How good data can lead to more sales
Acquiro's Jackie Vendetti makes the case for keeping a clean database.
Everyone is talking about how great CRMs are, but did you know that your CRM is only as good as the data that is in it? It’s been shown that as much as 10% to 25% of the data in most company databases is unusable. Sadly, most companies don’t have a clue when it comes to data management and strategy. It’s a back-office, mysterious task that most feel is best left to those who don’t like to come out in the light.
However, no matter how daunting, if you don’t pay attention to the data in your ever-growing database, you are losing money. In 2017, marketing data management should be the new sexy thing everyone is talking about.
What happens when you have bad data in your database?
1. Sales guys waste time researching leads that are missing vital information that make it impossible for them to follow-up properly.2. Sales guys may contact the same lead, not knowing that there are duplicate contact records in your CRM.3. Direct mail is sent multiple times to the same person or is sent to addresses and people that do not exist.4. Leads are not prioritized correctly so sales guys don’t work on the hottest leads first.5. Leads are not of the industry that sales is targeting, so they discard the leads.6. Sales get demoralized when lead data is not accurate. They think: "If I don’t have a good leads, why waste my time?" Productivity on the sales team goes down.
All of this results in lost revenue due to lost time selling, lost time in productivity and lost time in resource management. Not to mention all of the lost revenue from the leads that get discarded or are not followed up on fast enough.
What does it mean to pay attention to data and implement a management strategy?
It means to make sure there are no duplicate records, that all of the contact records are complete, that all of the emails and phone numbers are valid and that leads are routed correctly. It also means no more just putting leads into your system. They should be cleaned and verified at the point of capture, before they even make it into your database, to ensure your database is always clean and up to date.
By implementing a data strategy like this, you can cut down on wasted efforts of the sales team and improve their efficiencies, giving them more time to focus on selling. You can prevent duplicate work. You can ensure that the sales teams have the right leads and are working on the hottest ones first. You can boost their productivity by showing them that the leads they are getting are actually good. And, by having accurate data, you can increase the number of actionable leads by seven times.
Not too shabby of a result in today’s competitive world.