why crm fails: how thinking data-first can accelerate sales transformation
DESCRIPTION
CRM projects often do not deliver the sales productivity gains that people expect. It's not the fault of the application. The problem is that the application do not have the complete and correct data that sales reps need to do their jobs well.TRANSCRIPT
How thinking “data-first” can accelerate your sales transformation
Why CRM Fails
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63% of CRM initiatives fail
- Merkel Group
High growth companies are 50% more likely to consider CRM strategic – rather than tactical
- Merkel Group
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The number of customer touch-points has exploded
You are going to win based on your ability to understand your customer better. This requires a 360 degree view of accurate data from many different touch-points.
But the lack of access to the right data at the right time can kill your sales productivity.
Source: Tata Consulting
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Why Doesn’t My CRM Investment Deliver?
“We invested in CRM thinking that it would give us a 360 degree view of our customers and significantly boost sales productivity.”
Things to consider:
Your CRM is only as good as the data in it
Do you have the right data?
Do you have good data?
Do you have complete data?
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Applications are commoditizing rapidly
The one sustainable competitive differentiator your organization has is your data – and how you use it.
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Data Problems
1. Bad Data2. Missing / Incomplete Data
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Bad Data “Why would my data go bad?”
Things to consider:
Are your sales reps good at inputting data?
Has your customer been acquired / spun-off?
Has a contact been promoted or re-organized?
Has a contact left the company?
Do you want your reps to spend their time managing this data?
Data quality erodes at 1% to 1.5% per month if it is
not actively managed.
- Bloor Research
Data quality erodes at 1% to 1.5% per month if it is
not actively managed.
- Bloor Research
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Missing/Incomplete Data
“My sales reps spend all their time preparing for meetings and not enough time selling.”
Things to consider:
Your data is scattered across the company. What if your sales reps had all the data they needed in one place, your CRM system?
Customer purchase history
Customer support status & history
Customer marketing “touches”
Other online customer activity
Customer social media activity
Customer payment/billing status & history
Merrill Lynch private client group achieved a 15%
account manager productivity gain by
working with Informatica to enrich their CRM
Merrill Lynch private client group achieved a 15%
account manager productivity gain by
working with Informatica to enrich their CRM
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Step 1: What It Would Look Like
Customerproductsowned
Customercampaigns&touches
Customersupportstatus
Customerpaymentstatus
Customerthirdpartydata(D&B)
Customersocialmediaactivity
Right data, Right timeframe, Right quality
CRM
Otherdata
InformaticaEnterpriseDataManagement
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Step 2: Add Analytics
Customerproductsowned
Customercampaigns&touches
Customersupportstatus
Customerpaymentstatus
Customerthirdpartydata(D&B)
Customersocialmediaactivity
CRM
Otherdata
• Better quality data means more trustworthy insights from analytics
• More sources of data means more interesting and useful insights
• More sources of data means greater confidence in insights
• More opportunity to get predictive
Analytics
InformaticaEnterpriseDataManagement
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Are You Trying To Run a Formula 1 Race Car on Bunker Fuel?
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The Importance of Data Quality
Aberdeen Consulting: Organizations with complete trust in data• 51% of them have a data quality
program• 30% of them do not
The Importance of Data Quality
Aberdeen Consulting: Organizations with complete trust in data• 51% of them have a data quality
program• 30% of them do not
Growing Data Complexity
Gartner Predicts:Organizations will spend one third more on application integration in 2016 than they did in 2013.
Growing Data Complexity
Gartner Predicts:Organizations will spend one third more on application integration in 2016 than they did in 2013.
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Recommendations:
To accelerate your sales
transformation and competitiveness,
think outside the application. Think
“data-first.”
What data do my sales reps need
to be competitive?
What bad data is causing loss of
efficiency?
What new data are we missing
that could boost sales
productivity? 13
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For More InformationFor More Information
Demo: The Promise of CRM
http://bit.ly/1vZKmDN
Demo: The Promise of CRM
http://bit.ly/1vZKmDN
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Roger NolanDirector of SolutionsInformatica
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