Database: 5 Principles of Data-Driven CRM
Customer relationship management (CRM) systems empower organizations seeking customer-focused strategies in marketing and sales to succeed in that journey. Yet half of large enterprise organizations struggle to drive CRM adoption. Remember: CRM is a technology platform to enable an end-to-end view of the customer, but it requires good data to fuel an accurate, multi-dimensional view.
1. Data Standardization
The first step toward driving value from CRM is to load and acquire data. Assess all of your current data sources, both on and offline. These may include online sources, such as databases and spreadsheets, as well as offline sources, like phone conversations, direct mailings or live customer interactions that can provide valuable data on customer touchpoints. Strategically migrate these data points into the CRM.
Prior to the initial data load, a master customer profile must be developed. This should include data your organization currently has and collects, plus market data, and a wish list of data you'd like to have on there but do not yet collect.
Once the master customer profile is drafted, discuss it with all customer-touching groups throughout the organization. Sales and marketing will clearly provide major input, but IT teams, ERP software leads, product or service team leads and even the CFO may provide unique perspectives and valuable insights into useful customer data.
Once your master customer profile is developed, develop an outline of data standardization around it. This is key, because the data itself needs to be standard to be useful in segmentation and marketing planning. Once standardization is agreed upon for each field and the relative values assigned, you can evaluate the records across the database to ensure quality and completeness.
2. Data Acquisition
Based on data quality and completeness, there are a variety of data enrichment strategies you can use to fill in gaps between your current data and the master profile. Build progressive profiling strategies around obtaining key prospect data through marketing campaigns and interactions. This allows you to custom-build the most valuable data.