CRM Archives | Corrao Group Blog

The Effects of Bad Data

Did you know poor data costs businesses on average around $700 billion annually, equivalent to 30% of the company’s revenue (Salesforce)? Having a powerful CRM platform like Salesforce doesn’t automatically ensure business success. Keeping data inside Salesforce healthy takes a lot of time and effort for your employees. Clean and quality data ensures that all high-level data related to marketing campaigns, sales forecasts, project management, pipeline reports, and dashboards are accurate.

But what happens when the data in the system is unreliable?

What is Bad Data Quality?

Unhealthy data is information in the system that can disrupt a company’s business process through missing, inaccurate, or duplicate data. A recent Salesforce study found, “The average contact database is composed of 90% incomplete contacts, with 20% of records being useless due to several factors, 74% of the records needing updates, and more than 25% of those being unintentional duplicates.” In essence, poor data includes:

Missing Data: Empty fields that data is required to be in.
- Example: Missing phone/email, title.
Inaccurate Data: Wrong information put in the fields.
- Example: Wrong address, phone numbers, emails, titles.
Duplicate Data: Contacts, accounts, or leads that show up more than once.
- Example: Two leads with the same number or email.

How Poor Data Effects You

According to RingLead, the 2nd largest issue among Salesforce customers is bad data. Companies start making poor business decisions because of inaccurate data producing misleading results. Here are just three ways that bad data can hurt a company:

Inaccurate Reports and Dashboards: Inaccurate data negatively impacts the sales or marketing teams to stay on top of qualified leads or opportunities. Employees could be wasting time on the wrong opportunities. False reports can lead to the company’s top decision-makers making choices based on inaccurate data.
Wasted Time and Money: Spending money on campaigns will be inefficient if the ROI reporting is incorrect. Bad data can report that your advertisement campaign only sourced $6k worth of deals when it could have actually been $80k. Not seeing that proper ROI could lead to missing out on the chance to rerun successful campaigns and efforts.
Decline in User Adoption: Users might use another system to keep track of their data if they have little to no confidence in the quality of data. Employees tracking data in another system is another example of time and money wasted on a powerful CRM system.

How to Improve Your Data Quality

According to Salesforce, “Because the quality of the data affects the entire organization, data quality metrics should be a company-wide responsibility.” Improving your data quality starts with training employees on the importance of data. The Corrao Group can help you standardize your Salesforce process and implement data requirements throughout your Salesforce sales process. Healthy data brings better results for the company in terms of customer experience, reports and dashboards, shorter sales cycles, and more. Your company can expect great results when employees start inserting data of high quality into your CRM system.

Corrao Group x RingLead Data Solution

RingLead is the #1 data quality platform for sales and marketing, and has a suite of products dedicated to removing and preventing duplicates, improving data quality, and performing system-wide data scans. Partnering with RingLead has given Corrao Group an easy to use platform to consistently improve lead quality by providing tools to help prospect new leads, standardize records, and clean unhealthy data. Corrao Group ensures your sales and marketing efforts are reaching the right people with accurate information.

Corrao Group Health Check

One of the ways Corrao Group can help your company improve bad data is through a Health Check. A Health Check is a reverse Salesforce system demo to ensure you’re getting the most out of your current investment. Health Checks help ensure your system is up to date on the latest Salesforce release and enable you to learn best practices from a certified Salesforce implementation expert. Corrao Group can help standardize your Salesforce process and implement data requirements throughout your Salesforce Sales process.

Please contact us to take your first step towards optimizing your data and maximizing your Salesforce investment!

Sources

Salesforce.com

RingLead

10 Reasons Why Your Company Will Love CRM

A Customer Relationship Management (CRM) system is, “A technology for managing all of your company’s relationships and interactions with customers and potential customers with the goal to improve business relationships” (Salesforce Blog). A CRM not only helps the Sales team, but it also benefits more groups within your company such as marketing, development, and customer service teams. With everything stored in one place and updated in real-time, your company will run more accurately and efficiently. After eleven years of doing Salesforce Consulting, we wanted to list the top 10 reasons why your company will love a CRM system.

1. Customer Visualization

A CRM system keeps everything organized and updated. Whether you are looking for leads, contacts, marketing campaigns, or advanced analytics, a CRM system makes these features easily accessible. Being able to have all of your customer’s recently updated information in one place is essential when it comes to knowing your customers wants and needs. Keeping information accessible allows for a smooth transition after a sales deal from the sales team to the development team.

2. Opportunity Tracking

With opportunities in CRMs, you can track deal amounts or size, current stage, next stage, and more. Being able to track these key items allows teams to go into the opportunity to see where the deal is at and what are the next steps. Having this tracking in one system allows everyone in your company to be proactive. With a robust CRM like Salesforce, everything we send out has tracking so that we can check on the performance of our sales and marketing strategies.

3. Organization of Data

As mentioned above, one of the great features of a CRM system is that everything is in one place. This saying can get repetitive, but it is one of the best benefits because of how organized your system can be. Your company will not have to jump on different systems to use various features. CRM will provide your company with the tools to organize your leads, contacts, analytics, and more all in one place. An organized company generally results in more ROI.

4. Streamlining the Company

Necessary but tedious work is done within the system to help your company save time. A tedious task, such as finding out who’s the best resource to answer a case question, can be automated. Knowing which sales reps should own a new lead based off of criteria such as location can also be an example to save time. The bonus of some CRMs is that they have embedded AI such as Einstein Analytics with Salesforce. The importance of having a quality AI system is becoming a crucial aspect in recognizing those early signs of interaction with your company.

5. Automation Benefits

Having automation will save time for everyone in your company. A CRM such as Salesforce has automation that helps departments all across the company. An example of automation in Salesforce is workflows. Automating workflows help move deals down the pipeline, send important notifications, and automatically reach out to customers on behalf of sales reps. It is more than just workflows though, some other benefits of optimizing your automation processes include marketing, generating leads, aligning sales and marketing, and more.

6. Easy Customization

You can easily customize the data that you want to see so that you are getting the most accurate data. Developing dashboards that are fit to your exact need will help with recognition of your company’s objective. Customization does not stop at just data and dashboards. Being able to customize everything in your CRM to fit your specific business needs will help your companies effectiveness all around. The sales team can have a particular view of the system that shows objects they should interact with, while the marketing team can have a look specific to their needs.

7. Sales Forecasting

CRM systems provide real-time data and reports of your sales pipeline and KPIs. With this kind of information in your reports and dashboards, you can see immediately how your performance is doing. Having this real-time data in one place allows your sales representatives to make improvements to their sales strategy.

8. Additional Collaboration

There is improved communication between multiple teams with a CRM system. Every calendar update, email, and phone calls are stored in one location. Everyone in your company now has information regarding updates of your clients. With a CRM system like Salesforce, Chatter allows a social messaging board for all teams to communicate and collaborate on issues, deals, and more.

9. Better Customer Service

CRM systems fix client issues rapidly and efficiently through easy communication. Reps being able to pull up the customer information in one system will give them a better understanding of the issue at hand. Having excellent customer service could be the critical difference between customers returning for more business or not. At Corrao Group, we use Cases in our Salesforce CRM to help resolve customer issues quickly and efficiently.

10. Increased Engagement

A CRM system provides a nurturing process for leads that allows your company to see the level of engagement they are having with your material. Due to improved opportunities for engagement, the retention rate is better with a CRM as well. Improved engagement means that customer relationships encourage referrals for the maintained success of your company.

Having an excellent CRM system is essential to you and your companies success. At Corrao Group, we have been doing Salesforce consulting for the past 11 years. We have completed over 2,050 Salesforce projects which equates to 78,500 implementation hours. We are true Salesforce power users, capable of helping you to maximize your Salesforce investment. If you would like to learn more about our Salesforce consulting, please visit our website.

Get the most out of Salesforce Workflows

Every company has those tedious tasks that slow down their employees’ day. These tasks include high-priority case notification, updating shipment statuses if they’re delayed, and notifying an account owner of updates made by others. These are just some of the thousands of tedious processes that can be streamlined through Salesforce Process Builder. Ultimately, Salesforce workflows automate your business processes continuously in the background so your employees can work on other projects. We’re going to highlight some of the most widely-used processes below.

Business Processes

1. High-Priority Case Notification – Let’s use the example of your urgency scale ranging from 1 -3 with 1 being extremely urgent. Currently, a level 1 case is submitted and it takes hours, maybe even a day, for your team to reach out because they were sifting through level 2 and 3 cases. Set up these workflows to improve your customer service and receive instant notifications when urgent cases are submitted.

2. Delayed Shipment Status Update – In today’s world, people are tracking their packages from when they order it to when it’s delivery. Stay a step ahead with excellent communication to let the recipient know of a delay. No one enjoys their package being delayed, especially if they don’t receive a notification about it. Help alleviate this delayed shipment by being as proactive as possible.

Building a Successful CRM with Salesforce Consultants

Imagine self-implementing a system as vast as Salesforce to find out 6-8 months later that you cannot prove its ROI. Meanwhile, you’ve already spent quite the investment already so that your budget is locked up for the rest of the year. For the past 10 years we’ve seen this all the time, and it is all caused by self-implementation.

Whether you have decided to pick Salesforce as your customer success platform or are strongly considering to do so, what usually follows is, “Can I self-implement? Why do I need to hire a consultant?” Yes, you can do implement Salesforce yourself, but it’s not recommended unless you have a Salesforce admin with over five years of hands-on experience. Although, we highly suggest against self-implementations as it usually does not lead to the proper transfer of business processes onto the platform. This comes from the Salesforce client not having the knowledge of what Salesforce can do as a platform when implemented company-wide.

Boost ROI by 1,281% with a Business Process-Driven CRM

Yes, that number is actually 1,281%, and what’s even more shocking might be how this leading B2B telemarketing agency accomplished this ROI boost in just three months¹.

Studies predict that 70% of successful digital business models will be structured on unstable processes that should be shifting with the needs of their customers². The goal is to be in the 30% of businesses that are predicted to have stable processes and in order to do that, we must adapt to our customers’ needs.

Category: CRM