*Sigh* Can you imagine a CRM filled with accurate, actionable data?
It’s a dream most companies share. The problem is, how long does that data stay good for? A study found that “B2B data decays at a rate of just over 5% per month, or 70.3% per year.” So how do companies keep their CRM’s up to date and fresh with new data?
It sounds like a horrible manual process that takes a lot of effort but also time, and if data is decaying at 70%, time is not what you have.
Is lasting data accuracy a pipe dream? Heck no!
So, why bother? Because an accurate CRM helps in lots of ways. Think about the costs of not having it:
- The Marketing team are looking to create an email campaign to all of their customers to update them on recent changes, wins and events. They turn to their CRM to pull a list of emails and hit send on that email. Perfect. Yet, soon they start to notice that their bounce back rate is growing by the minute. Soon they hit a 39% bounce rate. Not ideal. To put that into figures, if the email was sent to 2,000 contacts, 780 contacts would not receive the email. A staggering amount.
- An account executive arranges a discussion with the COO at a prospective company. Time has already been spent prospecting in to get the meeting with the COO and now further time is being spent carefully creating the sales pitch. When the time comes and the account executive is halfway through the beginning of the pitch, they are interrupted by the COO as they know everything about the company already. In fact, another part of the organisation is doing work with your company already! Not only does the situation give a bad impression to the COO but the time spent prospecting in to the company has been wasted as a colleague could have introduced them. But because the CRM was not kept up to date and refreshed, this vital information was missing.
What makes data turn sour?
How does data decay? The same study found that in any given year your contacts’ information will change in the following ways:
- 65.8% title and/or job function change
- 41.9% address change
- 42.9% phone number change
- 37.3% email address change
- 29.6% of individuals changed companies
- 36.2% of individuals changed jobs in their company
- 4.6% of the companies changed their name
- 12.3% of companies moved office locations
That’s a lot of updates to keep up with. Who has the time?
How do you fix it?
So how do you keep your CRM updated, without relying on hours of manual administration from your professionals?
Artificial Intelligence can automate the data cleansing and enriching process, allowing your team to spend more time on revenue-generating activities. Introhive’s Cleanse takes the power of AI to keep your CRM accurate, updated, and usable.
Learn more about Cleanse and say goodbye to the dirty data blues.