Better Market Insight:
Companies are making more and more use of data to drive their marketing efforts, especially after realising the benefits of CRM cleaning, with big data taking this digital generation by storm. The new age of marketers is inundated with data and its unexplored prospects- to the extent that often they are left muddling with obscure facts and figures. It’s not surprising that according to Teradata’s 2013 Data-Driven Marketing Survey, almost 40% of the 2200 marketers across the world graded their departments with a C or lower when surveyed about data-driven marketing efforts and agreed that there are definite advantages of CRM cleaning.
The most common reason for such data-driven marketing campaign or any Big Data Project to fail is mainly the quality of data. In today’s digital age, companies have a plethora of sources to collect consumer data- which they do efficiently. But, harvesting and storing data is not the objective. By the time their in-house team cleanse the data and feed it to the analytics machine the value of the data diminishes. Often, companies are reluctant in being selective about the data they analyse or discarding away some.
This further adds to their woes. What companies must understand that most of the raw data collected are useless, inaccurate and mainly redundant- especially when it comes to data from CRM tools. Feeding such raw data, along with the gargantuan amount of data from social media is of no use till it is properly in place. Cleaning data before feeding it to analytics or just analysing it will decrease the effort and time needed to arrive at the solution.
In such cases, even segregating data is crucial and has advantages of CRM cleaning. For instance, if your data is suggesting you a marketing strategy, that will help, the data is useless. So understanding the goal of your analysis and cleaning and segregating data with the same objectives in mind is crucial. Say, for example, you are aiming to launch a service/product aimed at millennials. Having structured data in your CRM of all customers in that particular age group will help you have a firm grasp on their behaviours and spending habits, and you can successfully predict a consumer lifecycle. On the other hand, suppose your CRM contains complete haphazard data; you use this information to analyse an opportunity, therefore, it will mislead you in the wrong direction.
Advantages of CRM cleaning:
Cleaning your data, thus, not only provides you better market insights. This is extremely important because by reducing the volume of the data you can have a marketing strategy and employ it in real-time. IBM studies reveal that only 10% of the companies understand how to use real-time data in their business. This is simply because of the large scale on which they tend to operate things. So, if your business can implicate real-time analytics in your marketing strategy you have a head-start in the business which 90% of your competitors may not have.
Citrix is a billion-dollar American multinational firm. They are a global leader in creating mobile and innovative workspaces by using networking and cloud services.
Citrix wanted to increase the effectiveness of their marketing campaign by a better understanding of the market. They wanted to direct the right offers to the right consumers and achieve a higher lead to opportunity conversion factor.
Data was scattered across multiple silos like Salesforce, Marketo and Citrix’s in-house customer portal. Most of the CRM data was incomplete and inaccurate, and over 40% of the contacts were inactive. Duplicate data was estimated at almost double the industry standards.
Results post Data Cleaning:
- Citrix achieved a 20% increase in lead to opportunity conversion by directing marketing efforts at the right group of prospects.
- Citrix achieved a 50% increase in data quality at the point of entry. This provided them with a 50% decrease in redundant and junk data.
As more and more consumer-friendly companies are crowding the market and spoiling customers with their choices and offers, using clean data to defragment your market and make your company as the first choice for customers is something which big companies like Citrix as well as small businesses are adopting. So get your CRM cleaned frequently and enjoy the benefits!!