CRM, or customer relationship management, is a database and software that helps companies manage and analyze customer data throughout the customer lifecycle, with the goal of improving customer relationships and driving business growth.
Almost every company uses a CRM to support the sales, marketing, and customer success functions by storing and organizing customer information and interactions in a central database.
Maintaining an up-to-date and accurate database allows teams to make customer information actionable – segment prospects or customers, automate marketing campaigns, and analyze the data to inform GTM strategy.
Simply, a CRM is the system of record for data across the entire customer lifecycle. With a CRM, GTM teams can gain a better understanding of their customers and improve the efficiency and effectiveness of their sales and marketing efforts.
Despite the vital role that the CRM plays, most company CRMs are at best only 70% accurate. While high-quality data is mission-critical for GTM teams, maintaining an up-to-date and accurate contact database is a constant challenge.
Specifically, contact-level data decays at a much higher rate than other data elements like company or account data points.
Many companies attempt to circumvent these challenges with a hybrid approach – shotgunning sales emails, using catch-all audience targeting, and broad-stroke account-based marketing strategies. This approach often means settling for subpar outcomes, missing key revenue opportunities, and incurring extra costs.
For most teams, keeping their contact database up to date is an entirely manual task that drains resources. Historically, it has just been too hard or too costly to keep the valuable contacts in databases and CRMs clean and up-to-date.
Accurate contact data is crucial for go-to-market teams, as it enables them to more effectively target the right prospects and customers. Some of the key benefits of accurate contact data for go-to-market teams include:
With accurate contact data, GTM teams can target the right prospects and customers, create personalized marketing campaigns, and improve customer relationships – increasing efficiency, effectiveness, and revenue generation.
Your CRM or database is only as good as it is accurate. It forms the basis for the insights and actions taken by sales and marketing teams. If the data in the CRM is inaccurate or outdated, it can lead to poor decision-making, hurt results, and increase costs.
Companies need to ensure the accuracy of their CRM data and can take specific steps to improve the data quality, including:
By taking these steps, companies can ensure that their CRM data is Live, which is essential for the success of sales, marketing, and customer success efforts.
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