The quality and integrity of data sits at the heart of CRM. Ensuring that it's always clean, up-to-date and reliable is essential for day-to-day marketing and business development activity – as well as providing meaningful relationship information and accurate business reporting.
We have several data cleaning tools in InterAction to support your requirements, however, it's also worth highlighting some best practices to help you ensure that data quality maintenance is ‘business as usual' in your firm:
Often business development professionals complain that there are ‘white spaces' in the contact records in the system – especially when it comes to job titles of key clients and prospects. Even worse, if incorrect job titles are recorded, the possibility of sending the wrong type of information to contacts as part of campaigns becomes high. Such situations are counter-productive to relationship building and even erode confidence in the InterAction data.
Optimise the use of InterAction IQ – it can passively capture data from signatures in emails and automatically update the records in the database without burdening users.
Non-compliance with GDPR is beginning to be noticed, as evidenced by recent fines to businesses, but it's the reputational damage that is the bigger risk. Busy lawyers don't always record information in a way that ensures that contact information is held in compliance with the regulation. Set the data capture ‘thresholds' appropriately in InterAction IQ so that contact data from lawyers is captured and used to update records in a timely manner. This will also generate engagement scores across groups of lawyers to uncover who is most engaged with different contacts. It can support your ability to demonstrate compliance with GDPR.
Another key aspect of GDPR compliance is for an individual's ‘right to be forgotten'. To manage this process, leverage the suppression functionality in Data Minder. This removes all relevant details from the contact, prevents them from being added back to the system by another user and automatically removes them from lists in InterAction.
So, you've removed all duplicate contacts, and all records held in InterAction demonstrate compliance with GDPR – now ensure that InterAction data doesn't become stale!
The dashboard in InterAction Data Minder provides a visual representation of the quality of data in the system showing the number of contacts with incomplete information, which contacts are stale and which contacts are at risk. The status of contacts in this area are based on defined criteria which you can switch on and off. For instance, if you have not been in touch with a contact within a predefined timeframe and there are no relationships assigned to the individual, Data Minder will highlight these contacts to enable you to take proactive action.
Maintaining data quality requires a team effort and while typically the business development and marketing teams carry the responsibility, there is business merit in sharing the ownership of lists with practice groups.
You can segment data to give individual practice groups ownership of maintaining the quality of portions of your contact data. This is particularly useful where a practice group has a targeted list of contacts to support campaigns or initiatives.
In terms of eMarketing and corresponding mailing lists, following these processes and assigning ownership could in turn transform the way you market to contacts. Instead of a volume-led email distribution approach, you can begin to focus on the quality of recipients and targeted campaigns.
Aside from the above, there are a whole host of data cleaning tools in InterAction that can help you ensure that the quality of CRM data is as good as can be – including contact, company and address de-duplication, company and address association clean up and Data Quality saved searches.
If you need assistance with any of the issues highlighted in this blog, please contact your Client Advisors.