Ilay Rennert
VP Sales
Posted on: October 24, 2022
Are you fully using your CRM’s relational database in order to connect with sales leads?
You can maximize your data’s value using relationship intelligence, to drive relationship-based sales and improve sales performance. A strong connection with HubSpot leads can boost your leads conversion and cause an increase in sales.
How does optimizing the use of CRM data help your business connect better with leads and gain their trust as customers?
We attended the INBOUND22 conference (powered by HubSpot) and had the privilege to attend HubSpot’s spotlight event and hear insights from HubSpot’s executives, Yamini Rangan (CEO), Dharmesh Shah (Co-founder and CTO) and Stephanie Cuthbertson (CPO).
One of the issues that they brought up was a current crisis of disconnection. Customers are no longer seeking separate solutions for each department. Instead, they are looking for an all-on-one connected platform which delivers better value. In light of this, Rangan, HubSpot’s CEO, explained why businesses are having trouble connecting with customers and what are the challenges that they are facing when trying to create a genuine customer connection. Customers are feeling overwhelmed by an overload of solutions, while digital fatigue and distrust have begun to set in. This increased sense of disconnection dares to challenge product value and customer loyalty.
As presented by Cuthbertson, HubSpot’s CPO, companies spend a lot of time on data cleaning. This leaves less resources for engaging with prospects and customers, resulting in slow performance. In addition, many companies use poor quality data or don’t fully use their data for learning about pain points and preferences of leads and customers.
HubSpot’s fascinating talk inspired us to dive deeper into the impact of data management on engagement with prospects and share a few inputs of our own.
How can your business collect, manage and use HubSpot CRM data better and how can this deepen the connection with leads and bring new customers onboard?
3 Takeaways for using HubSpot B2B data more effectively and successfully building data-driven conversion strategy
1. No more wasted data. Make the most of your CRM data to better connect with leads.
Many companies most of the time don’t use all their existing prospect data. It may be because they are not aware that it is a competitive necessity, as well as they don’t have enough resources for that. As Cuthbertson shared, it can come up to 60% of CRM data that goes unused. Your business might be spending lots of funds on acquiring customers and can save this money using data you already have. Fully using data about potential customers is a must for understanding your leads. Maximizing data about CRM contacts is essential for establishing a strong connection with leads and hot lead generation.
2. A little of your time can go a long way
Cuthbertson also presented an interesting and troubling finding, according to which 40% of all ops time is spent cleaning and preparing data. Spending a lot of time on organizing and cleaning data is directly affecting your sales performance. Since your teams invest a significant amount of time on identifying and fixing errors, duplicates and irrelevant data, they have less time to invest in improving lead conversion. Businesses that implement an effective data cleansing strategy have more time to communicate with leads and convert them into customers.
3. Driving data quality improvement will help you gain the confidence of leads
The majority of companies don’t fully understand that poor data quality can affect their ability to make business decisions, as well as badly impact performance and efficiency. According to Cuthbertson, only 3% of companies have data that meets basic quality standards. Having the right data is the best way to avoid errors that can cost your leads’ trust. Relying on high data quality achieves greater data accuracy, to prevent errors, save money and seize more opportunities.
Turn data into action to convert CRM contacts into hot leads and keep them engaged
It is very hard to build a strong connection with prospects that are drowning in a sea of apps and softwares, while feeling digitally drained after that the COVID-19 pandemic has sped up digital transformation. Improving data management can bring you closer to hot leads, help open doors with referrals, significantly increase your pipeline and accelerate sales cycles.