Why CRM Fails: How thinking data-first can accelerate sales transformation
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Transcript of Why CRM Fails: How thinking data-first can accelerate sales transformation
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How thinking “data-first” can accelerate your sales transformation
Why CRM Fails
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63% of CRM initiatives fail
- Merkel Group
High growth companies are 50% more likely to consider CRM strategic – rather than tactical
- Merkel Group
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The number of customer touch-points has exploded
You are going to win based on your ability to understand your customer better. This requires a 360 degree view of accurate data from many different touch-points.
But the lack of access to the right data at the right time can kill your sales productivity.
Source: Tata Consulting
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Why Doesn’t My CRM Investment Deliver?
“We invested in CRM thinking that it would give us a 360 degree view of our customers and significantly boost sales productivity.”
Things to consider:
Your CRM is only as good as the data in it
Do you have the right data?
Do you have good data?
Do you have complete data?
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Applications are commoditizing rapidly
The one sustainable competitive differentiator your organization has is your data – and how you use it.
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Data Problems
1. Bad Data2. Missing / Incomplete Data
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Bad Data “Why would my data go bad?”
Things to consider:
Are your sales reps good at inputting data?
Has your customer been acquired / spun-off?
Has a contact been promoted or re-organized?
Has a contact left the company?
Do you want your reps to spend their time managing this data?
Data quality erodes at 1% to 1.5% per month if it is
not actively managed.
- Bloor Research
Data quality erodes at 1% to 1.5% per month if it is
not actively managed.
- Bloor Research
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Missing/Incomplete Data
“My sales reps spend all their time preparing for meetings and not enough time selling.”
Things to consider:
Your data is scattered across the company. What if your sales reps had all the data they needed in one place, your CRM system?
Customer purchase history
Customer support status & history
Customer marketing “touches”
Other online customer activity
Customer social media activity
Customer payment/billing status & history
Merrill Lynch private client group achieved a 15%
account manager productivity gain by
working with Informatica to enrich their CRM
Merrill Lynch private client group achieved a 15%
account manager productivity gain by
working with Informatica to enrich their CRM
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Step 1: What It Would Look Like
Customerproductsowned
Customercampaigns&touches
Customersupportstatus
Customerpaymentstatus
Customerthirdpartydata(D&B)
Customersocialmediaactivity
Right data, Right timeframe, Right quality
CRM
Otherdata
InformaticaEnterpriseDataManagement
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Step 2: Add Analytics
Customerproductsowned
Customercampaigns&touches
Customersupportstatus
Customerpaymentstatus
Customerthirdpartydata(D&B)
Customersocialmediaactivity
CRM
Otherdata
• Better quality data means more trustworthy insights from analytics
• More sources of data means more interesting and useful insights
• More sources of data means greater confidence in insights
• More opportunity to get predictive
Analytics
InformaticaEnterpriseDataManagement
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Are You Trying To Run a Formula 1 Race Car on Bunker Fuel?
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The Importance of Data Quality
Aberdeen Consulting: Organizations with complete trust in data• 51% of them have a data quality
program• 30% of them do not
The Importance of Data Quality
Aberdeen Consulting: Organizations with complete trust in data• 51% of them have a data quality
program• 30% of them do not
Growing Data Complexity
Gartner Predicts:Organizations will spend one third more on application integration in 2016 than they did in 2013.
Growing Data Complexity
Gartner Predicts:Organizations will spend one third more on application integration in 2016 than they did in 2013.
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Recommendations:
To accelerate your sales
transformation and competitiveness,
think outside the application. Think
“data-first.”
What data do my sales reps need
to be competitive?
What bad data is causing loss of
efficiency?
What new data are we missing
that could boost sales
productivity? 13
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For More InformationFor More Information
Demo: The Promise of CRM
http://bit.ly/1vZKmDN
Demo: The Promise of CRM
http://bit.ly/1vZKmDN
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Roger NolanDirector of SolutionsInformatica
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