Update: This piece was updated 04/10/2019 to reflect recent survey results.
Back in 2015, we ran a survey to get business owner opinions about monitoring employee conversations on internal communication tools. The results came back with a “less is more” attitude: 38% of respondents said they do not monitor employee conversations on internal chat tools, believing it to be an invasion of privacy.
If you think you’ve got your customers packaged up neatly in one place, think again: A recent study from Forbes shows that only 34 percent of executives feel like they have a single view of their customer.
Disparate data sources spread across departments are causing a fragmented view of the customer. When data from customer service, marketing, and CRM software is siloed, no one really gets an accurate or complete picture of who their customers are. Leads turn cold, and customers vanish into thin air.
The only way to get a holistic view of the customer is by creating a centralized customer database that has a strong architecture and pulls data from other sources. As the default home of customer data, your CRM is a great place to start. There are such things as dedicated customer database platforms, but if you’re just starting out, a CRM is your most accessible entry point.
Making your CRM the central hub of your customer data will give you a holistic picture of customers and will increase your customers’ lifetime value by providing more useful information to be able to target customers more accurately.
Here’s how to find your real target customers by creating a customer data hub.
A CRM is worthless without data—it’s the basis of a business’s knowledge about its customers, its ability to make accurate sales forecasts, and its justification for driving organizational change.
Consequently, poorly kept data can pose real risks to a business, costing up to 30 percent of its revenue.
The key to avoiding the risks of bad-quality data is a strong CRM architecture. As the storage house for customer data, CRM software needs an architecture that prioritizes organized data collection and storage. Without it, a business risks hurting its bottom line.
You’ve heard that AI is transforming businesses, providing millions of dollars in growth opportunities while streamlining processes and automating tasks. Jackpot! But you can’t win big if you don’t know how to play. You won’t see any benefits from AI if you don’t know how to use it.
According to research from Gartner (available to clients), small businesses face the challenge of identifying the right AI use cases. Marketing, sales, and customer service are all seeing the benefit of technologies that leverage artificial intelligence to better connect with customers. But who gets first dibs? How do you choose which department should adopt AI before the others?
Maybe you don’t have to.
Note: This article is intended to inform our readers about the current data privacy and security challenges experienced by companies in the global marketplace. It is in no way intended to provide legal advice or to endorse a specific course of action. For advice on your specific situation, consult your legal counsel.
Data hacks and cyberattacks were big news in 2018. Facebook, Best Buy, Delta, Kmart and Under Armour are just a few examples of companies that left millions of users and their data exposed to cybercriminals over the past year.
These corporate giants survived, but the recovery process was long and costly. Small businesses, which account for 58 percent of targeted cyber attacks, aren’t always as lucky. Smaller IT teams and less PR power mean that a single data breach spells the end for 60 percent of SMBs.
Given this sobering statistic, we wanted to see how seriously small businesses are taking their data security. We ran a survey with 190 small business respondents to find out.