B2B Customer Data Enrichment In CRM: The Secret To Good Quality Customer Data Collection

We all can agree on one thing: Good quality customer data provides a quantifiable meaning to a product’s acceptance within targeted customer segments. As your markets-of-interest mature with time, the product’s new use cases emerge, due to which older problem statements and customer personas are altered.

Now, intelligent use of curated data is essential to logically define a competent, agile B2B marketing strategy to target the needs of niche market players. Suddenly, the role of ultraprecise customer data is visible. And, as the appetites of customers and the needs of sales teams mature retrospectively, the want for data enrichment and cleansing solution for a CRM also becomes evident.

Table Of Contents

1. The Business Cliche
2. A Need For Automated Data Enrichment And Cleansing Solution For CRMs
3. Impact Of Good Data Quality On Your Sales Effectiveness
4. Measure, Report, & Repeat
5. Conclusion

The Business Cliche

Many a time, the solution to a problem is as good as the problem itself. The most recent challenge every business encountered was the COVID-19 pandemic. Walloping every business with equal uncertainties and predicaments, this pandemic presented leaders with an opportunity to mitigate future business nuances by facilitating their workforces with reformist work policies.

Digital revolution to the rescue: Pandemic-fueled reverse migration of workforces has been keeping everyone online, thus, resulting in geographically scattered customer segmentation data. Moreover, it has affected the credibility of some highly recommended marketing strategy playbooks. These playbooks advised you to concentrate only on certain factors, which now, they no longer recommend.

Now customers’ needs are at the center stage, and their interests’ wooing methods, of paramount interest for the B2B marketers. These ‘interest-wooing methods’ embrace tailored content per customers’ interests, communications via preferred channels or platforms, targeted campaigns and ads, and much more.

Expectedly enough, the digital revolution has made incumbents acknowledge the value of accurate data, with which we obtain new customers and engage with existing ones — leaving no scope for inaccurate data or data collection errors. But today, a company’s data is stored in multiple data sources, leaving the door open for data duplication or collection of misleading data points, which results in lower quality of service. Thus, bringing us to the doors of data engineers and new market innovators to solve the next big problem in the modern data landscape — a go-to-market automated product solution for customer data enrichment in a CRM of your choice.

A Need For Automated Data Enrichment And Cleansing Solution For CRMs

The need for an automated data enrichment solution to store customer data in a CRM is immediate. Manually removing/adding data is a tedious job that exhausts crucial person-hour — a lackluster and error-prone approach. A CRM enriched with inaccurate, duplicate, or formatted data results in data inaccuracy which engenders oops moments, eventuates lost subscriptions, fork out poor customer ratings, and cost lost revenue streams.

Enter automated data enrichment solutions for CRMs, which can ultimately make your life easy. The visible business value is almost immediate. The more you know about your customer, the better you engage with them — this helps companies create clean, lean, and mean customer segments for effective customer engagements and communications.

Impact Of Good Data Quality On Your Sales Effectiveness

According to Gartner, companies have found lost revenue streams worth up to USD 15 million, due to poor data quality, as the average annual financial cost in 2017. Due to poor data quality, companies take a financial hit, undervalue digital initiatives, lower their competitive standing, and cause customer distrust. On the contrary, good data quality empowers companies to know who their customers are, where they are, and what they like. Making data a valuable asset, companies now generate new revenue streams seamlessly.

Cross-company collaboration is necessary to achieve greater information management maturity for which tools are already present. Already, data from across organizations, from different sources, is stored in data warehouses. And, we need to make siloed data actionable through CRMs. According to a report by InsideView, “71% of respondents rank CRM data quality as a very high priority.”

Enabling an effective good data quality custom is tricky, but according to Mckinsey, we can overcome these obstacles by embodying these five elements right: Element 1: Gather precise data in line with your business needs; Element 2: Foster talent with strong fundamentals and analytical approach; Element 3: Incorporate analytical tools and technology in day to day business activities; Element 4: Human decisions + Automated digital actions are best practices for increasing sales effectiveness; Element 5: Measure results and incentivize intelligent decision-makers.

Measure, Report, & Repeat

Now that the need for having high-quality customer data is clear, we must go back to the starting argument that made this article possible in the first place, i.e., The Business Cliche. Often businesses lack the competency to measure the quality of their data. Hence paving the way for another business cliche for us to mention, “You can’t manage what you don’t measure.” This cliche brings us to the debate: Should a business possess a fit-for-purpose data governance structure?

The Anecdotal Evidence: An effective customer segmentation strategy also brings an anecdotal question in this debate for us to counter; how efficiently can we act upon this segmented data, and what doing so does for our businesses? The answer is simple: The sooner you start measuring data, results will start appearing. Indeed, to influence real change, we need to act fast. And an automated data enrichment and cleansing software helps you accomplish the same, efficiently.

But, to get to the bottom of this, we need to write marketing playbooks inspired by our anecdotal and quantitative pieces of evidence itself. We need to benchmark best practices that emerge from use cases inspired internally — now you can influence real change. This stand-out approach will define new data enrichment needs and drive the best results for your business to succeed.

Conclusion

Alas, this world-altering pandemic has made an intimidating announcement that is loud and clear. We need to evolve and adapt to mitigate any sudden risk which falls onto our well-guarded turfs. However, it is more important to stand out in terms of success and improved way of thinking and execution. The bar for data quality has been reset, and we need to benchmark the best actions for the best results.

Now, ensure data quality and become data-driven. Give Hevo Activate a try. Hevo Activate enriches CRMs with high-quality data stored in data warehouses of your choice. With the help of Hevo Activate, you can make compelling business insights from customer data that was once siloed. And don’t worry, it’s fully automated, end-to-end secured, and really easy to use.

Sign up for a 14-day free trial, and become a part of the data empowered community.