Profit earning is the lifeblood of all businesses, without which no business can endure in a competitive market. In fact, profit-making is the most important objective for which sales needs to hit their growing revenue goals. The best way of increasing sales is by having a targeted contact database. Since data is the basis of successful sales and marketing campaigns, maintaining the accuracy, relevancy, and completeness of data should be the central concern. Companies spend top dollars on Account-based marketing ignoring the fact that ABM is only as good as the data entered in it. If you don’t choose the right data, your ABM no matter how well-planned, will never get off the ground. Nothing can emasculate or torpedo user adoption in a new CRM than having bad data.
According to a report by Dun & Bradstreet, 54% of companies still encounter data quality and completeness as a major challenge. When low data quality is self-proclaimed, the problem is solvable. But the real problem begins when it’s ignored or assumed to be in good shape, and sadly this will continue for way too long with a compounding influence on marketing program performance. The result is sub-optimized demand creation campaign performance, wasted budget, and poor ROI.
According to SiriusDecisions, the volume of data in an average B2B organization usually doubles in a year, so even if data is comparatively clean today, it’s usually only a matter of time before things go out of control. Some organizations have a one-time CRM cleaning activity which usually happens once a year. The fundamental problem associated with one-time cleaning effort is that your data is the cleanest when the project ends but decays exponentially with time or until the new round of contacts are added. Hence it’s very important for organizations to shift their focus from one-time data cleansing to ongoing data maintenance to let the genie out of the bottle.
Data enrich scrutinizes, cleanses, verifies and enriches your CRM database. It can help in ensuring that you reach the right people at the same time, reduce campaign costs and prevent causing customer annoyance by identifying personas and businesses that cannot or will not respond to your communications.
Apart from validating existing data and filling missing entries, it helps you in –
Segmenting Buyers – By categorizing your buyer personas using different attributes and leveraging firmographic data – things like industry, company size, location, annual revenue and market intelligence, helps you prioritize your accounts to create a targeted marketing campaign. A well – segmented targeted database can drive 66% higher conversion rates—a fact that should place ensuring data quality high on the list of every organization, no matter the size.
Shifting your sales focus – Sales reps shouldn’t be wasting time looking for information. Accurate and significant information will drastically reduce the time spent in research and gets your sales reps focused on what they do best — calling and emailing, trying to connect. This will, in turn, help your sales team deliver higher results, which will eventually improve the productivity and drive better strategies.
Retain Customers longer – CRM Data enrichment is also all about knowing your existing customer as opposed to focusing on potential customers, and this is important when considering where one should be putting their marketing efforts. A re-engagement strategy can be created to maintain retention intact thereby leading to the formation of a long-term relationship with customers. A clean CRM helps you hold the focus on customer satisfaction – and that means lower churn, increased Lifetime value of a customer and improving customer retention.
Tracking Potential buyers – While closely examining the buying behavior of your existing customers, you can chart out strategies that can be used to influence your buying prospects. Track and yardstick your success from the very beginning to improve your strategy.
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