Wikipedia defines “RPM” as Revolutions Per Minute (abbreviated rpm, RPM, r/min, or r•min−1), a unit of frequency of rotation: the number of full rotations completed in one minute around a fixed axis. It is used as a measure of rotational speed of a mechanical component.
I’d like to borrow from this a bit for the sake of discussing strategy for Contact Data Management for Sales and Marketing Automation applications. Since the bottom line objective should be accelerating the B2B sales cycle, all things that optimize how fast and efficiently prospect contact information & sales intelligence data rotates into and around your deal making processes are important. Hence, our product development group is starting to see and define the acronym “RPM” in a new, data-centric way ― Remediate ― Provision ― Maintain.
It’s relates to sales funnel velocity ― how fast deals make it through from qualification to close ― but it is specifically about drilling down to those little noticed things that go on within the data and systems themselves to facilitate fast, efficient and predictable deal making.
Over the next few posts we’ll take a detailed “check the boxes” look at the three components of an “RPM” Contact Data Management strategy.
Here’s a quick preview:
1. Remediate – If you are serious about leveraging all of the benefits that sales and marketing automation systems offer, think of these systems as your “engine.” Then, think of the data you are feeding into your engine as the “fuel.” Clean, high octane fuel means data that has complete, valid account/company level firmographic segmentation data for list sorting and targeted messaging purposes (If you target by industry, size of company, geographic location etc). Also, business card information contained in your database degrades at a rate of 3-6% per month. The RPM Contact Data Management strategy puts the power of automation to use in stabilizing and transforming your existing data assets into actionable, campaign ready lead generation assets.
2. Provision – Not accidentally, the best thing about a great contact data Remediation process [above] is it helps you understand things about the data you’ll need to plan the purchase for additional contact data wisely. I compare this to going grocery shopping, because before you start buying you should look at your provisions carefully to identify what data you do and don’t need. A good contact data provisioning plan helps you understand which contacts you need to buy to fill in gaps left by “Remediation Fallout” ― that is, replacing or updating outdated contact information you had in your database. You’ll also be smarter about what contacts you need to buy to expand your audience from a net-new perspective. Some RPM techniques used here are 1) title density and gap analysis to pinpoint missing personas within your existing target organizations and/or 2) identifying new organizations and persona-groups that you don’t already have on your radar with sales funnel wins analysis and “looks like” list profiling.
3. Maintain – Sales and marketing automation systems need a built in “fuel filter” and synchronizer in place to make sure that the investments you’ve made in them are not diluted by the effects of dirty data. Data is perishable and once introduced into your lead generation engine it starts aging and dying. Good data maintenance is a process of automatically monitoring and stress testing records by comparing them to trusted, up to date sources. This sort of data rationalization is the use of meta data to determine the best assortment of objects that generate the most business benefit to the end users and not only keeps data in a high state of campaign readiness, it also creates an opportunity to enrich standard business card records with valuable details that can transform a run of the mill lead or contact record into a much more powerful sales intelligence compile.
If you have any thoughts as we go through this, please chime in!