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Segmenting your CRM; SIC & NAICS codes are dinosaurs

SIC codes are dinosaurs, they have not been updated since 1987.  NAICS codes were updated in 2012, but they are still outdated.

No surprise when you think that these codes are kept updated by the government. Important new technologies are not represented by the SIC and NAICS codes.

What this means is that we must leave the SIC and NAICS codes behind if we are looking to have a clean, updated and current CRM system.  What is the solution?

First, ask yourself, where is the best description of what a company does? Simple, the company’s own self-description is the best qualified.  So imagine if you could have, live inside your CRM, all the keywords that accurately describe what each of your clients and prospects actually do today.

This technology already exists and it is called Market Mapper from Broadlook.

http://www.broadlook.com/products/market-mapper/

Market Mapper builds lists of companies, based on how a company self-describes itself.  In addition, Market Mapper can be used to segment an existing list of companies.

Here is a live IceBreaker Video that talks about Market Mapper


 

 

 

 

CRM: The Third Implementation

There is the common, but false belief that a successful CRM implementation is complete once users are up and running and the technology replaces the manual tasks of tracking prospect/customer information. That is certainly a milestone, but not the end of the CRM implementation journey. Invariably, real-world usage leads to requirements not foreseen in initial CRM planning.  Salesforce.com pioneered the AppExchange™ and solved the challenge of the second implementation.  Thousands of apps, ready with tested business logic, encompassing millions of lines of code can seamlessly plug into Salesforce to complete the second implementation. Before the AppExchange, companies would find themselves with a total re-engineering effort or CRM failure. Well done Salesforce!

What is the Third Implementation?

Today, the focus now turns to the third implementation; and it is all about data. Unless specifically addressed, every CRM has a problem with dirty data.  Regular de-duplication is NOT the solution. De-duplication treats a symptom of the dirty data disease; it does not cure the disease itself.  To cure the disease, you must stop dirty data from ever getting into the CRM. Dirty data can enter a CRM via a user, application or the system.  Each source of data needs to be addressed.

Enter the CRM Data-Plan

A CRM Data-Plan is a single-point-of-truth for treating data across an enterprise. It consists of a robust set of rules that details standards for treating data. Amazingly, less than 3% of CRM administrators have a CRM Data-Plan.

The challenge for CRM providers is that they cannot solve the issue with a one-size-fits-all solution. The business requirements of some companies call for verbose data, while others may prefer a high usage of abbreviations.

A good CRM Data-Plan ensures that company names, titles and all forms of CRM data are normalized to a single standard.  With a systematically applied Data-Plan, gone are the days of searching for a company in your CRM five different ways. Multiple sales reps no longer work on the same account listed under several different company name formats.  Marketing has the ability to segment markets and get a stronger perspective on customers and prospects.  CRM data augmentation is no longer a nightmare.  With a strong CRM Data-Plan, you no longer have to fear importing new data in your CRM and hearing the word “foobar” from your CRM administrator. The efficiencies gained are tremendous.

Enforcing the CRM Data-plan:  Introducing CRMShield™

Without a method, an unbreakable method to enforce your CRM Data-Plan, the plan is a paper tiger.  Broadlook’s CRMShield™ empowers CRM administrators to seamlessly create a CRM Data-Plan and enforce it for users, vendors and administrators.

Using a single global standard crafted by your CRM administrator, CRMShield™ protects and cleans your CRM in real time. Say goodbye to duplicate and dirty data. The CRM Data-Plan is saved in the cloud, at a single location, therefore the entire enterprise, small or large is protected.  Changes made to the CRM Data-Plan propagate to the enterprise so all data, even from different silos, conforms to a single standard.

Take the Dirty Data Quiz

The Dirty Data quiz serves as a report card. How does your company rate?  Do you have a CRM Data-Plan?  Is your CRM administrator helping or hurting? What are the steps you need to take to keep your CRM clean? Visit: www.broadlook.com/dirtydataquiz

Free Tool:  Create your own CRM Data-Plan

Every company should have a CRM Data-Plan. With this free website, you can get started on the road to a clean CRM system. Visit: crmshield.broadlook.com