Like it or not, are you spending your marketing budget on programs that bring poor or no results at all?
Researchers have revealed that on an average 15% of a business’s annual profits are spend (read misspent) owing to bad data residing in their CRM database.
And it is not just the money that gets us worried. Dirty data in the CRM database, like duplicate information, often results in erroneous lead scoring. For when scores are shared between duplicate leads, it implies that neither of the records gets a high enough score to proceed down the sales pipeline.15% of a business’s annual profits are misspent owing to bad data residing in their CRM database as CRM data degrades at a rate of 30% per annum. - Gartner Click To Tweet
Additionally, pitiable marketing results along with time wasted following up with the wrong lead drastically lower marketing and sales productivity, increase CRM’s and other marketing software costs, and finally damages the reputation of the company.
Here are 4 how dirty CRM database is hurting your marketing efforts and what you can do to fix them:
Data of the customers are gathered through several sources, which includes tradeshow lists, web forms, webinars or other third party sources. Hence, duplicates of records end up on most marketing lists.
Cloud-based CRM system and marketing software charges are most often based on the amount of data that is stored in its database. Therefore, retaining too many duplicates in your system inflates the cost of storage. Duplicate records stored in the CRM database also skew performance reports, making it complicated to base critical business decisions on inaccurate results.
#2. Lead Scoring
There are several prospects who often use more than one email addresses or interact with your business in different ways (downloads, trail requests, email opens etc.) causing the CRM system or other marketing automation tools to create innumerable duplicates.
Duplicate entries in the CRM database affects lead scoring by:
It has been found that CRM data degrades at a rate of 30% per annum. Hence, remember your CRM database’s quality always changes over time.
Outdated contact information, organizational changes, errors during entry, and also external data sources affects the quality of your existing CRM database.
Bad data unnecessarily stored in the CRM database, escalates storage costs, which results in creating a devastating effect on your marketing plans. This is because; multiple communications with the same prospect or lead and wrong targeting can have a crucial effect on the reputation of your brand.
#4. Limited Visibility
Most businesses depend on several systems for gathering their customer data, where CRM is just one of these sources marketers use in building the customer profiles that help them in targeting.
To access the customer information across, on-premise, cloud and also third-party systems, marketers need to be capable of finding data easily and quickly, regardless of errors or differences in form (like acronyms, nicknames, or misspellings).
Are your campaign rates dropping?
Evaluate the current state of your CRM database with data quality report of your database from professional CRM data cleaning services in your city.
Wait! If you have 2 minutes to spare… leave a comment below letting us know what your biggest takeaway was!