What’s the impact of CRM data quality on your business? What do the “elite eight” percent of top performing companies do to maintain high data quality in their CRMs?
Validity partnered with global research firm Demand Metric to measure the impact CRM data quality has on a company’s overall revenue and the effectiveness of sales teams. We reveal the findings in our State of CRM Data Management 2020 report, with results that demonstrate key differences between companies that prioritize CRM data quality and those that don’t.
CRM data quality affects business initiatives, sales forecast accuracy, lead conversion rates, and revenue growth, but its level of impact varied widely among those surveyed. What became clear, however, is that the top performers with the highest quality CRM data had these three characteristics in common:
- Leadership prioritizes CRM data quality
- An effective, ongoing data governance process is in place
- CRM data management is the full-time responsibility of a cross-functional team
Although these characteristics proved to be powerful drivers of higher quality CRM data, just eight percent of study participants checked all of those boxes when it comes to their CRM data management strategy. But the difference it made was clear: Effective data quality management is key to business success. Among our findings regarding the “elite eight”:
- 85 percent rate the overall quality, accuracy, and usefulness of their CRM data as good or very good (overall sample only 55 percent)
- 90 percent rate the trust and confidence users have in their data as high or very high (overall sample only 42 percent)
- 85 percent report sales forecasts are accurate or very accurate (overall sample only 54 percent)
- 50 percent are satisfied or very satisfied with their lead-to-customer conversion rates (overall sample only 35 percent)
Get your copy of the report for more study results and a recommended action plan you can implement right now.