Enhanced Marketing through High-Quality CRM Data

Have you ever been bothered by data? Been worried about how to manage data efficiently? Remember the problems of bad data like having to go through multiple spreadsheets to look up the tiniest bit of information? Not having updated email lists? Lack of sync between different platforms? Unreliable reporting?

Everything sort of boils down to data and data quality - the lifeblood of modern businesses. Yet, managing it efficiently can be a real headache. That's where CRM marketing comes in – it's like the one-stop solution of data management. It can help you solve all those irritating data problems that keep cropping up! Right from using data optimally to storing and organizing - the features of CRM marketing have you covered on all fronts.

So, what is data management, to begin with? Let's take a quick look to understand how it can benefit you!

Data Management - An Introduction

Data management is basically all about collecting, organizing, storing, and analyzing your business data to make informed decisions. And when you have all your data in one place, it's a game-changer.

As a result, data management refers to not only the optimal usage of data but also sustainably storing, securing, and using data to benefit the business - which CRM marketing promises to do. This, in turn, enables one to gain insights into data management and make informed decisions. 

The different aspects of data management are as follows:

• Collating, creating, and storing data
• Maintaining consistency in data quality
• Securing data and its privacy
• Ensuring data is stored both on the cloud and on the premises
• Looking after the lifecycle of data, starting from its creation till its deletion
• Monitoring data analytics for different processes and creating algorithms

Is a data management strategy really helpful?

You know that feeling when you're asked a question and your answer's like, "Well, maybe?" It turns out that's how many businesses feel when you ask if they trust their own data. Even when they've got a CRM or database, it can be a case of "I don't know if I can trust this information..."

Generally, the cost of using subpar data is relatively high in business. Studies estimate that companies lose about $12.9 million annually on average due to inaccurate data usage. Another study estimates that 21 cents are lost for every dollar spent on marketing due to poor data quality. This is why clients, including a third of business leaders, often fear trusting their own data! And it is exactly here that CRM data management strategies lend an advantage to the customer. 

Let us look at why CRM data quality is important and why it is helpful for CRM marketing:

1. Wrong CRM data will negatively affect the campaign. Your data might appear to have yielded 400 contacts, but how many of them are accurate, and how many are duplicates?
2. Poor quality data will cause performance to suffer, as incorrect products will be marketed to the wrong audience, causing the ROI to decrease.
3. A genuine concern is that sending emails using inaccurate, outdated contact lists may result in the emails ending up in spam folders or bouncing back - which could potentially result in blocking your email or blacklisting the IP address of your company.
4. When it comes to marketing automation, your CRM data is the fuel that powers the engine. If your data isn't good, your marketing automation tools won't be able to do their job effectively. 

What makes data good or bad?

Good data has five fundamental characteristics: reliability, accuracy, comprehensiveness, consistency, and up-to-dateness. If these conditions are not met, data quality issues can be real problems for your CRM and marketing automation efforts. Some common pitfalls might be causing the problems: missing fields, data in wrong fields, or outdated information.

Such problems can be avoided using CRM data management strategies. Of course, the data management strategy needs to be changed according to the business requirements. The factors that have to be kept in mind while designing the strategy are:

1. Regular audits of CRM marketing data need to be conducted and compared to the standards decided internally.
2. Specific rules need to be set for data elements.
3. Use tools to avoid data of poor quality and the same tools to maintain data quality while efficiently cleaning up flagged items.

How does high-quality CRM data help?

Let us have a look at the different ways in which high-quality CRM data may help you:

Know Your Audience, Know Your Message 

It's time to say goodbye to vague buyer personas. With accurate data in your CRM, you'll target the right people with the right message.

Data-driven Decision Making

You can forget having to base your business strategies on your feelings. With high-quality data, you will have all the tools to make smarter decisions along the way. Remember, fact-based marketing is the way forward.

Connections that Count 

Better data will allow you to develop better marketing strategies. These strategies will help you build everlasting connections with customers by creating buyer journey experiences that resonate.

Tracking the Progress

Poor-quality data ends up muddling the process. Clear, accurate reporting shows you what's working and where there's room for improvement.

Staying Ahead

As we discussed earlier, poor data affects the performance of many industry competitors. Therefore, having access to good data would catapult you ahead.

Get Started with CRM Data Management 

Ready to make your marketing strategy shine through data-driven insights? You can utilize our team, revamp your data management system, and transform your CRM marketing operations into a well-oiled machine. The data-driven future awaits.