iNormally, the path most traveled is thought to be the better road as it represents the path that leads to achieving goals and success while the less traveled path leads to stressful processes and unknowns.
But for firms trying to achieve CRM success, the “beaten path” involves investing tens of thousands of dollars into the latest and greatest technology and hiring internal Data Stewards to maintain the data flowing into the system. This can take up a significant number of firm resources and there is no guarantee that CRM Success will be achieved.
Let’s face it, the traditional approach to CRM and Data Quality Success often leads to more headaches and challenges than it does to success. Without the right experience and expertise, leading a CRM implementation project or a data quality clean-up can be disastrous.
Hundreds of thousands of records flow in from departmental databases which need to be analyzed and categorized properly. Meetings need to be held with firm leadership to understand their expectations for the system, and meetings need to be coordinated with vendors to set up demonstrations along with Requests For Proposals (RFPs).
To add more fuel to the fire, meetings also need to be held with end users to understand their needs and requirements so system selection can be catered to them. In the end, firms are left with high training and implementation costs; limited staffing pools due to required expertise; and increased employee burnout due to the overwhelming nature of the work.
The Path Less Traveled: Outsourcing
Many forward-thinking firms have taken the path less traveled to CRM success and have outsourced many of their core marketing technology positions and data quality work to trusted service providers. Outsourced Marketing Technology Managers and Data Stewards can provide all the benefits of retaining these positions in-house at a cost-efficient price all while reducing managerial headaches.
The route less traveled gives you access to a pool of highly skilled professionals without the additional costs associated with hiring internally. Many outsourced Marketing Technology Managers and Data Stewards have years of industry experience working with the nation’s top firms tackling complex data quality issues and guiding implementations ensuring they are implemented and integrated effectively.
To achieve CRM and data quality success, sometimes the beaten path won’t get you there. Here are three ways taking the path less traveled can help you achieve CRM and data quality success:
1. Cost Savings
Utilizing outsourced service providers for marketing technology or data quality roles can help firms save a significant amount of money. For firms with around 250 professionals, hiring an internal CRM Manager and Data Steward can cost firms around $116,640.
For firms that have limited resources and budgets, outsourcing providers offer various pricing models for their services. From contracting their workers on an as-needed basis for short-term or long-term projects to paying-as-you-go. This allows firms to allocate more of their investments to higher-priority projects or initiatives. Depending on the rate of the service provider, firms can expect to pay up to 33% less ($77,350) when they outsource their core marketing technology and data quality work.
2. Improved Data Quality
Opposed to internal Data Stewards, outsourced data quality professionals can focus on key responsibilities and can work more efficiently than their internal counterparts who have to focus on other tasks or priorities. These outsourced professionals understand the intricacies of the professional service industry and seamlessly fit into your firm’s day-to-day processes.
Outsourced Data Stewards have the ability and know-how to implement data standardization processes and protocols, minimizing the number of dirty records that may flow into the system. They also have access to industry-leading tools that can streamline and automate data management so your attorneys and professionals can worry less about maintaining their contacts and more about serving their clients.
3. Reduction In Turnover
Traditionally, hiring Data Stewards internally has been a revolving door, where firms would hire a new team member to maintain their data quality, train them, compensate them, motivate them, then, replace them. Given how outsourced service providers are not directly involved with the firm’s core services, they assume the role of finding, hiring, training, motivating and managing the data quality professional.
This frees up your marketing and business development teams to focus on growing the firm and nurturing client relationships rather than chasing down contact data from the organization’s professionals. They can help you with a wide range of data-related activities including:
- Regularly reviewing new records
- Enhancing records with geographical information, financial data, or who-knows-who relationships
- Creation and management of segmented and targeted lists for marketing or business development campaigns
To achieve CRM and data quality success, sometimes the beaten path won’t get you there. So, if you are struggling with your marketing technology or data quality, don’t be afraid to explore alternate routes, like outsourcing. It can open your firm up to a pool of highly skilled professionals who have years of experience solving the same issues you may be going through. An outsourced team can provide your firm with significant cost savings, improved data quality, and a reduction in employee turnover and managerial headaches.
These operational efficiencies lead to greater productivity and returns on marketing spend – meaning greater profitability for the firm.
