#29 Bridging CRM & Data: Measuring Impact, ROI on your CRM Investment, Avoiding Pitfalls, and Building a Smarter Retention Strategy with Dr. Tim Wiegels (ex-VP Data at FreeNow)

In this conversation, I speak with Dr. Tim Wiegels explore the intricacies of CRM data, focusing on effective measurement strategies, common pitfalls in CRM teams, and the importance of understanding the broader business context.

Tim shares his journey from academia to data leadership, emphasizing the need for CRM teams to align their metrics with overall business goals and to avoid siloed thinking. The discussion also touches on the challenges of managing control groups and the potential overload of CRM tools, advocating for a more strategic approach to data utilization.

In this conversation, wel discuss the challenges and strategies surrounding CRM tools, customer data management, and the importance of understanding customer lifetime value. The emphasis for teams to define their strategies, leverage AI for data analysis, and focus on retention in the evolving landscape of marketing.

The discussion also highlights the significance of data literacy and the future of CRM in a data-driven world.takeaways

• Understanding ROI on CRM tools is crucial.
• Teams often focus too narrowly on their KPIs.
• A holistic view of the funnel is essential.
• Vouchers can lead to revenue loss if mismanaged.
• CRM goals should align with overall business objectives.
• Control groups need regular refreshing to remain valid.
• Data teams must communicate effectively with management.
• Incrementality and uplift modeling are key measurement strategies.
• Headspace is necessary for effective data analysis.
• Freelancing allows for more focused project work. CRM teams often rely too heavily on tools without understanding their full capabilities.
• It's crucial to segment customer data effectively to drive better marketing strategies.
• Defining a clear strategy is essential for CRM teams to succeed.
• Customer lifetime value is complex and requires a deep understanding of customer behavior.
• AI can significantly enhance data analysis and decision-making processes.
• Teams should focus on retention strategies as acquisition becomes more challenging.
• Data literacy is vital for marketing teams to manipulate and understand data effectively.
• Using AI tools can streamline processes and improve efficiency in data handling.
• Understanding the value segments of customers can help in targeted marketing efforts.
• Effective communication and collaboration between teams are key to successful CRM implementation.

Tim's Linkedin: https://www.linkedin.com/in/timwiegels/

Tim's Podcast: https://tr.ee/DCtUqUirY_

Enjoy this conversation!