Many businesses make the common mistake of assuming that filling out the contact data fields in their CRM lists is enough to form a complete data strategy. But it takes a little more work than that!
Your data strategy can make or break your sales and marketing tactics – without a complete strategy, processes can break down easily and become ineffective, but by building a complete strategy with three core data elements, businesses can improve lead engagement and sales processes.
Read below to find out the three core elements your business must combine to create a complete, successful data strategy.
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1. Admin Strategy
An admin strategy gives users a high-level glimpse into what’s happening with your data at a macro level. Admin data is typically used for recordkeeping and tracking participants, registrants, employers, or transactions, which make them rich with information that can be used to increase revenue and evaluate marketing programs.
Having this process strategy may be more important than you realize: A sales rep that calls within an hour of inputting the lead is 600% more likely to engage with someone than calling the next day.
Without an admin strategy, all processes that rely on data will break down with hard-to-find data, countless duplicates, poorly segmented campaigns, and inaccurate reports – all making proper data analytics almost impossible. -
2. Account Strategy
Account data is the baseline that powers marketing teams and is the key to correct data segmentation. Total available market, company revenue, employee count, industry, and corporate hierarchy may each play a huge rule in segmenting the right targets for campaign outreach.
Without an account strategy, your total available market will be unknown, creating data uncertainty and ineffective segmentation with smaller end datasets. -
3. Contact Strategy
Did you know that contact data (the crucial information about your leads and contacts) degrades at three to five percent per month? People are constantly changing positions and companies, which means that contact data gets stale fast – making it a critical component to building out your complete data strategy.
Without a contact strategy, sales processes become ineffective: Marketing campaigns will slow down and rely on sales teams to discover the right contact points with the company, slowing down outreach efforts and breaking down sales and marketing processes as a whole.
Final Thoughts
Many companies may use one or two of these components in their data strategies, but without including all three steps, your company could be missing out on complete efficiency in your data program.
- For example, if you have contact and admin strategies – but not an account strategy, you won’t have total available market knowledge, leading to marketing ineffectiveness.
- If you have contact and account strategies but no admin strategy, you face a process breakdown with mistakes like lead duplicates and slow lead engagement.
- If you have account and admin strategies but no contact strategy, the sales route sales down and becomes ineffective with non-personalized messaging and no customer rapport.
To create truly efficient, effective marketing and sales processes, your business should combine all three key components listed above to build a successful data strategy.
You can learn more about these three components and more key building blocks of a complete data strategy by watching our on-demand webinar.
