Here's What We Know
If an executive asks “how healthy is our customer contact database," can you provide more than a vague “it’s pretty good” response? As Forrester's Director of Customer Marketing, I learned:
- A customer contact database decays 2% monthly and bad customer contact data impacts from 3-5% of annual contract value
- 80% of customer marketers rate their customer database as just OK or worse and bad data is the second biggest challenge when running customer campaigns
- The third largest buying signal is being a past customer and 20% of new business revenue can come from repeat buyers
Impact Cuts Across The Organization
Why Should You Care?
A customer's lifecycle starts with pre-sales, pivots to post-sales, and some will become advocates. What this graphic leaves out is 20% of your customers leave their employer annually. Those that stay will get new titles, shift roles, move to new locations, and their product utilization ebbs and flows.
It's not easy, but a healthy customer contact database is the foundation of effective customer marketing, success, and experience. It enables segmented communications, more useful feedback, cross-sell, repeat sales by former customer contacts (thus Repetitos), and soooo much more.
My appearance on the Daily Standup
Customer Comments
"The accuracy of our customer contact database keeps me awake at night and the mistakes are embarrassing."
"I am so excited to see someone tackling this problem with the right focus! So many failed growth initiatives are rooted in poor-quality contact data".
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The terms "Projected Economic Impact of Bad Data ," Repeat Sales by Former Customer Contacts," and "Transform Your Customer Contact Database Into An Advantage" are trademarked by Repetitos.
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