Having good data quality is important. That has never been up for debate. Modern Sales Pro’s report, The State of CRM Data for SaaS Companies, goes over many different aspects of the data that companies work with. In this 3-part series about the report, we’ll explore their findings, starting with the current state of the data and the faults associated with it.
Something is rotten in the state of data quality
So what exactly is the current state of the data? Well, to be blunt, it’s not good. There’s a quality issue with a lot of the records being kept. Though 45% of SaaS organizations have over 100,000 records in their CRM, only about “5% of organizations are highly confident in their accuracy.” That’s terrible.
Also, the data also has no context. It doesn’t explain why to target certain people, so 40% of all media spend ends up getting wasted because the data just isn’t finished.
What’s more, “B2B buyers expect personalized experiences, which is shifting go-to-market strategies to take account-based marketing (ABM) approaches.” This means that it is becoming even more important to figure out which accounts to focus on. But even that can be a difficult task to figure out. However, all of this needs to happen considering that data quality matters more now than ever.
Bad data quality is bad for business
Clearly, there are a number of issues with the state of data quality today. But so what?
Bad data leads to a lot of other problems. One of the biggest is that there seems to be an inherent mistrust of CRM programs due to the incomplete and inaccurate data they contain. In fact, it’s mostly important information that is missing from a lot of the data—information businesses are counting on to make informed decisions.
You’d think that the company a person works for would be an important piece of information in a CRM record. But “nearly 40% of organizations are missing a website URL on more than half of their CRM records.” What the what?
Most knowledge about a client can be found on their website through that URL, so it’s a bad sign that so many organizations are missing that key piece of information. That’s just one simple example; there are other areas that are frequently missing data, such as category information and location data.
It’s not al doom and gloom
So far we’ve only looked at what‘s wrong with most of the data being used, but there is more to this report than just telling people how bad things are. Thankfully things are not all bad news, because nothing here is unfixable. In fact, there are quite simple fixes to all these issues available. If you’d like to know more, you should book a demo of the Introhive platform and see for yourself.
In part 2 of this series, we’re going to discuss exactly why it’s important to understand the impact of these issues and the need for personalization. Hope to see you there!