Customer Relationship Management (CRM) is the process of managing existing, past and potential customers of your business but did you know dirty data harms your CRM?
Data changes overtime because customers change their locations, jobs or contact information. When this happens, your CRM data becomes ‘dirty’ and it is no longer useful. This means that your sales teams are wasting time and resources pursuing people who are not qualified.
Even if they are qualified, your sales team is still working with outdated information and it can affect relations with your leads. Not only does this waste resources, it is harming your company's and sales team's reputations.
Here are a few ways incomplete, inaccurate or outdated dirty data harms your CRM.
Successful prospecting in outbound marketing requires reliable and accurate data that is up to date. This is because no outbound marketer wants to call the wrong number or use the wrong name because it impacts lead generation and increases the number of missed opportunities.
Dirty data wastes a lot of time, whether it is wasted by following unqualified leads or by following qualified leads with inaccurate information. Either way, precious time is lost, and it lengthens your sales cycle and affects your bottom line.
Forecasts are important to measure the projected outcome of efforts and they heavily rely on data. This means that your forecasts and projections are only as accurate as the data used to derive them. Dirty data may lead to your sales team forecasting the same opportunity multiple times, resulting in inaccurate revenue projections.
Most companies use many different tools and applications in different departments, and it makes sense to allow some departments to access data and isolate it from others. Sometimes, if the data is dirty, this can create inconsistent or fragmented data and create problems between different departments.
Yu Sang Chang and George Labovitz proposed the 1-10-100 rule in 1992. It stated that it costs $1 to verify a CRM record as it is entered, $10 to clean it later and $100 to do nothing due to lost revenue. To put it simply, it wastes a lot of money.
Your marketing costs money and when it is not reaching target audiences, you are wasting money. Additionally, you are bearing the opportunity costs of missing out on quality leads when your marketing follows unqualified, empty leads.
Dirty data harms your CRM, and it costs more in missed opportunities than it does to clean it, which costs more than to verify and record it in the first place. Not to mention the negative impacts it has on lead generation, forecasting, departments and sales cycles.
Your leads, marketing and money is important to your business and when dirty data harms your CRM, it is taking away more than just that - it takes away your reputation and hard work. Do not let dirty data bring your business down, let us help you solve your problem.
To learn about dirty data solutions, please visit our website today.
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