On the first day of CRM, Chris Kringle Fritsch told me, why we should focus on bad data quality!
Why should you care about fixing your bad data? Well, Chris Fritsch, of CLIENTSFirst Consulting, explains the benefits and rewards firms get from focusing on cleaning their data and how it helps the organization grow and professionals win more business.
66% of organizations that regularly clean their data report an increased revenue of almost 70%. That’s a lot of reasons to focus on cleaning your data! This increase in revenue comes from the organization’s ability to better target prospective contacts who may be interested in working with the firm.
But if you can’t effectively communicate information on what lawyers do, changes in the law or their expertise and experience you are missing out on important engagement points and huge opportunities to develop your business. Without a solid foundation of good data to market to, you won’t be able to set up your professionals for success to develop business.
If that doesn’t convince you to focus on your data, maybe this will. It costs $1 to verify a record when you first enter it in the system. It costs $10 to clean and verify the record later and $100 if nothing is done to that record. These are the actual long-term costs your organization is paying when it neglects incorrect data and makes poor decisions based on bad data.
But the sooner you start the better off your organization and professionals will be, and the less it will cost in the long run.
Watch as Chris Fritsch explains why it is so important to focus on bad data: