What is the difference between static data and dynamic data?
The data that does not change after being recorded is called static data and has fixed data sets. Whereas, the data that may change after being recorded is called dynamic data and so it has to be continuously updated.
The core difference between static data and dynamic data is the several types of system design. Example, A database that has a data set for the geographic latitudes and longitudes will never change and hence this data set can be called as a static data as this data set can be easily kept without tools for updating it. Whereas a data set that has a data set for the job title will change after some time (when they change jobs, gets fired, etc) and hence it can be called as dynamic data since this data has to be continuously updated to retain its value.
Theoretically, the basic difference between static data and dynamic data is quite simple. But, when one sees the impact of data on an average company, it becomes slightly complex. Here’s what it means, earlier, companies primarily relied on static data to carry out their marketing, sales, and operations. Now, as the technologies improved the efficiency of companies globally, they started to collect data more quickly. In the meantime, their collected data started to decay at an unprecedented rate.
But, it has become crystal clear in recent years that the prospect data and customer data have to undergo a major transformation. And the good news is that more and more companies are making the shift to a more dynamic approach related to data.
Top 4 benefits of making the shift from static to dynamic data:
The idea of dynamic data looks quite simple. But, making static data more dynamic usually appears to be a daunting task. The main reason behind this is that many companies are not sure exactly how to begin the process of data management and data cleansing, they just don’t do it.
And if this sounds anything like your company, your static data may be sabotaging all your efforts by much more magnitude that you think.
Unfortunately, there’s no other way around it. Static data is the 21st-century death sentence to any company. Consider the following critical statistics related to data;
- Bad data costs the U.S more than $3 trillion annually.
- 40% of the business objectives die because of inaccurate data.
Following are the top reasons and benefits of using dynamics data;
Customer-centric strategies are enabled by dynamic data:
The prospects and customers today are highly enabled and well-informed. They know exactly what they want and they are the ones who are calling all the shots. And in today’s highly competitive market, whenever a customer’s needs aren’t taken care of, they just take their business along with their needs somewhere who can take care of their needs and deliver a great customer experience.
Majority of the customers (more than 90%) having a bad experience with any company will not be willing to do a business deal with that company.
Even though many smart organizations recognize the criticality of customer-centric business model, there are still many organizations that don’t truly understand the important role dynamic data plays in achieving and staying customer-centric organization. Just think about this in a different way, to develop a thorough understanding about your prospects and customers and deliver experiences that directly speak to their specific requirements, preferences, and interest, you need to have access to quality prospects and customer data.
When the data you have is static, your data begins to decay from the exact moment you start to collect them as your prospects and customers are not static and hence the data on them is also not static. They move to different geographical location, start new jobs, and change their minds quite easily. Although, static data don’t cover these changes, dynamic data does. And updating these changes in real-time (or as quickly as possible) can ensure you have access to quality data that is highly impactful.
Now, dynamic data enables you to truly analyze and understand your entire customer base and offer them personalized experiences that reduce churn rate, increases ROI from campaigns, and down the line increases customer lifetime value.
Progressive persona profiling:
To easily understand progressive profiling just think of it as dating. In dating, you are highly likely to find your date dodging for the bathroom or some urgent matter that requires their immediate attention if you asked personal questions on the very first date. And most importantly, you lose any chances for a second date where you could have asked some personal questions. And it applies to your website experience and the plethora of information you ask your website visitors during their first interactions.
It is a well-known fact that more form fields can reduce the conversion rate of your prospects and leads. And you should never ask for all the information you want at once. Progressive profiling enables marketers to gradually collect lead intelligence for their qualification and nurturing without compromising conversion rates.
The standard buyer persona is static and to bring them up to speed turn them into highly dynamic the KERN agency developed progressive personal profiling. This model takes into account the fluid nature of human behavior and decision making. See this framework in the below image (Image credit: KERN Agency);
Progressive persona profiling is based on the complex and rapidly changing human behavior patterns that happen from the convergence of higher speed connections on both, mobile as well as home devices, the growing adoption of online sharing and online searches, and plethora of social networks, and the communication abilities that are always on.
Progressive buyer persona profiling is the next logical step in buyer persona creation because it is a highly dynamic method to older marketing methods. Although, in order to leverage progressive buyer persona profiles to your benefit, you need access to dynamic data.
See the below image (Image credit: KERN agency) for a case study on progressive persona profiling that was created to target CMOs and VPs of the fortune 500 companies;
Dynamic prospects and customer data can drive your progressive buyer persona profiles and at the same time ensures that they evolve alongside to the real prospects that you are trying so hard to reach.
How Does Progressive Profiling Work?
Progressive profiling is made possible using the functionally of forms in marketing automation tools. So that whenever a specific visitor comes to your website and tries to fill out a form on the landing page of your website for the very first time, they are only asked t fill out few form fields. And when that visitor tries to fill out a form for the next time on the landing pages of your website, the cookie tracking enables you to replace any or every form fields that you have already collected from that visitor.
Following is an example of a common sequence of progressive profiling;
On the first form that your website visitor fills out, you can ask basic information like,
- First name
- Last name
- Email or Phone
On the first form that your website visitor fills out, you can ask for additional information to target and qualify them, like,
Dynamic data enables better communication and alignment:
Static data is usually stored in isolated silos and are left to decay by the teams who need to access it. On the other hand, dynamic data is shared seamlessly between teams and platforms because it is stored and continuously updated in a centralized location.
So, your entire company has access to the same information regarding your prospects and customers. When a data set is truly dynamic, it requires less effort to accomplish consistency across marketing, sales, customer success, etc.
Dynamic data is hygienic data:
Bad data or dirty data refers to the data that is incomplete, incorrect, or out-of-date in any capacity. Since no data set is or ever will be 100 percent accurate, following a dynamic approach to collect your data and its maintenance will improve the quality of your data significantly.
Hygienic data is very important for the success of all your business process. It includes the operation of important business technology, prospecting, reporting, marketing, selling, and many more. According to Econsultancy, bad data or dirty data has a direct impact on the bottom line of more than 88 percent companies, and also results in the average company losing 12 percent of its total revenue.
The actual cost of bad data or dirty data may be even more than the 12 percent lost revenue. 28 percent of those companies that had problems in delivering their emails state that their customer service has suffered as a result, meanwhile 21 percent of the companies say that their reputation has suffered as a result.
To make it even more simple, companies cannot rely on static data anymore.
The top benefits of dynamic data reporting:
Now, that you have understood the advantages of having dynamic data. Let’s dive into the benefits of having a dynamic data reporting system. The top benefits are;
Find and act on emerging trends quickly:
The total volume of the data that organizations are able to collect and store about their prospects and customers and their current market condition can provide their stakeholders and leaders with the insights about new revenue models and new business opportunities only if they can identify the opportunities in the plethora of information. And in today’s highly competitive and volatile business environment, identifying these correlations within the data has never been so critical.
Foster a new business language:
One of the best advantages of using Dynamic data reporting is its ability to tell stories through data. Every data has a story to tell if you can find it.
Consume data in highly constructive ways:
According to research by a medical university in the United States found that a human retina can transmit data at nearly ten million bits per second that are almost the same rate as the Ethernet connection. But, the majority of the business reports that are created for senior executives are usually filled with static data that fails to make this data vivid for its users.
Visualize patterns and relationships between operational and business activities:
One of the most important advantages of dynamic data reporting is the way it enables its users to effectively see connections as they happen business performance and operating conditions. And in the current complex and competitive business landscape, finding these correlations among data has never been so critical
Interact directly with data:
One of the best advantages of dynamic data reporting is its ability to bring actionable insight to the surface. The dynamic data reporting system enables its users to interact with their data directly.
The main lesson here is quite obvious; dynamic data is very important to achieve success in the current business landscape. Although, the one important question left out is “How to transform from static data to dynamic data?”
Even though there is no clear answer to this question, you should follow our suggestion. That is to invest more in B2B data and trust the expert to manage it. The recent advancements in the technological field have enabled organizations to deploy groundbreaking tools and services. These tools and services provide companies with exclusive access to the dynamic data available on the current market.
In addition to our huge database of contact data, our extensive database services have the ability to automate data maintenance process, send you alerts on critical changes in your data, and provide periodic updates on the companies and contacts you care about the most.
To get more information on making the shift from static data to dynamic data, contact Infotanks Media today!