Welcome back everyone for the final part of our journey through Modern Sales Pro’s report about the State of CRM Data for Saas Companies. If you missed the other 2 blogs in this series, you should read part 1 about the state of data and part 2 about what it means to business first.
The first 2 blogs were generally negative. Now we’re going to shift to a more positive note as we explore how to fix your data. This final part is all about the recommendations given at the end of the report.
Take a journey
There are three main recommendations that Modern Sales Pro makes for how to fix your data. Let’s start with their first piece of advice, which is “to take a journey lens.” This means that in order to increase data intelligence, businesses must have signals and account-level data.
Currently, most companies have a focus on technographic and firmographic data, which is a bad idea because it can put marketing impact and spend at risk. Focusing instead on account-based marketing by having more account-based data yields more positive results. These include increased engagement and making your business stand out. The shift in focus even provides data that can help the company “better understand and segment their account lists with more relevant content.”
Invest in intelligence
This brings us to recommendation number 2, which is to “invest in data enrichment and intelligence.” Now if you read the first two parts of this blog series then you probably could have guessed this recommendation was coming. In fact, one of the most repeated parts of the MSP report is that companies do not place enough emphasis on data enrichment or intelligence, which is what leads to most of the problems discussed.
But how can that be fixed? Well, their solution is actually pretty simple: spend more money on data improvements.
In the report, MSP states that the leaders who were more confident in their data invested in more than 2 data providers and enriched data more frequently than every month. This is because if you have “the right data partner, you can start gaining a clearer understanding of each customer, including their requirements, preferences, behaviors, and even their motivations for making a purchase.”
Satisfaction on demand
While investing is a good step, having better data is nothing without the last recommendation: increasing the satisfaction and availability of the data.
To really understand how big a problem this is, 74% of people are not satisfied with their data providers. They also say that the unavailability of the data is one of the biggest factors that keep them from having quality data.
MSP suggests using more modern technology by using “AI-based algorithms and robust recommendation engines that are tuned specifically to SMB needs, triggers, and behaviors.” By doing this, along with the other 2 recommendations, not only will the data quality be improved but so will the revenue your company generates.
How to fix your data: find the right partner
And with that, we have come to the end of our 3-part journey through MSP’s report on The State of Data in SaaS companies. Though the way things look now isn’t great, this report provides us with some much-needed advice on how to change things.
One thing not mentioned in the report is how we do here at Introhive is to help turn around the quality of your data and help with everything mentioned above. We know how to fix your data. So if you’d like to know more, you should book a demo of the Introhive platform and see for yourself.