The cost of cleansing your data depends on various factors including number of records, age of the records, location of records, number of fields associated with each record, degree of cleaning required and many more. However, the cost you pay for cleansing your data is too less, as compared to the costs you incur by not cleaning a record set, table, or database. Let’s see how.
Cost of Duplicates: $1,000 to $3,000 for de-duping 10,000 records
With industry standard of 5-10% duplicate leads; a sales rep working for $30 an hour gets through 4 leads every hour – and costs your organization $3,750 to $7,500 in un-necessary sales time. By de-duping the database you are actually saving: $2,750 to $4,500 in unnecessary sales costs.
Cost of Missing Data: $0.50 to $5.00 per record to append missing data
Going by industry standard of 30% database with missing values, data appending might cost you $1,500 to $15,000. However, decreased email performance and time wasted in qualifying prospects due to lack of email personalization and segmentation, and of course the operational expenses incurred can hit your sales and marketing efforts real hard where it pains.
Cost of inconsistent or incorrect data: $0.05 to a $1.00 to validate and clean a record
For 10,000 records spending $500 to $10,000 is much cheaper as against potential loss of sale that can cost your company more than $10,000 per email not delivered/returned.
All these calculations nowhere include the embarrassment, cost of damage to the brand image and administration time wasted due to dirty data.