Most businesses by now are aware how important it is to have a database of all customers, dormants and prospects. It allows a business to classify and group the data as well as plan appropriate sales and marketing strategy for these groups.
Many businesses now also know that the format of their databases is very important. Long gone are the times when a simple spreadsheet with basic data, such as Company Name, Address, Contact First Name and Surname, is enough.
A savvy business wants to have all the information about buyer’s behaviour, previous purchases, activity history and all updates in order to build a pipeline of opportunity.
In reality, it is a completely different picture. A database set up a year ago, with all information filled, ideally, by one person, today could have updates made by different employees, some account managers filling information in more diligently than others. The quality of the data will have decreased. This is because business data decays over time. Heather Davies, our Operations Manager, always says that one’s data is only good on the day it was called.
So why it is important to have a good quality data in a managed format?
There is hardly any point in communicating with data, if it doesn’t contain correct contacts and details. Moreover, your sales team might feel incentivised to keep your CRM up to date, if it produces sales results. Once data is entered it belongs to a company. So if it’s not on CRM but on a spreadsheet (or another format), it belongs to them and when they’re gone, the contacts are gone with them.
Most business plans include annual growth. There are two main ways to achieve this:
- Introduction of new products/ services to company’s current offering – extending services and products might help with achieving business growth and bring new stream of revenue, however it might be an expensive way. Investments in new machines/equipment and development of new products and services may be necessary.
- Prospect profiling and lead generation – when a company looks at their current customers and what they buy/ use and try to find new, similar companies/prospects. This isn’t as expensive as the first option but it requires time and effort to build a database and keep it clean.
Managing good quality data speeds up prospect profiling. Recording every activity for each account, all updates and ensuring all details are kept fresh, enables a company to build their database of prospects and start using the data for their sales and marketing activities and thus building their sales pipeline.
Do you think your data is good?
Poor quality data is the wrong data – and the wrong data will lead you to the wrong people, waste your time and create more work for you.
See below common mistakes that may make others question the quality of your data:
- Incomplete data – Missing fields
- Errors in data – Incorrect and misspelt contact data
- Addresses incorrectly formatted – Careless data entry
- Old data – Out of date entries
Does thinking about this give you a headache?
Managing a database and ensuring the data stays fresh, clean and up to date can bring a headache without a doubt. If you feel you don’t have the right skillset to deal with this and your team’s time is better used somewhere else, let us help you with your database! How?
Let professionals help you!
Here, at Momentum Partnership, we have a bespoke CRM database built to support sales growth for businesses. We manage our data and enhance it, update it and cleanse it on daily basis. We can support businesses with the following data-enhancing services:
- Prospect Profiling
- Sales Growth and Lead Generation (Including B2B Telemarketing and Email Marketing)
- Customer Surveys and Data Qualifying
Customer data is at the heart of our partnership. We can work on short data-based projects or build a long-term partnerships with our customers to ensure we work together to achieve your goals.
For more about what we can work together and how we can enhance your operations, please contact us directly.