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Data Marketing Show One Source Final
 

Data Marketing Show One Source Final

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Increasing Marketing ROI Through Data Enhancement & CRM Integration

Increasing Marketing ROI Through Data Enhancement & CRM Integration

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  • In this slide 1) gathering => should use standardised fields, progressive forms, gather as much information as possible-balancing form drop-off with lead quality; 2) integration => is data going into CRM? How is it cleaned/verified before being included? Is data entered manually? Introduces errors; 3) enhancement => ask less, add info later is a strategy for increasing conversion without sacrificing lead prioritisation/conversion; 4) deployment—do you have sufficient information to segment your campaigns/marketing activity – ensuring more targeted messaging and higher conversions?; 5) cleansing & maintenance => do you scrub out bad data? Update customer data? Properly integrate new contacts into existing accounts (avoiding proliferation of duplicate accounts)?
  • Good quality data provides the building blocks upon which vital insight can be derived – data should be central to all customer and prospect communications, whether this be a sales call, direct mail or email campaign With clean comprehensive data, sales and marketing professionals can be confident that they are spending time concentrating on their ‘sweet spots’. The 80:20 principle – 20% of your customers are worth 80% of revenue. It is much easier to sell to an existing customer than a prospect so we should therefore be focusing on those prospects that have the same attributes as our best customers. With good quality data, you can concentrate on making lower cost sales first! The most recent changes should be reflected in your database to ensure your data is unrivalled. In an article published in May 2010 in B2B Marketing by Max Firth, Client Director for PH, explains that the specific impact of recession on the rate of data decay is a key issue for B2B marketers. As the speed of which a company’s fortunes can change increases, the frequency of revisions needs to keep up. Companies entering insolvency or downgrading to smaller premises means models need to be more effective in identifying changes. Companies who supply and update B2B data need to continue developing their models with the aim of providing clients with the most up-to-date information available and an ultimate goal of daily or even real-time updates.
  • Sweet spots. We’re all familiar with the 80:20 principle – 20% of your customers are worth 80% of revenue. It is much easier to sell to an existing customer than a prospect so we should therefore be focus on retaining customers and targeting those prospects that have the same attributes as our ‘best’ customers. Minimise marketing wastage – there is nothing to be gained and everything to be lost from sending to incorrect addresses, gone-aways, deceased and incorrect contacts. Deliver the right message to the right people with the right offer at the right time. Tailor your message /offering based around specific events in your target’s business, their processes and in line with structural changes. Dirty data could cost you your reputation. Not keeping up with organisational changes in clients or prospects businesses leaves you looking out of touch and disorganised. Incorrect data can cost your clients dearly – sending sensitive data to incorrect addresses leaves them vulnerable to fraud, etc.
  • ‘ Giving lawyers, information professionals and other staff members exactly the information they need to improve client relationship management, without spending hours searching for what they need, is the holy grail of the legal sector.’ David Fitch, Director of Knowledge Management

Data Marketing Show One Source Final Data Marketing Show One Source Final Presentation Transcript

  • Increasing Marketing ROI Through Data Enhancement & CRM Integration Karim Iskandar, VP International, OneSource Information Services Contact Us: +44 (0) 207 382 8800 [email_address]
  • Agenda
    • The Impact of Bad Data on Your Bottom Line
    • Where Does Data “Go Bad”?
    • Strategies for Addressing Data Quality
    • Enhancing Your CRM for Improved ROI
    • Data Management Strategies within Your Organisation
    • Strategies for Increasing ROI
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Instantly Become a Genius! BEFORE AFTER
  • Instantly Become a Database Marketing Genius! BEFORE AFTER
  • Poor Data Quality Directly Affects Bottom-Line Performance HINDERING NEW BUSINESS GENERATION According to QAS (an Experian company): - 75% of companies admit that potential revenue is lost through missed opportunities from not profiling customer and prospect databases as well as they could due to data quality issues According to Sirius Decisions: - Organisations with an early-phase data strategy can expect a ~25% lift in conversion rates (inquiry to marketing qualified lead) Research Shows Significant, Measurable Impacts—In Both Direct and Opportunity Costs— Associated with Failure to Actively Manage Data Quality IMPACTING CUSTOMER RETENTION & BRAND REPUTATION … poor-quality customer data leads to significant costs such as higher customer turnover, excessive expenses from customer contact processes like mail-outs, and missed sales opportunities. Gartner Research Contact Us: +44 (0) 207 382 8800 [email_address]
  • Where Does the Data Go Bad? At What Points in the Lifecycle Does Data “Go Bad”? How Can You Improve ROI by Addressing These Problems? Contact Us: +44 (0) 207 382 8800 [email_address]
  • Strategies for Addressing Data Quality at Each Stage
    • Balance Conversion With Quality
          • Ask enough questions to help you evaluate & prioritise leads
          • Gather sufficient information to enable your reps to have a productive conversation with prospect)
          • Build a profile over time
          • Standardise information gathering (country names, titles, etc.)
    • Increase Conversions, Sales Engagement
          • Add critical data to incoming leads
          • Provide view into corporate family by appending info
          • Minimise sales research time by providing info  increase time spent selling
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Strategies for Addressing Data Quality at Each Stage
    • Integrate clean data; avoid propagating errors
          • Minimise manual inputs
          • Identify who has ownership for getting data into the system
          • Invest time in back-end processes that route, tag and classify leads
          • Integration of enhanced data adds value to sales
          • Increase Conversions through Improved Targeting
          • Enhance ability to segment/message effectively
          • Timing offers more appropriately
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Strategies for Addressing Data Quality at Each Stage
    • Bad data has direct and indirect costs
    • In a typical year a minimum 20% of records “go bad”
    • In turbulent economic times, this rate can double
    • Time spent chasing bad data costs money
    • What does it cost to clean & maintain data?
    • “ First Pass” cleansing can be a more extensive problem
    • Regular maintenance is critical to keep costs down
    • Outsourcing vs. internal resources: calculate costs, timelines
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Enhancing Your CRM Data To Drive Sales And Marketing Performance
    • Many organisations struggle with data quality, especially within the CRM
        • CRM projects fail for many reasons, but bad data is a major contributor
        • The adage “garbage in, garbage out” holds as true as ever
        • Forrester Research reported CRM failure rates of 47% in 2009
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Critical Questions to Consider to Improve ROI on Your Sales/Marketing Databases
    • How Does Your Organisation Manage Data?
    • Does Your Organisation Invest in Data Management/Quality?
    • Who is Responsible for Data Quality?
    • Has Data Quality Been Identified as an Issue that Impacts the Business?
    • Do You Feel Your Organisation Could Generate More Revenue From Customer & Prospect Data?
    • Do You Know How Much Wastage is Inherent in Your Current Campaigns?
    • Can Your Sales and Marketing Teams Rely on the Accuracy and Integrity of the Data in Your CRM?
    • Are You Able to Adequately Segment Your Data Pre-Campaign?
    • Can You Conduct Insightful Post-Campaign Analysis to Drive ROI?
    • Have You Calculated the ROI from Your Marketing Database(s)?
    • Could you do better? What is the potential upside?
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Strategies for Increasing Sales and Marketing ROI
    • Good quality, comprehensive data enables sales and marketing to:
    • Be confident they are concentrating on their ‘sweet spots’
    • Make lower cost sales first and increase your ROI!
    • Look for trends in the length of customer relationships
    • Improve retention rates
    • Reduce marketing costs and increase marketing success rates
    • Deliver the right message to the right people with the right offer at the right time
    • ‘ Dirty data’ could cost you your credibility and reputation
    • Accurate data benefits you and your clients.
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Strategies for Increasing Sales and Marketing ROI
    • Acquisition
    • Retention
    • Cross-Selling and Up-Selling Develop a data strategy and tune your sales & marketing database or CRM to help your company acquire and retain the right types of customers.
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Success Story
    • Global law firm with 21 offices and around 2000 employees globally
    • Essential that staff have access to consistent, accurate information to understand the firm’s clients and prospective business and industries
    • Implemented a new CRM system, Interaction: supplemented with OneSource external business information
    • ‘ The intelligence we are able to gain from our OneSource-enhanced CRM system gives us a competitive advantage and helps us to improve significantly the level of service we provide to our clients. It is helping us to improve retention, client service and win extra business.’ David Fitch, Director of Knowledge Management
    Contact Us: +44 (0) 207 382 8800 [email_address]
  • Compiled Data Data assembled from directories and proprietary databases including Infogroup’s best-in-class databases and data licensed from third-party content providers. Editorial Content Content developed by editors tapping into news feeds and research reports to review and enrich information. Web Mining Information automatically mined from corporate websites, blogs and other publicly accessible sources of Internet content. Social Media Content contributed by users through social networking sites, user contributed data exchanges and self-publication. LiveContent fuses data from multiple sources, removes duplicates, and synthesizes the information down to the data-element level. For example, it can pull a bio from one data source, a job title from another, and an email address from a third source, combining these into one consolidated contact. OneSource’s Approach to Ensuring Data Quality: The LiveContent Platform. The LiveContent Platform blends together the best content from more than 50 data suppliers and thousands of information sources across the full spectrum of business information: compiled data, editorial content, information mined from web sites and social and new media data. Contact Us: +44 (0) 207 382 8800 sales@onesource.com
  • Just for Attendees Contact Us: +44 (0) 207 382 8800 [email_address]