Why Organizations Must Focus on Improving Their CRM Data Quality
The results from our 2022 State of CRM Data survey with Modern Sales Pros are in! As revenue leaders consumed our 2021 report and found value in the key findings and recommendations we shared, more of them directly participated in the survey this year, a telling indicator that CRM data is and remains a strategic corporate resource. With three times as many respondents as last year, our findings are more impactful than ever and we are excited to share the results back to the community.
The 2022 State of CRM report has many additional data points over last year, offering increased value for readers. For example, since we have seen a considerable rise in the interest in account scoring capabilities–in part to support Account Based Marketing programs–we specifically asked about account scoring in this year’s survey, leading to more detailed information.
So what is really impacting the ability to have complete data?
Organizations have yet to unlock deep data and analysis to limit marketing and sales waste. This, despite a considerable increase in annual spend on data hygiene and enrichment, with nearly a 50% increase in companies spending more than $25K annually. “Availability” and “accuracy” remain the top barriers to complete data, and showed up in the selection of 98% of respondents as the primary barriers to complete data.
This leads to a number of problems for our respondents, including dissatisfaction with their data provider.
In our State of CRM Data 2022 report, we provide statistics and explanations on what it really is that revenue leaders want.
Buyer need data is an imperative
In our study, the presence of buyer need data correlated with a clear uplift in both respondents’ confidence in their CRM data and their organizations ability to personalize. Need data, data that tells you if your prospect is a suitable consumer, as an attribute to shake up the top-of-funnel go-to-market priorities, is a clear business imperative–the reason it features in the top 3 wishlist items that organizations reported in the survey. Buzzboard specializes in account intelligence data on SMBs. With 6,400+ data we aggregate and curate on every SMB, we can help deliver this demand.
Organizations are increasingly turning to rich data to minimize $$$ wastage
We’re already seeing the signs of economic contraction. Brute force methods that depend on infinity budgets no longer cut it. It is time for greater precision and targeting to deliver the same results with fewer resources.
There is increased demand for signals that help sales teams prioritize by account. Organizations are increasingly turning to rich data to help them better characterize accounts within their TAM, and prioritize sales and marketing outreach to the best fit accounts that demonstrate the greatest need and promise to close the fastest.
There is still a huge divide on how data can accelerate revenue-driving initiatives and current providers’ ability to deliver. 89% of respondents are dissatisfied with their current data providers. Leaders with higher quality data desire deeper datasets to understand industry trends, projected growth, need, and spend for their target accounts, but are limited to firmographic and technographic data.
Gain insights from our State of CRM Data 2022 report!
The size of your prospecting database does not reflect better preparedness and, in fact, could actually be more counter-productive to your go-to-market objectives. More so, in this period of economic contraction where you will need to keep your KPIs at comparable levels while having fewer resources to do so. Making your CRM data whole and meaningful to support a range of go-to-market motions should be a top priority as it is for most companies that participated in the survey.
Read our full State of CRM Data 2022 report to see what companies are saying, and some key recommendations for navigating a new economic environment. And then, connect with us at BuzzBoard to see how we can help you make your CRM data whole.
“We never had a strongly defined ICP. Our solution is around email security. So the truth is, everybody needs the product. (It is both) a blessing and a curse. The total addressable market is everybody and we are focused on business, so every business. The curse is where do you focus?”
Bruce Peltzer, Head of Sales Ops, Area 1 Security