Bad data is the norm, and is costing companies between 15% and 25% of their revenue1. As a CRM manager, data is an important aspect of your job so it’s crucial you have the resources to capture data correctly. Below are a few reasons why:
1. Poor data capture isn’t budget friendly
In your role managing the CRM system, you’re responsible for ensuring data is captured and extracted correctly, whilst being wary of budgets and ROI. Having a poor data entry facility in your CRM can cause a number of problems. For example, inaccurate marketing data for campaigns could result in failed message deliveries and infringement of the GDPR. This results in wasted marketing spend and lacking ROI. The best course of action is to ensure you have an address lookup integration that captures correct address data at the point of entry.
2. Data quality has an impact on customer retention
Companies who increase their customer retention by 5% can increase profits by anywhere between 25% and 95%2. An important aspect of retention is heightening the customer experience, because 73% of consumers say a good experience is a key influencer when it comes to brand loyalty3. However, inaccurate data can be a nightmare for loyalty4, therefore, it’s vital that the data being extracted is of a good quality. If the company receives a high number of complaints and loses customers due to inaccurate data, this could cause problems for your team’s relationship with the marketing and customer services departments. This will result in a bad atmosphere in the workplace.
3. Customer targeting suffers from missing data
Another responsibility of a CRM manager is customer targeting, which data also plays a vital role in. If the customer data you have is not high quality, then you will have to try and apply a broad audience which is both inefficient and leaves you hazarding a guess at who your target audience is5. Additionally, missing data can hamper customer targeting by restricting the size of the target audience and subsequently the campaign.
For example, if the marketing department are looking to target university students who live in halls of residence and sub-divided houses, any missing address data for customers and prospects would prevent the message from reaching them. And so, in order to avoid niche targeting you must ensure your address data is accurate and complete.
4. Have you ever considered Multiple Residence data?
The Multiple Residence dataset from Royal Mail opens the doors of your CRM system to over 800,000 additional address data information previously hidden behind letterboxes that house multiple residences. This data provides access to self-contained flats, sub-divided houses, apartment blocks, halls of residence, and nursing homes. As a result, this will help you succeed in your capacity as CRM manager through improved customer targeting, ensuring messages get to the right person, and reducing the number of complaints.
Why should you choose Hopewiser’s Multiple Residence solution? We have analysed the dataset and blended the Royal Mail Postcode Address File (PAF) with Multiple Residence, removing any conflicting data that would prevent an address from being validated. This in effect gives a much higher match rate than other solutions that have merely added Multiple Residence to PAF. It’s the perfect addition to your CRM system.
Get in touch today to find out how Hopewiser’s Multiple Residence solution can help you make the most out of your CRM data!
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Sources
1 As Data Quality Declines, Costs Soar (datanami 13th December 2017)
2 Customer retention analytics: 5 strategies to reduce churn with data (Thematic 6th December 2018)
3 50 Stats That Prove The Value Of Customer Experience (Forbes 24th September 2019)
4 Getting to the data that matters can boost the customer experience (Retail Customer Experience 18th July 2019)
5 Why Is Data Quality Important? (Lotame 30th April 2019)
, updated 19th April 2022.
