It is necessary to find new customers to grow in the new year. Although selling to existing customers can help, some customers disappear, merge, or cease to exist. Therefore, attracting new customers, or “fresh blood,” is crucial.
Do the quality check!
CRM data quality has a direct impact on marketing and sales results. However, ensuring CRM data quality is a big challenge for many companies. This includes coverage, age, and uniformity of data. Questions you can ask yourself;
- What percentage of my total market do I have mapped out?
- How old is this information?
- And, can I correctly segment my target groups with the chosen Key Account Indicators (KAIs)?
The influence of bad CRM data
Companies with poor data quality will have difficulty targeting their campaigns to customers, leading to low response rates and missed opportunities. On the other hand, companies with high-quality data can target customers based on their demographic, psychographic, or behavioural characteristics – leading to more effective campaigns that generate higher response rates and better ROI.
Research shows that bad data causes a 10-25% revenue loss. This is because the data is incorrect, and a part of the market is not seen. When we analyze the CRM data of our relationships, we see that a customer, on average, has 20% of his addressable market not on his radar.
New wind in the Data sails
In the new year, we will continue to help our customers improve data quality and the associated segmentation. More and better data leads to more business with the same marketing and sales efforts. Unfortunately, this “no-brainer” is often overlooked.
Your CRM data is the foundation of the marketing and sales organ that you build on. Perhaps it is a good idea to inspect the foundation quickly and thoroughly. On a good foundation, finding “fresh blood” is much easier.