How to Enrich CRM Data for Better Insights and Boosting Sales?
Marketing and sales contacts do not stay intact forever. Organizations lose almost 70% of the sales data from customer relationship management (CRM) to decay every year. In other words, the marketing and sales data collected diligently become outdated over a period.
Companies invest ample time and money to develop a CRM system to keep the database sorted, aligned to the sales and marketing teams. However, CRMs functioning in a way to bring in a positive impact on the growth of the company takes more strategic approach – data enrichment, than just centralizing and managing the data and the key accounts.
What is data enrichment?
Based on the State of Sales Report by Salesforce’s Research Team, almost 66% of the salespeople invest their time in administrative tasks, which is not related to selling during a week. To maximize the return on the amount spent on building the CRM, reducing the non-selling administrative tasks and eliminating manual data collection and its entry must be on the top priority.
The CRM must be easy to use and well maintained in terms of data touchpoints and multiple systems, allowing seamless data updating, streamlining, and sharing data seamlessly, driving actionable sales insights that count to data enrichment.
Data enrichment refers to the process of refining raw data. On a similar line, CRM data enrichment is appending the missing data in the CRM by integrating data enrichment tools, sales intelligence, and automating the conjoining of data with the CRM. In other words, data enrichment for the CRM system is merging multiple data sources for creating a compelling data profile that gives better sales insights.
Data Enrichment Best Practices for Boosting Sales
Through data enrichment and the integration of various sources seem highly technical; however, in practicality, it is not. Here is a list of some data enrichment best practices that you can deploy in your business to get huge benefits:
- Explore the potential of Machine Learning (ML) – Machine learning is making the headlines lately and leveraging it in data enrichment helps in collecting vital visitor’s information while enhancing the customer experience and capturing leads.
- The lead list “decays” continuously as people change companies, and abandon email addresses. Optimize your lead data to achieve higher conversion rates. Data enrichment tools help to update the list of emails is to ensure no bounces.
- Enrich and automate the lead scoring system with parameters like sales funnel position, the project cost, the level of engagement. When these data are collected minutely and analyzed duly, it brings out valuable customer data insights leading to better strategies, thereby boosting sales.
- Identify data trends and patterns and make predictions to explore more opportunities in upselling through lead nurturing. Investing in data enrichment leads to ROI generation and predicting churn rates as well. Data enrichment can thus help in customer retention frequency of changing products, irregular customer services, etc.
- Data enrichment eventually leads to better service and customer experience. Automation in collecting better data points, lead nurturing, prospecting strengthens the customer experience boosting sales of the company.
Data Enrichment Steps
In the face of the wealth of data available, information alone is not the game-changer. It must be combined with the sales intelligence, advanced sales technology, and data enrichment tools so the salespeople can pull out powerful insights from the data.
Data enrichment for a CRM system can be done with three steps:
- Incorporating sales intelligence tool to fetch data from reams of quality sources online and create a reservoir for data for the company
- Integration of the sales intelligence tool with the CRM directly with a connecting app
- The data enrichment tool fills up the missing firmographic, technographic and signals data in the CRM database
While setting up the integration system, the robots like chatbots and more must the linked to the appropriate accounts in the CRM, for example, the name of the company, the website, the email address, etc.
Benefits of Data Enrichment on the CRM system
With the process of continuous data enrichment, you can stay on top of the diversities. The change in data points will automatically be added in the correct account and field in the CRM without any effort manually, making the data robust. Here is the list of data enrichment benefits on the CRM system:
- Appends the data fields and accounts automatically
- Helps in identifying ideal customer profiles from the piles of data sets and engaging them strategically.
- Improves the lead scoring and account scoring models
- Helps in better customer interaction based on the data leading to refine the customer experience while saving cost spent on sales administrative areas.
- The web forms can be shortened, lowering the restraints in it.
- Hyper-targeted customer segments can be created by segregating the customers based on their account scoring
- Upselling and cross-selling becomes easy
- Helps in better prediction of churns and strategies could be built for preventing it
- It saves cost on quality, saves on correction and failure cost with high quality data points
Setting up the CRM data enrichment process takes some considerable effort and time in the initial phase, but once set, it gives winning data to boost your sales and growth of the company. It also helps in the GDPR compliance as you are not keeping the data without reason.
Role of Consumer Data Enrichment in Customer Experience
Consumer data enrichment helps companies in pulling information related to the customers’ interests, which is then utilized in the marketing, sales, and other areas of the business to make customer interaction seamless and valuable. Targeted messages could be sent for better engagement, which leads to better sales conversions. The key to this is leveraging new technology to gain new data types to get deeper insights. For example, the location data provides unprecedented information on where the customers are visiting, which identifies their interests. Marketing and sales pitches could be formed strategically, keeping the data in mind to the targeted audience and making better decisions for customer acquisition, retention, and conversion.
Amidst myriads of products and services available today, it becomes difficult for customers to take a call. According to Salesforce, 51% of the consumers will expect companies to make relevant suggestions before they call for action. With advanced data enrichment techniques, it is possible to offer the upselling and cross-selling to the potential customers.
To get better marketing and sales insights, integrate your CRM to track all the data points to append the missing data and to know about the customers to offer more targeted solutions enhancing the customer experience. Contact BackOffice Pro today to get high quality and accurate data enrichment services and boost your sales.