reduced client satisfaction
- Decreased client loyalty
- Unfavorable publicity
- Distorted reporting metrics
- Decreased productivity
- Decreased customer self-confidence
- Expensive compliance errors
This list is not exhaustive, but it does give you an notion of how far-reaching the effects of relying on terrible information and facts can be to your organization. Tread cautiously and do your due diligence to make confident the supply of the information you are employing is giving precise, indispensable, complete, timely, and understandable information and facts.
The Worth of High quality Information
When you have access to good quality information, you and your group have self-confidence that the choices you make are effectively-informed and backed by quantifiable proof. As a outcome, everybody is far more probably to commit to your organization methods, and they’re far better positioned to seize possibilities and thwart threats when they present themselves.
The cannabis business is expanding speedily, which tends to make it 1 of the most complicated industries to gather trusted information and facts for, but do not let that discourage you. The trick is to uncover trusted sources by asking the ideal inquiries.
Use the information and facts in this post to assistance you do your analysis and uncover the ideal cannabis business information supply. Right here are a couple of inquiries to assistance you get began:
- Exactly where does your information come from?
- How do you gather your information?
- How usually is the information updated?
- What methods do you take to make confident the information is precise?
- Do you have a technique to confirm the information with many sources?
- What processes do you have in spot to standardize the information, get rid of duplicates, and repair errors?
- Can you describe some of the selections for extracting the information so it is valuable and understandable for me and my group?
Acquiring High quality Cannabis Sector Information to Develop Your Enterprise
There are quite a few information providers in the cannabis business, but as in all industries, all of these providers do not supply the very same level of good quality in the information and facts they gather and provide to customers.
The Cannabiz Media License Database is unique mainly because the analysis group requires many methods to gather, confirm, and cleanse the information customers rely on to make important organization choices and to develop their cannabis-connected organizations.
Cannabiz Media employs a employees of experienced researchers, quite a few of whom have sophisticated degrees, who operate with regulators to get this information and facts. The researchers then scour many sources to add to this information and facts in order to make it far more important and actionable.
Lastly, the researchers contact license holders to confirm what they located and add important market place analysis information that can only be obtained by means of the phone.
In addition to giving the most precise information and facts 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 sales benefits.
Prepared to get access to the highest good quality information on cannabis licenses and a potent CRM and e mail advertising tool?
Schedule a demo to see the Cannabiz Media License Database in action and discover far more about how the group guarantees the information is precise, relevant, total, 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 communications organization supplying, copywriting, content material advertising, e mail advertising, social media advertising, and strategic branding solutions. She spent the 1st half of her 25-year profession directing advertising applications for AT&T and HSBC. Currently, her clientele involve household brands like Citigroup, Cox Communications, Intuit, and far more as effectively as smaller enterprises about the globe. Susan has written 11 advertising-connected books, such as the hugely preferred Content material Promoting for Dummies, 30-Minute Social Media Promoting, Kick-ass Copywriting in 10 Uncomplicated Actions, The Ultimate Guide to E mail Promoting, and she is a preferred advertising and branding keynote speaker. She is also a Certified Profession Coach and Founder and Editor in Chief of Ladies on Enterprise, an award-winning weblog for organization females. Susan holds a B.S. in advertising and an M.B.A in management and method.