Around 44% of users have stated that poor quality of data leads to lost revenue. This staggering response from CRM users gives a glimpse into how significant CRM data is for generating revenue.
As a business owner, data determines your every movement and every decision. In the digital world, data is the key to gaining leverage in the market. When you are dealing with data, you will come across bad data as well!
What is bad data?
The term bad data is used to refer to information that is incomplete, incorrect or missing. This data becomes irrelevant and can affect a business's performance almost immediately. In the long run, it can have catastrophic consequences wherein the business loses a significant amount of revenue.
Using the right data collection strategy is key here. CRM Integrated Website Builder such as Optimiser Touchpoint's Form builder feature allows you to keep a vigil on your data collection and management with the help of engaging forms and even progressive profiling.
Why is bad data harmful to businesses?
False data: Companies rely on data provided by customers. It gives them a picture of what's trending in their industry and what are the preferences of the customers. If the information provided is false, then the business' campaigns are bound to be unsuccessful.
Say, Business B sends out a survey about customer behaviour. The feedback they have received contains false information, therefore the entire purpose of the survey has failed and the business has not received the information they require to evaluate.
Incomplete data: Good data means complete data. Data is multi-faceted and one part of it cannot paint the entire picture. To give an example, Customer A fills out a form wherein the business learns that customer A is a female living in London. It still does not tell them the age group Customer A belongs to, why is A on their website or what A's preferences are.
For getting to the core of the problem, business only has the customer attitude. They have no elaboration of why the customer developed this attitude. Making smarter decisions requires full data so that wastage of time and resources can be avoided.
Irrelevant data: In the process of gathering data, you will end up collating irrelevant data that have no use for you. They can be from a completely different field than yours and it does not target the business. For example, Customer A states that she likes black jackets but the business is focused on providing CRM tools.
Optimiser as a cure for bad data
1. Data collection
When you are collecting data, use strategies such as progressive profiling. Rather than collecting all customer information at once, progressive profiling enables you to collect customer data in chunks. This way the customer will not abandon forms or fill incorrect data.
Furthermore, they would be willing to share more about themselves as with every chunk the forms become more and more personalised.
Optimiser's efficient and centralised Database Management Software will organise all of the collected data on the platform, separated by tags and easily findable in the grid view.
2. Missing fields
Form builder on the Touchpoint platform will allow you to mark the fields as mandatory to ensure that customers are not skipping any fields. If there is any data missing, Optimiser will integrate the data from third-party platforms and keep the data complete.
3. Enhance data
With third-party integrations on Optimiser along with customisable integrations, you can keep your data updated and relevant at all times. Your CRM will receive data from all the important channels and you will be able to cut out irrelevant data.
4. Customer service and sales
This goes without saying but when you improve the quality of your data, the customer service experience and the sales number improve drastically. You can connect with every customer personally and provide them with a unique experience.
5. Marketing Efforts
With correct, relevant and complete data, no marketing campaigns will be defunct. The message will reach the right audience and resonate with them. It will promote your brand's identity and you will be able to establish yourself as a trusted brand.
Gathering information on customers keeps the possibility of amassing incorrect or irrelevant data open. Dealing with bad data requires businesses to acknowledge that they have bad data in the system. It is always the first step to improving the quality of data being stored in the CRM system. Further than that, you can begin to ponder on the tactics used to gather information with your teams and work towards enhancing the existing methods.