Insights on the Advantages of CRM Cleaning
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, data cleansing 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 to 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 enormous amount of data from social media is of no use until 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 a scenario, a data cleansing company’s services may bring you the relief you need.
Solution: CRM Made Simple
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 is crucial. Additionally, cleaning and segregating data with the same objectives in mind is vital. Say, for example, you are aiming to launch a service/product aimed at millennials. In this scenario, structured CRM data of all customers can have an impact. Having data about that age group will help you have a firm grasp on their behaviours and spending habits.
Moreover, you can successfully predict a consumer’s lifecycle. On the other hand, suppose your CRM contains complete haphazard data. Imagine using this information to analyse an opportunity with a potential prospect. Wouldn’t such data take you in the wrong direction?
Advantages of CRM cleaning: Key Benefits of CRM
Customer data cleansing, thus, not only provides you with better market insights. It also improves the efficiency of your other operations. This is important because it reduces the volume of the data you have dedicated to marketing strategy. It helps you 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. Imagine the leg-up it would give you! 90% of your competitors may not have such abilities in their arsenal.
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. They aimed at getting there by gaining a better understanding of the market. Their team wanted to direct the right offers to the right consumers and achieve a higher lead to the opportunity conversion factor.
Data scatters 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 the 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 data cleaned, AML sanctions list, PEP List, and Global sanctions database to prevent financial crime, avoid regulation penalties, and enjoy the benefits!!