Inaccurate customer relationship management (CRM) data can have a significant impact on a company's ability to effectively execute its go-to-market (GTM) strategy. GTM is a critical component of any business's success, as it determines how a company will reach its target audience, promote its products and services, and ultimately drive revenue. When CRM data is inaccurate, it can lead to slower GTM execution and ultimately hinder a company's ability to achieve its business objectives.
Why is CRM data crucial?
CRM data is used to track and manage customer interactions, sales, and marketing activities. It is a central repository for customer information, including contact details, communication history, and sales data. This data is crucial for understanding customer behavior and preferences, as well as for targeting marketing campaigns and identifying potential sales opportunities.
What inaccurate data can do?
When CRM data is inaccurate, it can lead to a number of problems. Like..- If a company's CRM database contains incorrect contact information for its customers, it may be unable to reach them through email or other communication channels. This can result in missed opportunities for engagement and sales.
Inaccurate CRM data can also lead to poor targeting of marketing campaigns. If a company's CRM database contains outdated or incomplete information about its customers, it may be unable to accurately segment its audience and create tailored marketing messages. This can result in marketing efforts that are less effective and may even alienate potential customers.
Furthermore, it can hinder a company's ability to effectively track and measure the success of its GTM strategy. If a company's CRM database contains errors or inconsistencies, it may be difficult to accurately track the performance of marketing campaigns and sales campaigns. This can make it difficult to identify areas for improvement and optimize the GTM process.
CRM Data and sales tech stack
67% of sales teams use between 4 and 10 digital selling tools as part of their sales tech stacks. But 42% of sales teams fail to see a clear ROI on these tools. Inaccurate CRM data is a major reason for your sales tech stack failure, here’s how..
Lack of accurate data-driven insights
Rep’s work hours wasted in data verification
Data silos after juggling with multiple tools
Misalignment of marketing and sales
Overall, inaccurate CRM data can significantly slow down a company's GTM execution and hinder its ability to achieve its business objectives. To avoid these problems, it is important for companies to regularly review and update their CRM data to ensure its accuracy and completeness. This can help ensure that the data is reliable and can be used effectively to support GTM activities.
How to deal with it?
Inaccurate CRM data can be caused by a number of different factors. For example, it can occur when data is entered manually and mistakes are made. It can also occur when data is imported from external sources and is not properly formatted or validated. Additionally, CRM data can become inaccurate over time as customers' information changes, such as their contact details or preferences.
To avoid the negative effects of inaccurate CRM data, companies can take a number of steps to ensure the accuracy and completeness of their data. For example,
- Implementing strict data entry protocols and using data validation tools to prevent errors when data is entered manually.
- Investing in data integration and cleansing solutions to ensure that data from external sources is accurately imported and properly formatted.
- And implementing processes for regularly reviewing and updating their CRM data to ensure that it remains accurate and up-to-date.
All these steps may or may not work depending on the sales processes of the organization, plus they again put a toll on the sales reps which again is not a good sign for the company. A better solution can be something which can make the data filling process easier, as automating the whole process will not make sense due to low scraping accuracy. Some factors you should always check in these tools:
- Actually solves the problem
- Easy to integrate
- Easy to use
To know more about the tool which can actually make a difference in rep’s data filling experience and save 4+ hours every week of each rep. You must see Clientell’s TrackTable in action
