Fact - Poor data hygiene is a $12.9 million problem for your organization!
I am going to tell you how.
And also share how Revlitix can help solve it.
Gartner confirms that poor data hygiene costs organizations nearly $13M each year. Besides impacting revenue, it increases the complexity of the data ecosystem and pulls down the firm’s GTM efficiency.
That’s massive!
Especially, if you are a small business or startup looking to maximize efficiency.
The last thing you want is an unwelcome business surprise that knocks down your efficiency and revenue gen model.
Consider this scenario -
A technology firm has over 50K employees across the globe. When they experienced issues related to incorrect payments and mismatched vendor data, they learned that they had an issue with conflicting data in their mainframe database.
Their current system had no option to standardize payee names. So, each time they ran a query on their main database, they came across a long list of duplicates. And sorting this was a huge investment of time and effort for the team.
This not just caused customer problems but also affected their operational efficiency. The entire team was spending hours manually sorting, segregating, and filtering redundant data.
The result -
- Disgruntled customers
- Unhappy employees
- Lagging processes
- Loss of revenue
And all this can happen overnight, leaving the team to resort to reactive tactics that may further aggravate matters.
Think of any activity involving the use and storage of data. Be it customer relationship management, marketing automation, business analytics, or customer service - data hygiene is central to them, especially when it comes to managing customer relationships across channels.
Data hygiene hugely impacts business efficiency as it helps organizations minimize errors, inconsistencies, redundancies, and several other issues impacting data integrity. Further, it breaks down silos, improves collaboration, optimizes revenue generation, and streamlines processes across departments.
It isn’t late yet!
Stave off unwelcome marketing surprises before they impact your efficiency.
Schedule a chat with us, now!
How Poor Data Hygiene Is Hurting Your Core Business Functions?
Various revenue functions of your business have varying relations with data hygiene and get impacted at different levels, thereby ruining your firm’s efficiency.
Here’s how.
MarketingOps
Data is the basis for marketers to make decisions and build campaigns. Poor data hygiene can wreak havoc - not just for efficiency but also for customers and company revenue.
Imagine how it can impact your personalized campaigns. Poor data will lead your team to create content and strategies that do not speak to the audience.
So, if your business experiences the below-mentioned scenarios, poor data hygiene is the culprit.
And you need to do something about it!
1. You find it difficult to monitor your marketing campaigns across different platforms on a single dashboard.
2. Your ad campaigns are disapproved, and you need a robust solution to get them approved.
3. You invest countless hours monitoring your ad quality score to ensure high performance.
4. You have overspent your marketing budget.
5. You notice a sudden drop in traffic from your top-performing keyword but don’t have a notifications system in place.
6. You are unable to check if all your pages are indexed due to lack of necessary tools or resources.
7. You notice a significant increase in CPC (cost per click) for your advertising campaigns.
8. Your website’s bounce rate dropped suddenly.
9. You are unable to identify the device that brings the most visitors to your website due to a lack of suitable analytics tools.
Let’s look at one of these scenarios and how Revlitix can help.
Scenario: You have overspent your marketing budget. This could lead to financial strain and negatively impact your ROI.
Here’s how Revlitix can help:
It offers a custom rule feature that allows you to set up personalized rules for monitoring specific KPIs or events in data.
With custom rules, you can define conditions based on key performance indicators (KPIs), time, aggregations, and operators.
The rule triggers automated actions, such as notifications or alerts, when conditions are met. This helps you stay informed and take timely actions to optimize your marketing performance.
In this scenario:
- The rule is focused on monitoring the campaign budget in Revlitix.
- The aggregation used is “sum.” This depicts the rule will calculate the total cost by adding up all the costs within the specified time.
- The operator is “greater than.” This reflects the rule will trigger an action if the total cost of the Ad campaign exceeds the specified threshold of $10,000.
- The specified timeframe is last 30 days. This means the rule will evaluate the campaign’s costs over the past 30 days.
- The rule’s frequency is set to “monthly.” This means it will be tracked once every month to see if the conditions are met.
Observe how the custom rule works for Google Ad campaigns.
It triggers budget tracking alerts for the campaign to help you manage Google Ads expenses efficiently and effectively.
Don’t let unwelcome surprises branching out of poor data hygiene ruin your marketing efficiency.
Get in touch with team Revlitix to plug efficiency issues now!
SalesOps
In the absence of data hygiene, how can your sales team prioritize their next outreach? With incorrect data, they have no clue whether to make an upsell or renewal call.
The result?
They waste hours making unproductive calls.
The scenarios mentioned below are a mere fraction of the consequences your sales team faces due to poor data hygiene.
1. Your sales team has not followed up on important leads for the past three months.
2. You are unsure if your leads are assigned to the right salesperson.
3. Your sales reps aren’t updating all information before closing a deal.
4. Your marketing team is not capturing all the essential information that sales reps need.
5. Data from other tools are not flowing correctly into your CRM system.
Now, let’s look at one of these scenarios in detail.
Scenario: Your sales team has not followed up or engaged with important leads in the last three months. This could lead to missed opportunities and a poor conversion rate.
Here’s how Revlitix can help:
The Salesforce custom rule in Revlitix can help you track several data fields, such as opportunities or leads.
With this custom rule, you can set conditions based on KPIs, operators, time, and more.
The rule is monitored at a specified frequency, such as daily, and triggers default notifications or alerts when the conditions are met. This can help you stay informed and take prompt action to optimize your Salesforce performance.
In this scenario:
- The custom rule monitors opportunities in Salesforce and is applied to “opportunity” (object).
- The data field is “opportunity created date.” This reflects the day your team created the opportunity.
- The KPI is “stage,” depicting the current lead’s stage in the sales pipeline.
- The operator is “contains.” This signifies the rule will evaluate if the stage comprises a specified value.
- The set value is “negotiation.” This indicates that the rule will trigger a notification when the lead is in the negotiation stage.
- The rule is set for the last three months, indicating it will check opportunities within the last 90-day timeframe.
- The rule frequency is “daily.” This means that the rule will monitor KPIs daily.
- The notification is set to default, reflecting you will receive standard alerts and notifications when the rule is triggered.
Observe how the custom rule works for Salesforce.
It triggers important lead alerts for the campaign to help you identify crucial opportunities in the negotiation stage for the last 90 days.
Is your sales team spending hours figuring out the next best outreach?
Sounds like a data hygiene problem!
Talk to our team to address issues that could be ruining your team’s efficiency.
Leveraging Data Effectively to Avoid Unseen Pitfalls on the Path to Efficiency
Today, every organization is leveraging data to guide its decision-making. That is table stakes!
The key differentiator for you is how much thinking your team does and how much you leave to data. Because data will never tell you the whole story or what you should do next.
In other words, you need to be data-informed (stop being merely data-driven!).
Data-driven - you allow data to guide you with the decision-making process
Versus
Data-informed - you leverage and allow data to act as a check for your intuition
Being data-informed means using data and your intuition to come up with a solid hypothesis for your product or strategies.
Not sure what’s the difference between Data-Driven and Data-Informed?
You can read more on this in our post - Data-Driven or Data-Informed: What’s the Best Approach for SaaS Marketers?
Data hygiene is central to being data-informed. With proper data hygiene processes and practices in place, you do not run the risk of making decisions based on inaccurate or outdated information.
Here’s how you can leverage data effectively to avoid unseen pitfalls that impact efficiency.
- Monitor the Right Metrics
We, marketers, love metrics and KPIs. But, are we targeting the relevant ones? Or are we just prioritizing metrics that are -
- Easy to calculate
- Not applicable to all channels
- Favor certain channels
- Potentially misleading (especially when using incorrect benchmarks)
Targeting irrelevant metrics can hurt efficiency. For instance, if you are running a video campaign and you track vanity metrics like followers, number of viewers, views, or traffic, you will not know if -
- You are effectively reaching your target audience
- They are connecting with your content
- They are getting converted into customers
In this digital world where so much data is available, determining what to track and what not to track is tough. But marketers are constantly under pressure to show how their investments are paying off. Hence, they tend to get buried under the mountains of data available to them.
As a result, teams spend way too much time gathering, crunching, and analyzing data.
When determining which metrics to track, here are a few critical questions to consider -
- What needs to change to achieve the business objective?
- Does the metric drive that change?
- Does the metric measure the desired change in processes?
- Is this metric fair and easy to understand by all?
- Is it the best measure of success?
- How often do we track it?
- Who is responsible for tracking and reporting it?
- Will it enable the team to prove how your business model works?
- What is the source of the data?
- Is the data clean and reliable?
- What target or alert levels should signal the team to act?
- Is there data ownership of the metric?
- How is the data stored and maintained in the organization?
These questions will not just help you determine the right metric but also build a balanced scorecard for whoever wants to get an overview of business performance.
Remember that the key to successful KPI monitoring is analyzing and understanding the unique needs of stakeholders. This can help choose the right metrics and foster accurate decision-making.
Count on Revlitix to ease the hassles!
This advanced marketing analytics tool offers a customizable dashboard where stakeholders can tailor their views and access specific metrics according to their goals and responsibilities.
Its unified dashboard consolidates data from various sources and provides a comprehensive view of relevant metrics. This helps stakeholders gain a deeper understanding of data.
Here’s how -
This way, Revlitix empowers stakeholders to focus on relevant metrics that matter the most while ignoring the noise. This streamlined approach fosters high productivity, efficiency, and improved decision-making.
- Don’t Get Lost in the ‘Data Supermarket’
In the business world, data is king; however, knowing how to leverage it to achieve your business and revenue goals is challenging. Despite having volumes of data at their disposal, marketers need help with decoding the real value and impact of each data point.
Often, marketers are so overwhelmed by the sheer abundance of data that they find themselves lost in the data ‘supermarket.’ They spend a lot of their time assessing what data can really help them drive actions and achieve their objectives.
And MarTech isn’t helping!
Marketers use a host of technologies and moving between these platforms to crunch and analyze data costs them time and effort. Tasks, such as data cleaning, preparation, and segregation, consume more of the marketers' time than other tasks.
The result - they are caught unaware when
All this heavily impacts efficiency because teams are stuck in limbo, trudging through the data jungle.
- It’s tough to combine data from multiple sources
Businesses often acquire data from multiple sources, be it websites, landing pages, sales and marketing records, social marketing, and more. Data integration is a daunting task here because these systems don’t talk to each other.
Even if it’s brought together, there could be data quality issues. And deriving meaningful insights from these sources isn’t easy.
- Manual data cleansing is an efficiency nightmare
Data cleansing is a must-have for businesses as it keeps a check on inaccurate/ incomplete data, thus enhancing customer acquisition efforts, improving decision-making, and boosting efficiency.
However, manual cleansing is time-consuming, labor-intensive, and prone to errors.
- Data silos inhibit business growth
Data silos are a group of data that are accessible to one group but not to others. These can be a huge obstacle in improving efficiency as it creates a less collaborative environment.
Data silos negatively impact marketing efficiency and business as a whole. The marketing and sales teams need to have access to the same data, thereby enabling them to track their performance. These silos can be broken by connecting data from marketing and sales systems.
To navigate the data supermarket, what’s needed is a single source of truth - a platform that’s easy to use, accessible, and effortlessly integrates top MarTech platforms. Further, it should offer quick access to expert-vetted dashboards while supporting teams in strategic and operational decision-making.
Revlitix can help with this. The AI-based platform is powered by build-your-own-rules functionality and early warnings for KPI deviations to maximize efficiency. The tool can quickly set up 100+ pre-designed options with drag-and-drop functionality in less than 30 seconds.
It allows you to integrate key MarTech platforms in minutes. Thus, you have key nuggets at your fingertips with no coding skills required.
Revlitix allows you to solve revenue surprises by connecting data to task management, thus adding context to tasks and helping you prioritize what matters most.
- Invest in Automation
Non-automated data management and reporting have a huge negative impact on marketing performance and efficiency. It is time-consuming and tedious and makes room for errors and data integration issues.
But a big one - not having automation by your side leaves you crippled in case data deviates. So, you aren’t prepared for the unwanted data surprises that come your way.
Automated systems are early warning systems which, and I quote one of my clients here, ‘work as a QA (quality analyst) for process hygiene the GTM process.’
Revlitix enables businesses to solve revenue surprises through its feature ‘Alerts.’
This feature allows users to eliminate unexpected challenges, thereby contributing to overall efficiency. It offers early warnings so that marketers can act before things go south. Plus, they can keep a tab on the KPIs that matter the most.
Once there’s an anomaly, the user gets notified on their preferred platform - Slack, MS Teams, or email.
They can also assign these alerts to the relevant team members to build a foolproof feedback loop that doesn’t let anything fall through the cracks.
The Way Ahead: Revlitix for Tackling Unwelcome Surprises
Our AI and ML-powered platform, Revlitix, is designed to uncover unwelcome surprises that impact efficiency and plug revenue leakage. Our early warning system has helped all our clients identify issues early, enabling them to organize data and processes in one place, prioritize what matters most, and improve marketing efficiency.
If you find all the information shared above surprisingly pleasant, talk to us! We’d be super thrilled to help you avoid and get rid of not-so-pleasant surprises. You can also start a free trial to experience all our awesomeness.
