Studies show that ‘Data’ has now become an integral part of your organizational strategy. As per SiriusDecisions report, between 10 percent and 25 percent of b-to-b marketing database contacts contain critical errors. Good data is of great value to grow your business and make sure you are ahead of the competition. Incomplete, missing and duplicate data in your CRM/MAP result in negative impact on your Sales and Marketing
However, with Data Strategy for 2019 organizations should focus on-going data maintenance rather than doing one-time data audit and data enrichment. Today it’s the need of the hour to have clean and updated information of the contacts and company information for efficiently working of the sales and marketing operations.
Here are some data upkeep strategies which we suggest to all clients as part of our Data-as-a-Service platform.
#1 Data Normalization
There are various sources like web forms, events, Google ads of data wherein the data comes directly in to the CRM and MAP (Marketing Automation Platforms) solution. The other important source is the manual uploading of the data in the systems coming from webinar, events and sales direct contacts and references. The challenge is if there are no standard being maintained to enter the data in to this systems CRM and MAP. There are fair chances that there will be inconsistencies, duplicates, missing information’s and information getting outdated over the period due to non-usage.
The best practice is normalization of data which means creating a rule based enforced mechanism to enter the data in CRM and MAP. It is the process of restructuring the data in accordance to relativity and context of your marketing database by grouping similar values and reducing the data redundancy.
The examples could be standardization data fields like company name, industry, country, state, job title etc. For example, US instead United States.
Normalization will cut the cost associated to deduping and making sure that you don’t have redundant data. It enables you with accurate information about your target audience and realize the full potential of the automation platforms like CRM and MAP and improve their performance.
The next step to Data Normalization and important one is making sure that Data refresh strategy is an ongoing step is Data Enrichment. The activity has to be divided in to enrichment of various felids of “Contact Data” and “Company Data”.
Data enrichment 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.
In B2B sales, data about your target companies is important. According to the reports, over 80% of sales and marketing professionals report at least one type of common mistake in their account detail since data is sourced from various sources. As a part of sales enablement, once the target accounts and ABM Accounts are identified, what the sales guys needs is right data and most important data which is updated in real time. The sales professionals and aligned teams with relevant account information enrichment enables them to be adept, efficient and productive. This helps sales teams to solely focus on selling!
Data of people will continue to change as they keep changing jobs, roles and responsibilities. This leads to unqualified leads and opt out of email communication or no response to any sort of communications. Enrichment of Contact Data enhance every interaction with your targeted audience for better accuracy in your prospecting, predicting, and selling efforts. Another challenge is your data decays over the period.
Regularly refresh of your data to fill in the gaps, replacing inaccurate data with accurate information to expand your customer knowledge, allowing you to identify new market opportunities and channel your efforts more effectively.
DataGenie is a real-time data health visualization and enrichment platform. It provides real-time analysis and insight to your existing CRM/MAP data abnormalities and provides recommendations to make informed decisions and to further augment data to boost significant ROI.
Leave your frustration with us and you enjoy the most reliable and real-time data at - http://smarteinc.com/datagenie/
Talk to our experts for free Data Health consultations and how SMARTe, DataGenie can enhance your current CRM database by 12%. Ready for action?