How to Stop Dirty Data & Start Making More Profits · 1. Locate your dirty data files and identify...
Transcript of How to Stop Dirty Data & Start Making More Profits · 1. Locate your dirty data files and identify...
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How to Stop Dirty Data & Start Making More Profits
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@DealerOn@ElianaRaggio@SeanMarra1
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How to Stop Dirty Data & Start Making More Profits
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OBJECTIVES* Discover why data quality should be a priority for your dealership.
* Learn how to identify the millions of dollars in non-performing assets compounding in your CRM.
* Discover how dirty data is created in your dealership and steps you can take to prevent it.
* How to generate 10-12 sales and 30-40 service RO’s a month from your dirty data.
* Giveaway
* Question & Answer Session
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@DealerOn@ElianaRaggio@SeanMarra1
IBM estimates that the yearly cost of poor quality data in the U.S. in 2016 was
$3.1 trillion.
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In 2013, more than 6 billion pieces of mail could not be delivered due to bad postal data.
Processing that mail cost over $1.5 billion.
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60% - 90%
It is not uncommon for business databases to have 60% to 90% bad data.
Without frequent data audits to maintain database integrity, your dealership’s performance is greatly affected.
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Common File Errors
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xDuplicates
Erroneous Entries
Typographical Errors
Inconsistent Data Templates
False Entries
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@DealerOn@ElianaRaggio@SeanMarra1
How is dirty data created at your dealership?
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Ultimately all marketing efforts are designed to generate data.
Inevitably, a big part of this data goes bad.
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Data from dealership
web properties
Data pushed through an API I.E.
Purls & IVRs
Data from 3rd party leads
Sales team plugins
Data Entry Points to Your CRM
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Data That Becomes DirtyOpt-Outs & DNC’s
OutdatedInformation Changes & Relocations
Data That’s Born DirtyErroneous & False Entries
Typographical Errors Inconsistent Data Templates
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@DealerOn@ElianaRaggio@SeanMarra1
Opt-OutsErroneous Entries
Change of InformationAging
Top 4 Reasons For Dirty Data in Your CRM
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@DealerOn@ElianaRaggio@SeanMarra1
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Data File Age: 5 YearsDirty Records Accumulated: 79,260 Avg. Dirty Leads Per Month: 1,321Avg. Cost Per Lead: $53.00
Ford DealershipCase Study 1
Total Dirty Data Expense: $4,200,780
Total Recovered Records: 53,117Total Sales: 43Total Service RO’s: 264
Chevy DealershipCase Study 2
Hyundai DealershipCase Study 3
Recovered ROI: $120,990
Data File Age: 5 YearsDirty Records Accumulated: 44,442Avg. Dirty Leads Per Month: 740 Avg. Cost Per Lead: $67.00
Total Dirty Data Expense: $2,977,614
Total Recovered Records: 16,537Total Sales: 38Total Service RO’s: 102
Recovered ROI: $90,730
Data File Age: 5 YearsDirty Records Accumulated: 40,320Avg. Dirty Leads Per Month: 672Avg. Cost Per Lead: $46.00
Total Dirty Data Expense: $1,854,720
Total Recovered Records: 13,307Total Sales: 62Total Service RO’s: 257
Recovered ROI: $91,190
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@DealerOn@ElianaRaggio@SeanMarra1
TOTAL YEARLY AD SPEND
TOTAL ENTRIES INTO CRM
TRUE COST PER LEAD (CPL)=..
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Business
Business
How does this impact your dealership?
“If we have data, let’s look at data. If all we have are opinions, let’s go with mine.”
― Jim BarksdaleFormer CEO of Netscape
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• Lost sales and service revenue and opportunities.
Direct Cost
Indirect cost• Employee and customer dissatisfaction.
• Increased cost of operations.
• Poor decision making.
• Lack of confidence within the organization.
• Difficulty executing organizational strategies.
35%
65%
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$100,000 to $500,000
22%
Under $100,000
15%
Don’t Know
11%
Over $5 Million
7%
$2 to $5 Million
13%
$1 to $2 Million
19%
$500,000 to $1 Million
13%
An Experian Data Quality research studylooked at current approaches to dataquality. There were 200 respondents in theU.S. that took part in the research. Small tolarge enterprise businesses were included.These individuals came from a variety ofindustry sectors, including manufacturing,automotive, retail, financial services andtravel.
How much are companies spending on
data quality?
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@DealerOn@ElianaRaggio@SeanMarra1
How do you turn data quality into a competitive advantage?
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Identify Your CRM’s Dirty Data
• Old CRM Files
• Missed Opportunities
• Dead or Inactive Prospects
• Active Prospects
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1. Clean Your Data
• Correct Typographical Errors
• Remove Corrupt Records
• Harmonize Short Codes
(St, Rd, Ave)
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2. Match & Link
• Validate Records Against
Known Data Sets
• Correct Records That Partially
Match Existing Records
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3. EnhanceYour Data
Boost your data with
additional information, such
as demographic, lifestyle,
channel preference, online
behaviors, etc.
Online Shopping Behavior
Geo-Fencing
In-Market Shopper
Keyword Search
Social Media
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4. Raise YourStandards
Use standard file layouts and naming
conventions to ensure the data is
consistent and can be shared across
all departments. Standard Data Template
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5. Create DataProfiles
Profiling helps to not only
understand anomalies and evaluate
data quality, but also to discover
relationships in your metadata that
can lead to powerful insights.
Data Profile
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6. Monitor and Audit
Establish a consistent preventative
maintenance program to ensure your
data quality standards are being met
by employees and vendors.
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01
Build Buyer
Persona Profile
Segment prospects
with predictive scoring
Make decisions
driven by data
Operationalizing Data
Instead of using data as a
retrospective report card of
past performance, data should
be used to inform all the
actions of your dealership.
Model existing
customers
Improve Customer
Experience
02 03 04 05
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Direct MailGrow Your List
NCOA Certify Improve Deliverability
Increase Response
EmailGrow Your List
Gain Opt-in Compliance Lower Bounce Rates
Improve In-box DeliverabilityIncrease Conversion
Social Media
BDC
Use Your Own DataRetarget Lost Prospects Increase EngagementLower CPM & CPC
Grow your List Gain DNC Compliance Increase Connects
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Data Quality
Performance
Gain 10 to 15 new sales and 30 to 40 service ROs per month
Increase customer retention
Improve employee satisfaction
Reduce overall operational cost
Save time by making data driven decisions
Data Quality = Higher Performance
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Educate Your Employees
Improve Data Collection
Create a Data Driven Culture
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@DealerOn@ElianaRaggio@SeanMarra1
SUGGESTED RESOURCESFind out how much dirty data is costing your dealership with this online dirty data calculator: https://info.epush.com/calculate-your-lost-opportunities
Learn more about dirty data with this insightful white paper included in the webinar documents. How Dirty Data Is Impacting Your Dealership And How To Fix It.
Learn more about data and the power and influence that has in our lives with these 5 Videos: https://blog.epush.com/5-ted-talks-to-watch-if-you-want-to-understand-big-data
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@DealerOn@ElianaRaggio@SeanMarra1
ACTION ITEMS
1. Locate your dirty data files and identify how many bad records you have.
2. Calculate how much dirty data is really costing your dealership.
3. Assign an ongoing budget to fix and maintain your data.
4. Use multi-channel marketing efforts to re-engage prospects.
5. Change your culture to become a data driven organization.
6. It never ends! Constantly monitor, manage and mine your data.
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@DealerOn@ElianaRaggio@SeanMarra1
SPECIAL OFFER!!!
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@DealerOn@ElianaRaggio@SeanMarra1
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@DealerOn@ElianaRaggio@SeanMarra1
Be the first to answer the giveaway question correctly to win this awesome prize!
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After the webinar, please fill out our short survey and let us know what YOU thought of today’s presentation!
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Thursday, Jan. 25 12pm EST / 9am PST
____________________________________________
Twitter Strategies that Sell More Cars
____________________________________________
Chad RummingerSenior National Sales Manager & Automotive Lead