- 1. Increasing Marketing ROI Through Data Enhancement & CRM
Integration Karim Iskandar, VP International, OneSource Information
Services Contact Us: +44 (0) 207 382 8800[email_address]
2. Agenda
- The Impact of Bad Data on Your Bottom Line
- Strategies for Addressing Data Quality
- Enhancing Your CRM for Improved ROI
- Data Management Strategies within Your Organisation
- Strategies for Increasing ROI
Contact Us: +44 (0) 207 382 8800[email_address] 3. Instantly
Become a Genius! BEFORE AFTER 4. Instantly Become a Database
Marketing Genius! BEFORE AFTER 5. Poor Data Quality Directly
Affects Bottom-Line Performance HINDERING NEW BUSINESS GENERATION
According to QAS (an Experian company): - 75% of companies admit
that potential revenue is lost through missed opportunities from
not profiling customer and prospect databases as well as they could
due to data quality issues According to Sirius Decisions:
-Organisations with an early-phase data strategy can expect a ~25%
lift in conversion rates (inquiry to marketing qualified
lead)Research Shows Significant, MeasurableImpactsIn Both Direct
and OpportunityCosts Associated with Failure to ActivelyManage Data
QualityIMPACTING CUSTOMER RETENTION & BRAND REPUTATION
poor-quality customer data leads to significant costs such as
higher customer turnover, excessive expenses from customer contact
processes like mail-outs, and missed sales opportunities.Gartner
Research Contact Us: +44 (0) 207 382 8800[email_address] 6. Where
Does the Data Go Bad? At What Points in the Lifecycle Does Data Go
Bad?How Can You Improve ROI by Addressing These Problems? Contact
Us: +44 (0) 207 382 8800[email_address] 7. Strategies for
Addressing Data Quality at Each Stage
- Balance Conversion With Quality
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- Ask enough questions to help you evaluate & prioritise
leads
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- Gather sufficient information toenable your reps to have a
productive conversation with prospect)
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- Build a profile over time
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- Standardise information gathering (country names, titles,
etc.)
- Increase Conversions, Sales Engagement
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- Add critical data to incoming leads
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- Provide view into corporate family by appending info
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- Minimise sales research time by providing infoincrease time
spent selling
Contact Us: +44 (0) 207 382 8800[email_address] 8. Strategies
for Addressing Data Quality at Each Stage
- Integrate clean data; avoid propagating errors
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- Identify who has ownership for getting data into the
system
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- Invest time in back-end processes that route, tag and classify
leads
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- Integration of enhanced data adds value to sales
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- Increase Conversions through Improved Targeting
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- Enhance ability to segment/message effectively
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- Timing offers more appropriately
Contact Us: +44 (0) 207 382 8800[email_address] 9. Strategies
for Addressing Data Quality at Each Stage
- Bad data has direct and indirect costs
- In a typical year a minimum 20% of records go bad
- In turbulent economic times, this rate can double
- Time spent chasing bad data costs money
- What does it cost to clean & maintain data?
- First Pass cleansing can be a more extensive problem
- Regular maintenance is critical to keep costs down
- Outsourcing vs. internal resources: calculate costs,
timelines
Contact Us: +44 (0) 207 382 8800[email_address] 10. Enhancing
Your CRM Data To Drive Sales And Marketing Performance
- Many organisations struggle with data quality, especially
within the CRM
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- CRM projects fail for many reasons, but bad data is a major
contributor
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- The adage garbage in, garbage out holds as true as ever
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- Forrester Research reported CRM failure rates of 47% in
2009
Contact Us: +44 (0) 207 382 8800[email_address] 11. Critical
Questions to Consider to Improve ROI on Your Sales/Marketing
Databases
- How Does Your OrganisationManageData?
- Does Your OrganisationInvestin Data Management/Quality?
- Who isResponsiblefor Data Quality?
- Has Data Quality Been Identified as anIssuethat Impacts the
Business?
- Do You Feel Your Organisation Could GenerateMore RevenueFrom
Customer & Prospect Data?
- Do You Know How MuchWastageis Inherent in Your Current
Campaigns?
- Can Your Sales and Marketing Teams Rely on
theAccuracyandIntegrityof the Data in Your CRM?
- Are You Able to AdequatelySegmentYour Data Pre-Campaign?
- Can You Conduct Insightful Post-CampaignAnalysisto Drive
ROI?
- Have You Calculated the ROI from Your Marketing
Database(s)?
- Could you do better? What is the potential upside?
Contact Us: +44 (0) 207 382 8800[email_address] 12. Strategies
for Increasing Sales and Marketing ROI
- Good quality, comprehensive data enables sales and marketing
to:
- Be confident they are concentrating on their sweet spots
- Make lower cost sales first and increase your ROI!
- Look for trends in the length of customer relationships
- Reduce marketing costs and increase marketing success
rates
- Deliver the right message to the right people with the right
offer at the right time
- Dirty data could cost you your credibility and reputation
- Accurate data benefits you and your clients.
Contact Us: +44 (0) 207 382 8800[email_address] 13. Strategies
for Increasing Sales and Marketing ROI
- Cross-Selling and Up-Selling Develop a data strategy and tune
your sales & marketing database or CRMto help your company
acquire and retain the right types of customers.
Contact Us: +44 (0) 207 382 8800[email_address] 14. Success
Story
- Global law firm with 21 offices and around 2000 employees
globally
- Essential that staff have access to consistent, accurate
information to understand the firms clients and prospective
business and industries
- Implemented a new CRM system, Interaction: supplemented with
OneSource external business information
- The intelligence we are able to gain from our
OneSource-enhanced CRM system gives us a competitive advantage and
helps us to improve significantly the level of service we provide
to our clients. It is helping us to improve retention, client
service and win extra business.David Fitch, Director of Knowledge
Management
Contact Us: +44 (0) 207 382 8800[email_address] 15. Compiled
Data Data assembled from directories and proprietary databases
including Infogroups best-in-class databases and data licensed from
third-party content providers.Editorial Content Content developed
by editors tapping into news feeds and research reports to review
and enrich information.Web Mining Information automatically mined
from corporate websites, blogs and other publicly accessible
sources of Internet content.Social Media Content contributed by
users through social networking sites, user contributed data
exchanges and self-publication. LiveContent fuses data from
multiple sources, removes duplicates, and synthesizes the
information down to the data-element level. For example, it can
pull a bio from one data source, a job title from another, and an
email address from a third source, combining these into one
consolidated contact.OneSources Approach to Ensuring Data Quality:
The LiveContent Platform.The LiveContent Platform blends together
the best content from more than 50 data suppliers and thousands of
information sources across the full spectrum of business
information: compiled data, editorial content, information mined
from web sites and social and new media data. Contact Us: +44 (0)
207 382 [email protected] 16. Just for Attendees Contact Us:
+44 (0) 207 382 8800[email_address]