You know you need to do something about the dirty data in your CRM — the stale, incomplete, badly formatted, and duplicate data. If you’re in sales or marketing operations, it makes extra work for you, and it hampers sales and marketing effectiveness. Bottom line? It impacts your revenue.
Yet even knowing that, you may be struggling with how to justify the cost of implementing the data cleanup you know you need. You’re not alone. In our newly published report, Unlocking Revenue Performance in the New Normal, we learned that more than 70% of business leaders say data management is a high priority, yet 65% are doing almost nothing about it. They’re either manually cleaning their data or literally doing nothing at all.
Let’s change that by exploring the ROI of clean, reliable CRM data.
Having current, complete data about the companies and contacts you sell to improves your decisions and productivity from the top of the sales funnel to the bottom. It helps you:
- Expand your addressable market by more accurately identifying prospects that look like your ideal customers
- Increase your volume of actionable leads by correcting and filling in missing information
- More accurately score, route, and engage leads, turning more into opportunities
- Save sales development and sales reps hours of manual research and data cleanup, so they can spend more time creating pipeline and selling
- More relevantly engage with your prospects to close more deals
- Deepen your understanding of existing accounts to prevent turnover and find new opportunities for growth
Let’s look at a couple of ROI examples.
Example 1: Improve Lead-to-Opportunity Conversion Rates
What if you could improve your lead-to-opp conversion rate by a modest 2% by enriching all new leads with current company and contact details? You would generate more actionable leads, be able to prioritize and route them more accurately, engage with them more effectively, and convert more of them to opportunities. Let’s assume you currently get 5,000 leads per year, have a 20% win rate on opportunities, and an average selling price of $50,000. Your increased revenue would look like this:
Example 2: Save SDR time, resulting in more pipeline
Perhaps your sales development reps (SDRs) are spending too much time researching leads to update and fill in missing information and remove duplicates from your CRM. What if they could save this wasted time and spend it creating more pipeline? Our customers tell us their SDRs spend as much as 20% of their time doing research and data cleanup. Let’s assume you have 10 SDRs that currently produce $4M in pipeline each and your win rate is 20%.
Want to give it a try? Download our series of seven calculators and do the math yourself. Almost any way you adjust the numbers, you’re going to generate a lot more revenue when you have cleaner data.
Why are we bringing this up now? Because having ready access to reliable data about the companies and people you sell to is more important than ever in our COVID-19 world. We discussed this with Nancy Nardin, Founder and CEO of Smart Selling Tools, in a recent webinar. She revealed that the secret to winning in today’s virtual sales world is having accurate CRM data. Yet the data in your CRM is decaying at an unprecedented rate because of industry shakeups, downsizing, layoffs, and furloughs. Her advice? Now is the time to put a data management program in place. It’s not a nice-to-have, it’s essential for doing business today.
We also blogged recently about how to use data to find new opportunities, if your current customers have been forced by the pandemic to put purchasing projects on hold. Again, the key is having reliable data to guide you.
Last November, we launched InsideView Data Integrity to help our customers improve and manage the quality of their CRM data, though we had no idea how much our world was about to change, intensifying the need for reliable data. We’re grateful we had the solution in place and were able to expand it in April to include a native integration for Microsoft Dynamics 365.
The timeliness of its introduction is reflected in this customer comment:
“With everyone working from home, InsideView data has become critical for our sales team, enabling us to research prospects in global regions and find new ways to connect with decision makers,” said Anthony Cuellar, Senior Vice President, Global Marketing at Diversified. “It’s shown us how valuable clean and enriched data is for sales and marketing especially as we expand into new markets around the world. By maintaining the health and accuracy of our customer data, InsideView Data Integrity will allow us to get even more benefit out of our CRM.”
No more putting off your data management program. The risk of not having the right data to find new targets and connect with new buyers is higher today than it was just a few months ago. And now you have access to calculators that can help you quantify the ROI.
We know implementing a data management program can feel overwhelming, but our own Adam Perry provides some tips on how to get your data management process up and running, while avoiding pitfalls, in this article just published by MSDynamicsWorld.
We’re also here to help you figure out how all of this applies to you. Just contact us for a complimentary data strategy consultation. And if you’re a Microsoft partner, our partner team is available to discuss how you can leverage InsideView Data Integrity to help your customers and grow your consulting practice. Or check out our recent partner briefing to learn more.
Image © rbb