Of course you wouldn’t, that would be unheard of! You would spend more to ensure you’re powering it with high octane fuel. The car would still run with lower quality gasoline, but its performance would suffer. CRM tools are similar to sports cars. They’re expensive and powerful, but they’re limited by how they’re powered.
The Mistake Companies Make with CRM Tools
Many companies spend thousands of dollars annually on their corporate CRM system. It’s the engine that drives them, and as a marketer, you rely on it daily. Yet with such a large spend and high importance, many organizations don’t spend enough effort ensuring the quality of information captured inside.
Customer, prospect and partner information is the fuel of the CRM. Poor data quality leads to communications breakdowns, slower transactions, ineffective analysis and wasted time. Studies show that inaccurate information can result in a 30% revenue decrease.
With interconnected systems, CRM data flows into other tools including financial and marketing systems, multiplying the impact of incorrect information. There are a number of causes of poor quality data. Manual user errors lead to missing or incorrect information. Combining multiple sources of data results in inconsistencies and a lack of standardization.
How does your organization ensure it’s working with the highest quality data in its CRM system? Click here for more information on leveraging the right market data for your CRM system.