You know that feeing when you buy a new car and drive down the street and all you notice are more people driving the same car as you? This is how data feels at the moment. The mainstream media is debating data almost daily at the moment the only difference is that the discussion doesn’t refer to CRM but is dominated by a whole plethora of terms such as data management, personal data, customer data and a whole host of different terms, but it all comes down to the same issue, how best to manage your customers data.
It all boils down to the same thing, your data equals value and increasingly as the discussion about how charities and other organisations have used personal information, it also now equals responsibility. Whether your data is anonymous as a part of a trend and results in analytical insights, or is more specifically tied to your relationship with a particular organisation or entity the chances are that the data resides in a CRM system somewhere.
Given the statistics, currently 48% of marketers report that CRM is an investment priority and 54% claiming it is essential, yet it is still often regarded as a technology solution with the IT department leading on projects in consultation with marketers, surly this is the wrong way around?
There also appears to be a conflict between what is regarded as a priority and the ability to fully harness the potential, for example, 67% of marketers say that driving new customer acquisition is a priority, but 73% of companies have no process for re-engineering leads. Somewhere along the line the desire isn’t translating into actionable outcomes.
Another area where data management is essential is when it comes to managing your various communication channels and customer engagement strategies, an area where CRM is an effective and powerful tool. As the number and diversity of channels grows with increased speed the ability to not only monitor but evaluate the relative cost and performance of each channel is essential. Recent research from ALF Insight concludes that the top three channels for marketer’s investment in the coming year will be:-
Investment in original content also scored highly with 52%, demonstrating that channels are important but that investment needs to be matched by compelling, engaging content.
At Cantata we welcome the renewed vigour in the public debate about data, it’s integrity and transparency. We are convinced by the deep strategic engagement we have with many of our customers that good data management coupled with the right level of appropriate executive engagement can unlock the power of information most organisations hold but don’t know how to utilise.