Converting leads into sales is essential and that acquiring new customers is five times more expensive than retaining existing customers. Customer Relationship Management (CRM) solutions organize and manage your customer information so you have enhanced visibility across their buying journey.
As many other organizations, you are probably racing to adopt digital transformation for competitive gains. You might be planning on introducing a CRM to move away from clunky excel files or replacing an existing poorly performing CRM, or just replacing any of the systems that serve as a substitute for CRM functionality.
In any case, it is essential to understand the criticality and importance of having good quality data in your software applications. Do you know how good the quality of your data is? Let’s break down why data is so essential today.
In our article we will bring examples using Zoho CRM, a leading all-in-one, feature-rich and affordable CRM used by over 150,000 businesses across 180 countries.
Why Data Quality Matters In a CRM?
Any business with a website, social media marketing, or accepting e-payments collects data about their customers. Some of the ways SMB’s use data in CRM are:
1. Increasing customer retention
2. Improving customer service
3. Finding new customers
4. Better managing marketing efforts
5. Tracking social media interaction
6.Predicting sales trends
If data quality is terrible, all the above efforts are futile. Poor data management costs you money – according to the Data Warehousing Institute, poor data quality costs American businesses up to 600 billion dollars annually.
Significant causes of erroneous data include human error, data migration projects, and wrong entry by customers. As per reports by Blazent, data migration is one of the major causes of poor data in organizations.
Data is a goldmine, and its quality and accuracy in CRM often determines how successful a company is in using its CRM. Inaccurate data leads to a lack of trust in users about the CRM system.
If the data is not trustworthy, users naturally seek workarounds like spreadsheets, manual notes, etc. Workarounds due to bad data lead to decentralized systems and makeshift arrangements, introducing inefficiencies in the organization’s processes.
Your organization will lose client’s and prospect’s loyalty, interest, and revenues. Not hearing about your organization’s latest communications about product updates and activity will prompt them to move to your competition or, worse, even forget about your brand.
How would you feel if you got an email from a company addressed to someone else by mistake? Seriously you would think of the organization as unprofessional and would not bother about its products and services!
Suppose your marketing or customer support teams contact the same person multiple times unnecessarily or send mail to the wrong people. In that case, your organization loses its reputation besides reflecting a poor digital presence to potential customers.
According to Gartner’s Data Quality Market Survey, poor quality data costs organizations millions of dollars annually. Fortunately, organizations that push data quality on a lower priority now realize its importance.
Major Consequences Of Poor-Quality Data
Poor quality data can lead to the following consequences:
2. Business inefficiencies
3. Mistrust in data
4. Missed opportunities
5. Loss in revenue
Avoid all these issues by having good quality data. When it comes to your organization data, ensure you migrate data accurately to your CRM.
Let us look at the best ways for getting data into Zoho CRM specifically.
What Are The Best Ways to Get Data to Zoho CRM?
There are many ways to add data to Zoho CRM. The best methods include the following:
Challenges with CRM Data Migration
You might face data migration challenges when moving data between your systems to Zoho CRM. It’s good to be aware of pitfalls to avoid in this critical exercise. It is best to avoid delays and have accurate data promptly with the help of experts.
Challenges in data migration to Zoho CRM can include the following:
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