Most of the CMO/CBDOs I meet bemoan the quality of their client data.
In a recent ClientsFIRST survey of the legal industry, firms rated themselves an average of 6 out of 10 on data quality. “Our CRM is only as good as the data,” they sigh. “Garbage in, garbage out.” And so it goes.
There are thousands of clients and prospects out there. The Marketing/BD team is small, and data quality is never the most urgent priority. What’s a CMO/CBDO to do?
Here are six practical pieces of advice.
1. Stick to who you know
If you’re like most firms, you have connections to most of the client/prospect organizations and individuals you need to know. Your most meaningful growth opportunities won’t come from finding brand-new clients and prospects. Your opportunity is in engaging the clients and prospects whom you already know.
So don’t junk up your CRM with a lot of “leads” you don’t really know (and likely never will).
2. Leverage relationship management tools
Relationship intelligence platforms like IntroHive and SigParser can be a powerful way to keep your client data up to date. These tools automatically read email signatures from the correspondence between clients and your firm, effectively sourcing up-to-the-hour contact information from the best source there is: the clients themselves.
3. Be wary of 3rd party data providers
If you’re frustrated with the state of your data, it can be tempting to look outside for someone whose data is better. There’s no shortage of lead vendors (e.g., ZoomInfo, RocketReach) claiming verified, opted-in data for wide swaths of the professional world. Approach them with extreme caution. Even the most reputable data sources (e.g., BoardEx, LinkedIn) often lag reality.
Less savory vendors can junk up your CRM with bad data that lands your company in hot water with spam traps, black lists, and even GDPR violations.
4. Use sunlight as your disinfectant
The best way to find inaccuracies in your data is to use it. Try sending out emails, building invitation lists, sending out holiday cards. You’ll quickly discover where you’re data’s accurate and where it’s not.
AI platforms like MyMai can take this data activation to the next level by using your CRM data to generate personalized notes to clients. Your partners will instantly spot any flaws. (Note: the author is co-founder of MyMai.)
5. Establish process and governance
This may not sound sexy, but it’s crucial for both quality and compliance. When an email bounces, what’s your process to track down the new one? When the banking practice wants to upload new contacts sourced from a 3rd party event sponsorship, what’s your process to evaluate and accept those contacts?
Decide those questions in advance, so you’re not caught making them on the fly.
6. Focus on your key accounts
Realistically, you’re never going to 100% accuracy on all clients. There are too many of them, and too few of you. Fortunately, not all clients are equal. In most firms, the lion’s share of revenue comes from a relatively small number of strategic accounts.
Focus your limited resources on the accounts and individuals that truly matter. For the rest, just do the best you can.
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Formerly with leadership positions at PeopleLinx, McKinsey, and Socialtext, Michael Idinopulos is the Co-Founder of MyMai. Connect with him on LinkedIn. Follow his latest writings on JD Supra.
