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4 Types of Data That Will Change The Way You Use Your CRM

Client Relationships, Research & Insights 0 Comments


All data is not created equal. Depending on your needs, you will need to draw different kinds of data for different situations. Most Customer Relationship Management systems (CRMs) provide users the ability to pull four main types of data: identity, quantitative, descriptive, and qualitative. Let’s break down each of these types and the role they can play in your marketing strategies.

Identity Data

Identity data is usually the first type that users think of when they think of a CRM. This is the concrete data like a client’s name, birthday, address, and telephone number. Identity data provides the foundation for many basic uses, such as list aggregation and targeted outreach.

CRMs are a little like building blocks. You need to start with a solid foundation, using identity data, before you move on to more complex information.

Quantitative Data

Quantitative data is the data that explains how your customer has behaved and interacted with your product. After understanding who your clients are (using identity data), you can then see transactional, communication, and social network information. Some questions quantitative data can answer are:

  • How are people coming to your website?
  • What are they doing when they are there?
  • Have they bought anything or viewed your marketing materials lately?
  • What are the open and click through rates of your emails?
  • What are their social media handles, and do you follow/like each other?
  • What has their customer service experience been like?

By studying the quantitative data, marketers can make changes to their strategies and study what works and what doesn’t.

Descriptive Data

To gain a complete view of a user, in addition to their identity and behaviors, you can add descriptive data, which are things like family, lifestyle, or career details. A lot of advisors we work with enjoy getting to know their clients on a personal basis and make the effort to learn things like how many children they have, where they go to college, or what the family does for a living.

Although most advisors can remember these details the good, old fashioned way — with a pen and paper or their trusty memory — CRMs can help alleviate the process. By quickly inputting these personal details, you will take the connections you build with your clients to the next level.

Qualitative Data

Lastly, qualitative data provides information on a client’s attitudes, motivations, and opinions. While this data isn’t as necessary as identity or quantitative data, it can take your data to the next level and help you analyze why your clients do what they do. Some common questions marketers use when gathering qualitative data include:

  • How do you rate our customer service or buying experience?
  • How do you rate the value of our product or professional knowledge?
  • Why did you purchase a specific product? In other words, what was your motivation?
  • Why is financial planning important to you (ex: saving for retirement, saving for a child’s college, wanting to go on a family vacation)?

You can use this qualitative data to relate back to your mission statement or unique value proposition. For example, if the majority of your clients cite financial planning as important to them because they want to spend more energy on the things they love, you could incorporate this idea into your mission statement and emphasize this benefit that clients appreciate.

These are just four categories of data that CRM systems can pull, and there are infinite ways to use this to your advantage. How will you use the data you collect in your future marketing strategies?

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