In today's fast pace world, change is not only inevitable but occurs at a faster pace than ever before. This especially holds true and applies to your CRM data. Whether people are retiring or changing jobs and whether companies are closing, changing ownership, merging with another company or moving to a new area etc, it's important to keep your CRM data up to date.
In fact, it is estimated that at least 10% to 20% of data becomes inaccurate or outdated each year with some estimates to be as high as 40%. As such, one can conclude that the longer one waits to update their CRM data the higher the percentage of inaccurate data there will be as well as a higher loss of potential revenue. So how can one maintain the accuracy of their CRM data?
Implement Training & Policy
Ideally, one would have a dedicated employee or team of employees to maintain the accuracy of their CRM data. However, this is not always possible nor financially feasible. Instead make use of your existing resources, such as existing sales representatives and divide the work responsibilities as appropriate. In addition, it's important to train your sales representatives not only how to create new data, but how to search for, modify, and edit existing data records. Furthermore establish policies and rules in regards to when it is recommended to create a new record versus editing or deleting an existing record in order to help prevent unintended data loss, duplicate, or inaccurate data. It's also important to train your sales representatives to update CRM data on the fly. For example, if a sales representative is on the phone with a company and learns that the company is about to move to a new location it is recommended to have the sales representative gather the updated information over the phone and update the CRM records immediately.
While some companies do not update their data at all, others take it to the extreme and update monthly or every other month. In fact, I'm reminded of a company that called every month to verify the address, phone number and services provided for the company that I work for. Most likely they were updating their CRM data. Although I do not think that it's necessary to update data that frequently nor financially feasible in most cases, it is up to an organization that are utilizing the CRM software to decide what is best for their organization and team. That said, the most important part to remember is that updating at least once or even a few times a year is better than not updating. So what should one do if they have a few years or more of outdated CRM data and moving forward they would like to keep their data up to date?
Salvage or Rebuild
If CRM data is a few years or more out of date, there are two main choices: salvage and repair or rebuild and recover. Depending on the volume of data, the longest method (salvage and repair) would require contacting each of the organizations and people within one's CRM and manually updating the records that can be verified, attempt to locate the ones that cannot be contacted through other means, and if not reachable to eventually purge the data altogether. The alternative (rebuild and recover) is to purge all old records of a few years or more that have not been updated, while keeping the records that have been updated as well as any records from one to two years of age.
Increase Data Efficiency
For purpose of easily keeping your CRM data up to date, it's also important to limit the amount of contacts one has for an organization. If a company has 1000 employees, and one has collected CRM data from 100 of the employees when in reality it's only a small fraction of that 100 that you really need to be in contact with and maintain records on, then remove the extra data. Whether you realize it or not, each data record has a cost associated with it whether paying an employee to maintain the accuracy of said record, the cost of data storage and data backup, the cost of electricity the web server consumes to interact with and access said record or even the cost of time.
That said, if one is looking for a CRM software that is native to Joomla CMS, which has many great features, including the ability to easily and quickly create or edit CRM data records as well as assist in helping to maintain the accuracy of data by recording creation and modification dates for records than CRMery may be the right CRM software for you. Still not sure? Try our demo today!