Have you invested in a Customer Relationship Management initiative and are wondering what is the value of the data?
You’re not alone.
Let’s be fair, this is a difficult problem to solve for in any organization. It requires people, process and infrastructure/technology all to interact effectively and iteratively. We’ve been at it for 15 years at the enterprise level and we keep coming back to a few key items that have become our core focus
- What’s the right (shiny) data?
- What exactly should we test?
- How do we measure?
We used to be in the systems integration business, so we know that anyone that says “technology is a commodity” is not responsible for technology capabilities. We cultivate (data) empathy because we understand that people communicate with their voices and technology generates raw data. We need a bridge where we can all share space.
Specifically, we need a method that transforms the data you already have and the data that results from the tests you execute.
Your CRM data has significant value but not in its current form and not standing still. Interestingly the solution to these three questions can be represented by a formula we call “Insight Latency”Velocity of
Customer behavior change vs. Velocity of Actioning Insights
These three questions need to be answered first and they need to be continually answered through iteration. This iteration has velocity parameters that absolutely differ by industry, organization and in many cases channel.
In order to maximize any tech investment, it is important to have a method and approach to discovering the value of your data. Toovio’s VCV Method (volume, conversion and value) is what we leverage to ascertain what data is meaningful and valuable at scaling solutions for any piece of tech. Especially when it comes to activating CRM, you need to be able to act on the data in near real-time in order to maximize the chance of timing your customer touches appropriately.
Let’s get that CRM data activated and start maximizing ROI via our VCV method!