Over half of European businesses believe data is more important than business relationships

Dun & Bradstreet research has revealed that a fifth of businesses have either lost or failed to sign a new contract due to a lack of data or inaccurate information about customers or suppliers

Research commissioned by the company has found that over half (53%) of business leaders admit that data will become more important than personal business relationships in the future, and that two-thirds believe more accurate (66%) and complete (65%) data is needed to convert sales opportunities.

The results show that the most important business priority for organisations following Covid-19 is customer retention (40%).

However, due to a lack of data quality, organisations believe they will have an inability to convert new customers (27%) or retain current customers (25%). What’s more, poor data quality and management is making it a challenge for organisations to find new customers (22%) and maintain accurate data on existing customers (20%).

This lack of accurate and quality data is having a serious impact on businesses, with a lack of data or inaccurate information about customers or suppliers leading to a fifth (19%) of European businesses failing to sign a new contract with a customer and a similar number even losing a customer (18%).

Susan McKay, International CMO at Dun & Bradstreet said “Sales and marketing teams are under more pressure than ever. Supply chain issues are exacerbating perennial problems, like having up-to-date information on customers. It’s never been more important for businesses to ensure they are equipped with the best quality data to help them identify new customers and retain existing ones.”

“Businesses cannot afford to put a foot wrong with prospects. It’s imperative they have access to the right data, expertise and resources to reach prospects in a timely manner, with relevant services, and serving customers with solutions fit for purpose.”

“For all the talk about ‘big data’, business leaders are still struggling with data practices and management, and nowhere is this felt more acutely than in sales and marketing teams. Turning to a trusted partner can be hugely valuable, to create best-in-class propositions which meet complete the “bigger picture” for their prospects and customers. With the economy looking increasingly uncertain during the second half of the year, effective data practices are a must for any business that wants to insulate itself from negative external market forces.”