The trillion dollar cost of poor quality data

Jul 4, 2020 | CRM, General

According to this article by Harvard Business Review, whereas the size of big data worldwide in 2016 was $136 billion per year, the yearly cost of poor quality data in the US alone was $3.1 trillion.

This seems almost unfathomable and yet, bad data is still a recurring issue for many businesses even today, with little focus or time spent on optimising something that very clearly has significant financial impact.

But what makes for poor quality data?

    1. The completeness of the data – do you have all the information you need regarding a lead, opportunity or customer to be able to create a complete buyer persona?
    2. The accuracy of the data – are you positive all the information you have about an individual or organisation is correct and up-to-date?
    3. The relevance of the data – is it relevant to your business objectives or to specific sales and campaigns?
    4. The consistency of the data – is the data recorded in the same manner by all team members?

So what are the benefits of quality data to a real estate business?

 

1. Understanding your audiences better

Being able to properly target specific audiences requires quality data. Without it, you’d simply be guessing who your target audience is (a hit or miss scenario) or you’d be marketing to too broad an audience in the hopes of capturing the right people’s attention which isn’t always effective. By maintaining quality data on existing customers, you are better able to find new customers with similar characteristics or develop relevant buyer personas so that you know exactly what differentiates each audience and why, and then create your campaigns accordingly.

For businesses operating in the real estate sector, the Qobrix Real Estate CRM Clients Module makes it easy to record and manage vital customer data as well as group customer accounts in one central location, providing you with 360 degree insights of all customers, in real time.

 

2. Optimising sales and marketing campaigns

The ability to create an effective sales and marketing strategy is based fundamentally on knowing who you are advertising to. High quality data makes this possible. By properly recording and monitoring leads, opportunities and customers, you will discover patterns of behaviour throughout the sales cycle. This will enable you to build and execute sales and marketing campaigns that accurately target every one of those audiences at every stage of the cycle.

Qobrix Real Estate CRM Dashboards offer valuable real-time data collected from a variety of sources. These dashboards are configurable so data can be presented any which way you prefer, be this pie charts or line graphs, funnel presentations or bar charts.

 

3. Better decision making

Good data gives business owners the knowledge and information required to make better organisational decisions, quickly and easily, improving operational workflows, processes and procedures. This also includes decision making regarding product development, sales and marketing campaigns, finance and investment, staff training and development, and much more.

The Qobrix Real Estate CRM platform has a variety of modules offering a wide source of insights pertinent to leads, opportunities, clients, sales activities, campaigns, etc. on which analytical reports can be generated giving you a fully comprehensive and detailed overview of your real estate business – at any moment.

 

4. Improved ROI

Knowing who your audiences are, being able to categorise each one into specific buyer personas, designing sales and marketing campaigns that can accurately target each persona effectively, understanding what activities your sales teams are undertaking in real-time and the efficiency and effectiveness of these activities – will help improve ROI so that your real estate business thrive. But this requires quality data that is continually maintained.

Use your real estate CRM system to properly record all individuals or organisations your business engages with, and make sure that this information is updated on a regular basis. The Qobrix Real Estate CRM Duplicates feature helps real estate professionals manage large volumes of data efficiently and quickly, giving you the ability to detect duplicate entries through different fields, and manage that data in a way that suits your business needs. Other key Qobrix CRM functionalities like the ability to monitor Call history for better management of incoming enquiries and opportunities; tracking of property Viewings; and the assignment of Tasks to relevant members of a team for improved task management – all play a key role in helping your sales teams make sales and improving your ROI and profitability.

Start your Free Trial of Qobrix’s real estate SaaS platform, designed to help real estate professionals capture more opportunities for expansion and profitability by focusing on customer acquisition and service.

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