In the interconnected world of business, communication is vital. Whether it’s closing a deal or marketing a product, phone communication remains an indispensable tool. But have you ever paused to consider the importance of phone validation in this equation? Let’s dive into a few statistics that explain why phone validation is important for businesses as they streamline their processes and customer communications.
- The Cost of Mistakes:
The 1-10-100 Rule is a concept that shows how the cost of data hygiene increases as the record progresses through the business lifecycle. For example:
- $1 per record: The average cost of validating a record at the beginning.
- $10 per record: The average cost to correct a record, for example, in a batch.
- $100 per record: The average cost if you do nothing to correct the record.
Insight: Validating records and correcting errors at the point of entry is 100 times more cost-effective than letting them sit in your database. By integrating Phone Validation API, you can validate phone numbers at the onset of the customer journey and save a lot of time and resources.
- Data Decay Rates:
- In the U.S., 25K to 125K numbers change carriers on a daily basis out of ~900MM active numbers.
Insight: At Trestle, our carrier information is updated within 15 minutes of a change, so the data is practically in real-time. Also, the Reassigned Numbers Database that the FCC maintains had 300MM reassigned numbers within their first two years. This gives a sense of data decay and the need for a phone validation tool to validate the data in real-time.
- Improve Prioritization and Conversions:
- 5%: Percentage of numbers in a lead list that are non-fixed VoIPs, toll-free, etc.
- 5-30%: Percentage of leads, either first party or third party, that have disconnected numbers associated with them.
- 10-15%: Percentage of outbound calling campaigns connect rate.
Insight: Businesses can filter out these junk leads that wouldn’t answer in the first place and instead prioritize the leads with a connected and active mobile number. This improves operational efficiency, allows the sales team to focus on the best, most contactable leads, and ultimately increases conversions.
- Manage Business Reputation:
- Dialing disconnected numbers results in carriers marking the business number as spam by 10X.
Insight: Managing your business reputation with Phone Validation API allows you to reach your customers successfully and avoid costly number cleansing processes with carriers. It’s important to clean your customer database to only active working numbers to keep from being marked as spam.
Numbers don’t lie. The statistics above reveal a compelling story of the importance, implications, and imperatives of phone validation in today’s business. Don’t let invalid or outdated phone records hinder your growth.