The value of High-Quality CRM Data

The value of High-Quality CRM Data

Customer data has grown increasingly complicated. Customers connect across various platforms and have increased expectations for speed and customization, such as Amazon's tailored experience. Many current CRM platforms offer the answers organizations want, but these systems are only as valuable as the data they include. The CRM database is essential for a successful CRM solution and maximizing customer data for new advanced analytics. According to an IBM study, faulty data costs American busin

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Mateo Bilbao

scalestack

The value of High-Quality CRM Data

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Sales & Marketing head at Scalestack

Customer data has grown increasingly complicated. Customers connect across various platforms and have increased expectations for speed and customization, such as Amazon's tailored experience.

Many current CRM platforms offer the answers organizations want, but these systems are only as valuable as the data they include. The CRM database is essential for a successful CRM solution and maximizing customer data for new advanced analytics.

According to an IBM study, faulty data costs American businesses $3 trillion each year, yet the impact of insufficient data doesn't stop there.

Per the 1-10-100 data integrity principle, the current value of correcting data inaccuracy rises exponentially with time, which is why it's currently above $1 trillion.

Suppose we implement that concept in customer management (CRM) processes. In that case, the order to avoid future harmful materials from entering is $1, and the cost of attempting to correct existing issues is $10. The price of tackling the problem after it has caused a failure, whether from within or with a client, is $100.

What information is contained in CRM data?

Personal Information

Descriptive facts that may use to recognize your clients, leads, and contacts are included in identity data. This information should, in theory, aid your focused outreach. The following types of personal information can collect:

Descriptive Information

Descriptive data offers information about your contacts' lifestyles. This information provides a complete picture of who your prospects and communications are on a much more private level, as well as awareness of their universal predilections. Some general examples, if valuable for a particular case, would be:

Quantitative Information

Quantitative data comprises measurable data points that may use to analyze how a customer has engaged with your business. Here are some quantitative data samples for your CRM:

Qualitative Information

Qualitative data may save in your CRM to provide information about your contacts' opinions, motives, and actions as they pertain to their purchasing decisions. This data is usually acquired through direct feedback and surveys conducted by your business. Qualitative statistics in your CRM could include: communicating via email or phone.

CRM Data Structure That Works

Let's talk about how to keep this data structured now that you understand what information you will have in your CRM. Here are a few examples of how you might effectively exploit relevant data with CRM.

Lifecycle

Customer data is classified into lifecycle stages based on their sales-readiness. The steps of the contact lifetime in CRM are:

Status of the Lead

Monitoring the lead state for contacts who may be classed as sales-qualified leads and the lifecycle stage can give helpful information to your CRM account.