Did you Know?
It is said that CRM software helps 39% of businesses improve their upselling and cross-selling efforts. Also, companies with updated CRMs experience 23% greater win rates.
All businesses depend on making a profit; without it, none could survive in today’s cutthroat competitive world. Generating a profit is the main goal that sales must do to meet their rising revenue targets. Having a tailored contact database is the greatest method to boost sales.
Data Accuracy: The Key to Survival
Data accuracy issues can have a negative impact on your team in a variety of ways, including poor lead quality, discouraging conversion rates, and lower annual turnover.
P.S.- Almost 3/4th of businesses say poor data quality has harmed their customer trust and perception.
In today’s data-driven business environment, having a comprehensive CRM strategy is essential to ensure success. One important aspect of a comprehensive B2B CRM strategy is data enrichment. Data enrichment is the process of adding additional information to existing data sets to enhance their quality and value.
Reasons to include data enrichment in your B2B CRM strategy:
CRMs end up being storage for outdated data. Data decay is true, and every year, up to 70% of your CRM data becomes out-of-date. However, data enrichment can assist you in creating an accurate 360° view of your users.
1. Improved Customer Insights: By adding additional data to existing customer records, businesses can gain a more complete understanding of their customers. This improved customer insight can help businesses target campaigns, and make informed decisions.
2. Increased Accuracy: Adding data to customer records can also improve the accuracy of customer information. This increased accuracy can help businesses avoid miscommunication, misdirection, and missed opportunities for the sales reps.
3. Better Segmentation: Data enrichment allows businesses to better segment their customer base based on various factors such as demographics, buying behavior, and geographical location. This can help businesses achieve 66% better conversion rates.
4. Better Data Management: By virtual assistants handling and updating customer records, businesses can more effectively manage their data and ensure they are utilizing it. This can help improve overall database quality and reduce the risk of data loss and missed opportunities.
Why Voice-led Data Verification Solution is the future:
Even after the data gets decayed daily, many organizations perform a one-time CRM cleaning activity once a year, but once the project is completed, the data decays exponentially with time or until a new round of contacts is added. As a result, businesses would need to re-verify the data and update the CRM accordingly.
Re-verification of data incurs significant costs, which may have a substantial impact on startups and small businesses. To curb this situation, GenieTalk has come up with an intelligent solution, powered by AI, to help organizations shift their focus from manual to automation-led data verification, to let the genie out of the bottle.
1) Cost- Faulty prospect data costs sales teams 550 hours and $32,000 for every salesperson. Our Conversational AI solution ensures that you reach the right person at the right time, reducing the churn rate, and lowering your campaign costs.
2) Efficiency- Catering to large databases 100x faster than human agents, with higher accuracy, reducing the possibility of data duplication or other errors, our solution is highly efficient.
3) Time- Sales representatives should not waste time looking for information. With GenieVerify provides accurate and verified data, cuts down on research time, and allows your sales reps to focus on what they do best, increasing their productivity by 80%.
Conclusion
Investing in automation is always a good option rather than relying on conventional methods because up to 70% of your database can get out-of-date every year. Even if the people resign or change their designations, you will be able to keep your CRM database updated with- GenieTalk.ai, verifying your leads in real-time with virtual assistants. You can prepare the data for use by the sales and marketing teams, make timely decisions, keep things moving quickly, and ensure that your teams can be effective in targeting prospects and converting more leads.
