“3 out of every 4 commercial businesses believe that they are losing as much as 73% of revenue due to poor data quality”…Experian – QAS. U.S. Business Losing Revenue Through Poorly Managed Customer Data
A common issue I see in enterprise companies is the ‘perceived’ ownership around ‘data’ amongst sales and marketing – specifically I see marketing underestimating the value of clean contact data and overestimating sales ownership of contact information. CRM systems like Salesforce.com and others have been around for 10+ years and many larger enterprises have a Salesforce admininstrator, reporting into sales, responsible for the policies and procedures within their company’s CRM System. So naturally, marketers tend to say ‘contact data is a sales problem.’ I disagree. Data Integrity is a business issue. Marketing needs to take a more active role in data ownership and data quality around the contact level – and the need is acute if all contact level data is housed in the CRM system as it is likely the marketing organization is not digging in their CRM system as often as they should be.
With more B2B companies leveraging the capabilities of marketing automation vendors to do batch and blast email among other tactics, suddenly, the contact information has become very relevant to marketers – clean contact data means more conversions which means more revenue.
A variety of issues cause the data to be bad or incorrect. With this in mind, marketing can take a business leadership position by inspecting data samples or sets– to then present to the heads of marketing and sales on what the quality is. As an example, either sales or marketing should reports to analyze the following areas:
- Complete a Country Code analysis
- Look at Duplicates (even Leads that duplicate Contacts or Accounts)
- Verify and enrich address data (data appending)
- Compare external data to CRM data for accuracy
- Run Reports on fields, test to see how often fields are used
- Analyze all or a subset of your records for verification
With this information in hand, a leader will have a more precise understanding of the effectiveness of your marketing campaigns. Better data = better campaigns = better conversion which makes for the right business mix.
What have you found successful in your data analysis?