Your CRM data is a valuable asset to your company. Despite understanding the vital importance of a data-driven business in today’s scenario, most companies agree that their CRM data is poor and affects their revenues. The outcome cannot be profitable when crucial decisions rely on this poor-quality data. Businesses should consider investing in reliable data entry services to avoid these unfavourable situations and consequences.
The costs of poor quality customer data:
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Campaign failures:
Marketing teams strive to reach out to consumers with their promotional campaigns. Despite their toiling to arrive at the right strategy, concept formulation, content creation, appropriate collaterals, and platform choices, the whole effort may be futile if the customer data they use for the purpose is untrustworthy. This will affect the ROI in a significant manner.
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Inaccurate leads:
The sales team is majorly responsible for conversions. Their time and efforts are undeniably valuable. Suppose the customer data they are entrusted with is inaccurate; in that case, their sincere efforts to convert potential prospects into customers may only result in wasting resources. Lesser conversions mean lesser returns.
- Unreliable decision-making:
Most marketing decisions, from campaign investment segmentation to total budget allocation, are based on customer data. If such crucial data is inaccurate or not up-to-date, then the decisions made based on the same may also be unreliable. Depending on the data quality, such choices may lead to more losses than profits.
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Damage to brand reputation:
An enormous effort is required to build a brand’s reputation over time. However, if the appropriate maintenance of the same is not taken seriously, the brand may lose its reputation. This will majorly hinder the profitability of the business. One factor that influences the same can be the poor quality of CRM. For example, suppose the customer’s name is not mentioned right, or repeated emails are sent to the same customer; in that case, it may create a negative image of the business, eventually leading to the decline of its brand reputation.
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Decline of loyal customers:
Studies show that 32% of loyal customers stop doing business with a brand they love after a single bad experience. Firms can easily prevent these mistakes by improving the quality of the CRM data. One feasible solution is to have a single customer view format for the users to view all related data on the same page. It can help avoid duplications like sending the same email repetitively to the same customers.
The cost of poor-quality data in your CRM may be high, but it is easily resolvable. The demand for better data management is only exponentially increasing with time, with the top issues being incompleteness, duplication, lack of accuracy and updation.
Many professional service providers have emerged within a short period to handle the same with assured efficiency. However, not every service provider can be entrusted with managing valuable data that must be kept safe and secure. Outsourcing your business’s data management to reliable service providers like Prozus can help you prevent hidden costs and significantly improve ROI. Prozus’s end-to-end data management and support services ensure that your company can focus on its objectives, making reliable decisions with numbers that don’t lie.
