clean contacts + smart relationships for interaction interaction uk user group 25 june 2013

Clean contacts + smart relationships for InterAction

InterAction UK User Group

25 June 2013

Contacts = Money

On average, between 30% and 40% of CRM contacts are out-of-date

CRM contacts degrade at a rate of 20% per year

What is the value of a CRM with 60% accurate contacts?

60% value? – No. the value is closer to 0

Why? Confidence – how do your users know which contact is correct and which is out-of-date?

Problem: Dirty Data

Your CRM is only as valuable as its contacts

The ‘Dirty Data’ Truth about CRM

If you’re sourcing CRM contacts from address books,

GARBAGE IN = GARBAGE OUT

A CRM with 500,000 contacts has just 230,000 accurate contacts, on average. The rest are out-of-date or soon will be.

Number of Data Stewards required to clean up: 7.5

Clean Data

230,000

Dirty Data

150,000

Dirty Data Rate

120,000

CRM with 500,000 contacts

(assuming they can tell which data is dirty…)

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• Hire a bunch of data stewards (impossible)

• Get rid of your CRM (last resort)

• gwabbit

Options

Paradigm shift:

Todd MillerCEOgwabbitV: 877 554 9222F: 831 308 5084tmiller@gwabbit.comwww.gwabbit.com

Email signature line contacts are the most current and accurate

contacts available

gwabbit Enterprise ServerHow gwabbit works…

CRM

gwabbit automatically scans firm emails Compares fresh contacts against CRM contacts

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2 Transforms signatures to contacts

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Updates CRM contacts (and, optionally, user address books)

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2 3

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How long does it take to update a contact?

36x faster!

Old way gwabbit

6 minutes <10 seconds

Why is gwabbit 36x faster? – part 1: which contact is more current?

John SmithCTORaster Instruments, IncV: 650 659 2672C: 877 555 1818F: 650 308 5084jsmith@raster.comTwitter: johnsmith

John SmithDirector, ITRaster Instruments, IncV: 650 659 2672C: 877 555 1818F: 650 308 5084jsmith@raster.comTwitter: johnsmith

Q: Two contacts for the same person sourced from address books – how do you know which is most current?

A: you don’t

gwabbit solves the problem – how?:

a. Signature contacts are current when the email is sent (people do not typically send emails with out-of-date contacts)

b. gwabbit date/time stamps the contact

c. gwabbit refreshes the date/time stamp every time a duplicate email is received – gwabbit knows with confidence the last time a contact was known to be current

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Signature contact block from email

InterAction contact differences are

highlighted and updated with one-click

Signature contact parsed for side-by-side

comparison against InterAction

gwabbit Data Quality Manager: contact comparison

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Signature contact block from email

LinkedIn® auto-find looks up contacts for

quick research

LinkedIn auto-find

Stats: for an 1,000 attorney law firmbased on stats from other gwabbit firms

Estimated total number of CRM contacts: 714,286  Estimated number of out-of-date CRM contacts: 214,286  Annual CRM contact decay rate: 142,857 contacts per year

  3 Months 6 Months 12 Monthsgwabbit - projected number of updated contacts: 68,000 102,000 136,000 gwabbit - projected number of new contacts: 188,000 282,000 376,000

  Current gwabbitTime required to update contact - per contact (seconds): 360 10 Total time required to update contacts (hours): 21,429 595

Contact value:  

  ValueIf .1% of new/updated contacts generate $10K in new business: $5,120,000 If .5% of new/updated contacts generate $10K in new business: $25,600,000

If 1% of new/updated contacts generate $10K in new business: $51,200,000

State of the CRM union: how much dirty data?

Projection: how many contacts will gwabbit update?Time savings: gwabbit can identify and clean up dirty data 36x faster than traditional methods, with higher quality results

Projection: using conservative projections, what is gwabbit’s ROI?

Relationships

• Auto-populates InterAction “Who Knows Whom”

• Makes IA a “one stop shop” for contacts and relationships

• Scores strength of relationship

• Adds entire signature contact – not just email address

• Filters out CC contact noise

• Full administrative control over relationship strength weighting

Reports – examples:Relationship Trend Line Report

• Plots relationship macro trend lines between client and individuals

• Explodes macro trend line to micro individual interactions and strength of relationship

• Monitor interaction levels with clients to spot downward trends that may require attention

Contact Metrics Report

• Reports total number of emails processed, new contacts harvested, and updates and duplicates identified

• Breakdown by data steward

• Graphical display

Relationships – new!

?

?

LinkedIn RelationshipsMash up gwabbit analytics with LinkedIn

relationships – overlays gwabbit relationship analytics on user

relationships to optimize strength-of-relationship confidence

RCM

Enterprise

gwabbitAnalytics

BoardEx RCM Syncgwabbit automatically syncs its relationship analytics with BoardEx’s Relationship Capital Management database – shows how people at your firm are connected to the world’s top business leaders

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Optionally, new and updated contacts can be pushed into individual user Outlook address books based on email “TO” address

Optional Outlook sync

Installation & security

Secure – gwabbit resides securely behind firewall, using industry-standard MS Exchange journaling rules

Emails are deleted instantly – no copies remain on gwabbit server

No information leaves the firm

Fast installation – once virtual servers are stood up, gwabbit can be installed and synced with InterAction in as little as 15 minutes, using its installation wizard

From the point gwabbit is switched on, it is harvesting contacts. Additional training and optional configuration can be completed in a few hours

gwabbit clients include:

gwabbit partners: