The treasure of your company

What do you need to know about your customer to be able to sell your service? And what does your customer need to know about you?

Lead management, big data and the customer journey are the new heroes of marketing and sales, which can create billions in value for companies and ensure that Facebook's share price is where it is. Customer data is the treasure of companies and is now also traded accordingly high on the market.

A mere address with contact person is not worth much

First name, last name, company and address are important data, but they don't have much value per se. It is only through contact data, history data and info on contacts, companies and previous purchasing decisions that each individual data record becomes gold.

Contact person: phone number, email address, position, cell phone number, birthday, tasks, interests, decision-making authority, etc.
Company: Department, supervisor, fiscal year, team, buying center, etc.
History data: Phone call, visit, inquiry, trade show contact, email, etc.
Purchase decisions: favored brands/products, equipment, previous purchases, investment cycle, last purchase, etc.

The treasure can shrink

Many companies have major problems maintaining their data treasure, as this requires continuous maintenance, which in turn also continuously incurs costs. Sales staff leave the company and take important data with them, data becomes outdated, misinformation is entered, customer contacts are not recorded, duplicates are created due to decentralized data storage. The possibilities for deteriorating data quality are manifold and increase with every additional person involved.

The treasure can grow

If the quality is ensured through appropriate data storage and collection as well as sufficient data maintenance, the value of the data treasure can grow almost immeasurably through data purchases, advertising measures, form inquiries, every single sales call and every single purchase decision made by customers. The key factor in ensuring that actual value can be created is how well companies are able to process the data obtained and use it for their own purposes..

Primary objective: Highest possible quality of the database
Secondary objective 1: Maximize effectiveness and efficiency of all individual measures
Secondary objective 2: Minimize systematic friction losses as far as possible by reducing interfaces in data management
Secondary objective 3: Easy access and control

Strategy: How do I structure processes and measures internally and externally in such a way that I obtain the highest possible level of data? What systems and tools are needed for data collection, management and analysis?

If the data treasure is deficient ...
... advertising measures and customer contacts come to nothing
... the customers' investment times are missed
... potentials are not recognized
... feedback and know-how is lost
... the risk of an ever faster loss of data increases

So when the feedback comes in your next conversation that improving the quality of your data is too expensive, ask back how valuable Facebook might be if their data was only as good as yours.