Data quality is an essential topic in the world of CRM. This is because CRM systems rely on the quality of the data they contain. If the data is incorrect, it can lead to decision-making problems, personalising marketing campaigns, and improving customer satisfaction. In this blog, I will dive deeper into the benefits of high-quality CRM data and the drawbacks if data is not in order.
It is necessary to find new customers to grow in the new year. Although selling to existing customers can help, some customers disappear, merge, or cease to exist. Therefore, attracting new customers, or “fresh blood,” is crucial.
CRM data quality has a direct impact on marketing and sales results. However, ensuring CRM data quality is a big challenge for many companies. This includes coverage, age, and uniformity of data. Questions you can ask yourself;
Companies with poor data quality will have difficulty targeting their campaigns to customers, leading to low response rates and missed opportunities. On the other hand, companies with high-quality data can target customers based on their demographic, psychographic, or behavioural characteristics – leading to more effective campaigns that generate higher response rates and better ROI.
Research shows that bad data causes a 10-25% revenue loss. This is because the data is incorrect, and a part of the market is not seen. When we analyze the CRM data of our relationships, we see that a customer, on average, has 20% of his addressable market not on his radar.
In the new year, we will continue to help our customers improve data quality and the associated segmentation. More and better data leads to more business with the same marketing and sales efforts. Unfortunately, this “no-brainer” is often overlooked.
Your CRM data is the foundation of the marketing and sales organ that you build on. Perhaps it is a good idea to inspect the foundation quickly and thoroughly. On a good foundation, finding “fresh blood” is much easier.
Michiel Alkemade, CEO
Smart Profile
LinkedIn Qualified Audience Expansion