In the ongoing Quick Start Strategies Sales Performance Study, 79% of companies say that over 70% of their sales reps actively use their CRM system to track, trace, and manage opportunities. However, only 24% of these companies’ state that their executives have a high level of trust in their CRM data.
High usage and adoption of a CRM system does not directly correlate to high data quality. This is a big problem.
Sales and marketing enablement, operations, and analyst teams are all the rage right now. These teams are expensive resources and a big investment for most companies. They rely on data from your CRM system to drive critical business decisions. We have all been in that meeting where the team brings in the data, presents the facts, and then all hell breaks loose because few at the table agree on the facts. The real fact is that the data is bad, and someone must do something about it.
That someone tends to be the same team trying to compile and assess the data in the first place. The root of the problem is how CRM systems are being used and the human behaviors that drive inaccurate data. But here’s the challenge, most sales enablement, operations, and analyst team members do not have the experience and knowledge to fix the problems.
Let’s take cycle times for example. This is a major KPI used in pipeline and forecast analysis, sales efficiency, and account persona targeting. Based on Quick Start strategies’ benchmark data, 38% of all opportunities that should start in the first sales stage do not. CRM systems use time stamping to calculate cycle times. If sales reps are not entering opportunities in the right stages at the right time, your calculations will be way off. If you are using aging by stage to determine exact locations in your pipeline where challenges are happening, your ability to get valid data gets worse. Do you have someone on your team who knows how to solve this problem and has the time to do it?
If not, this problem will not get better unless you begin to do something about it. You must engage someone who “knows a thing or two because they’ve seen a thing or two.” Yes, I just quoted the State Farm commercial.
To begin to tackle your challenges, take the first step and participate in Quick Start Strategies’ sales performance study. It takes five minutes and we will deliver back to you a benchmark on how your revenue performance, predictability, and insights stack up against a peer set. You can then opt to talk to someone who knows a thing or two and get some solid advice.