B2B data is the absolute fuel for your sales fire, but when it starts to burn off, your organisation starts to face some or all the four main ways that out-of-date CRM data hurts your team.
Did you know that up to 70% of data in your CRM goes out of date annually? According to research done by Salesforce.
It’s an eye watering stat that commands the attention of most people within a business, especially those that use the CRM system daily.
So, let’s dive into what these for main effects are and in the next article we will look at what we can do about them.
1. Wasted time
As the old saying goes – “time is money” – and in today’s fast paced environment that has never been truer.
When we look at saving costs within organisations, inefficiencies are right up there.
Think about the wasted money spent on sales hours in dialling or prospecting companies that no exist or individuals that have moved on.
Once they have not got through to the correct person, they then need to spend time correcting the record before moving on the next prospect.
This cost is amplified by the missing revenue that could have been generated during that period.
2. Missing out on new business
What is everyone’s favourite word? That’s right. It’s their own name. According to various sources, there is no sweeter sound to the human than hearing their own name.
But what happens when we get a name wrong or spell it incorrectly?
All hell breaks loose, well not quite, but we certainly don’t like it.
By asking for a predecessor or emailing the wrong person within a business may mean that you miss out on their business even if you have a great service and have crafted the perfect message.
3. Poor prospecting
Rule 101 – the more you know about your prospect, the better you can sell to them.
By keeping your CRM up to date, you are giving your salespeople the most up to date information possible for that contact and it is a resource they will never not thank you for.
Providing out-of-date information to salespeople, especially the most talented, drains their spirits and saps morale within a team. At the end of the day, we all want salespeople doing what they do best, selling!
4. Legal trouble
It has fair to say that the GDPR doom mongers weren’t exactly correct when they predicted that they sun would no longer to continue to rise after May 2018 but holding out of date data could land you in hot water under GDPR.
GDPR rules does set out how long you can hold a person’s information for though and it prohibits you from holding the information of persons who no longer want to receive information from your business.
If your CRM is uncontrolled or out-of-date, you could find yourself in hot water.
In short, keeping the data in your CRM up to date is a great way to save money, through the reduction of inefficiency within your organisation, and to make more money by increasing the productivity of salespeople and the response rates from marketing campaigns.
In the next article we will explore the best ways to maintain your CRM systems. One quick take away from that one will be that it is everyone’s responsibility within a business to maintain the quality of a CRM system not just the sales and marketing folks.
Until then, we wish you the best and will remind you that we are always here to offer totally impartial advice on the best ways for you to procure and manage b2b data within your business.