The Global 5000 database is normally imported into our client’s CRM system and then matched to existing records in the system so that all contacts and related activity have an updated set of revenue and employee data. In many cases, it forms the baseline for dividing accounts between major account teams and the smaller accounts.
Since it is used in CRM systems, we have been asking clients and prospects —- “So, what’s in your CRM system?”
In some cases, the answers are met with a chuckle and followed by some version of the word – Everything!. Very few crisp, concise answers relating to clients and prospects.
It seems like these systems have been made to easily add any contacts and company details but the owners have trouble with processes to clean the data and remove things that are obsolete. We know that traditionally sales have not wanted to delete a name. Ever. And that mentality seems to have carried over to the CRM world.
Here are variations of what we heard are the types of records in CRM systems today:
- Former clients
- Former prospects
- Old leads
- Companies from various lists & campaigns
- Trade show attendees
- Web site visitors/contacts
- Lots of names/companies that we don’t have any idea why they are in the system
Congrats to those who have sorted it out and have clear labeling for their data. Here’s hoping the rest can find an owner of their data so they can get this asset working for them instead of having it be the dumping ground.
It is easy to use a db like the Global 5000 to match and update your records. It would be a big help to know which records in your CRM are the big guys who tend to spend the most.
For information about the Global 5000 database – go to this page.