How data integration and enrichment can help you maximise your CRM value
In the B2B world, data is the key to unlocking the full potential of customer relationship management (CRM) systems. A CRM is only as effective as the data it contains, and the insights it can provide. Without quality data, your CRM will be unable to provide the insights and actionable information needed to build strong customer relationships.
With accurate, timely data, your CRM can help you understand your customers’ needs, preferences, and behaviours, which is essential for delivering personalised, relevant experiences that drive customer satisfaction, loyalty, and retention. Data can also help you identify trends, patterns, and opportunities that would be impossible to detect otherwise, allowing you to optimise your customer interactions and marketing efforts.
How to enrich CRM data
There are several types of data that can be used to enrich CRM and improve its performance.
Firmographic/Company Data
Firmographic data such as industry, company size, and revenue can be used to target specific businesses and create targeted marketing campaigns. By integrating enriched firmographic/company data, users will be able to extract actionable insights about competitors, clients and prospects.
Technographic Data
Enriching CRM data with technographics is another effective method for gaining insight into a customer’s pain points. By analysing a customer’s tech stack, you can identify which solutions are technologically compatible and relevant to their needs. This data allows you to better understand the customer’s technological preferences and make informed decisions about which solutions to offer to them.
Demographic/People Data
Demographic data such as age, gender, income, and education can be used to create customer profiles and tailor marketing efforts to specific segments of your customer base.
Geographic Data
Geographic data such as location, time zone, and climate can be used to create personalised marketing campaigns and target customers based on their location.
How can incomplete or inaccurate data can hurt your CRM performance
Incomplete or inaccurate data can have a significant negative impact on the performance of your CRM. Here are a few ways it can hurt your CRM performance.
Poor Data Quality
Incomplete or inaccurate data can lead to poor data quality, making it difficult to identify trends or make data-driven decisions. This can lead to missed opportunities and lost revenue.
Incomplete Customer Profiles
Incomplete data can lead to incomplete customer profiles, which means you may not have a full understanding of your customers’ needs and preferences. This can lead to ineffective marketing and customer service efforts, resulting in poor customer experiences.
Wasted Resources
Inaccurate data can lead to wasted resources, as your team may spend time and money on ineffective marketing or outreach efforts based on incorrect or incomplete data.
Decreased Customer Satisfaction
If your CRM system contains incomplete or inaccurate data, it may result in poor customer experiences. This can lead to decreased customer satisfaction, negative reviews, and lost business.
Top data sources
We know data is crucial to the success of your CRM. It enables users to build stronger relationships with your customers and drive business growth by providing the insights and information needed to make data-driven decisions. It is essential for everyone involved in the development of a CRM system to ensure the quality and accuracy of the CRM data is delivering effectiveness and impact, aiding in the success of your organisation.
We also know the internet is loaded with publicly available data for CRM data enrichment. Using a real-time data enrichment tool enables companies to quickly get the most topical and accurate data on their customers gathered from various sources.
KnowFirst™ is Australia’s top company data API, helping provide users with contextual company, people and marketing data using one of Australia’s largest crawling network. This allows us to provide our users with the most varied and relevant data types for CRM enrichment.
