If you are looking to implement a parent/child relationship in your CRM, we can help you establish the account hierarchy. Account hierarchy data preparation is the simple concept of having a parent company with all its subsidiaries or departmental accounts organized under its umbrella.
There are several reasons to set up an account hierarchy, including ensuring that your sales team has full visibility into all possible companies they can sell to and improving efficiency for the sales team, help with ABM marketing as well as operational efficiency. As a data preparation company, we can acquire missing information, identifying companies that are connected to each other, and establish the process including CRM set-up to support account hierarchy relationship.
The process of adding a few fields to an existing CRM to support account hierarchy is relatively quick and typically takes only a few hours, even when Salesforce is integrated with Marketo, for example. What takes more time is identifying all the child accounts associated with each parent account.
For instance, you may have companies with the same name but located in different regions, or companies with different names and websites that belong to the same holding company. In other cases, the structure may follow a parent account to company to department hierarchy.
What makes this process even more challenging is that some organizations have centralized purchasing, while others manage purchasing independently at the location or department level.
StrategicDB can configure the hierarchy in a way that best fits your business, based on how you sell and the data you have available. The entire process of establishing parent/child relationships in your CRM can take anywhere from a few days to a few weeks, with even the most complex projects typically completed in under six weeks.
StrategicDB is a data, marketing, and sales agency, so we work with many CRM and database providers. Some of the more popular CRMs where we have implemented company hierarchy data layers include, but are not limited to, Salesforce, Monday.com, Zoho CRM, HubSpot, and SQL databases.
Reporting on the number of new accounts or total sales can be tricky when selling to the same parent account across multiple subsidiaries. Depending on your preferences, we can generate reports focused on child accounts (including organizations that do not have children), parent accounts (including those without children), or all accounts. The reporting approach depends on how your sales team leverages the parent/child relationships in practice.
As a data cleansing corporation, StrategicDB will update historical data. This way you are not starting from scratch. What is more important is that we can add accounts and contacts for those companies that are missing children or parent accounts, for a full visibility. This is key for account based marketing.
The cost of establishing an account hierarchy depends on the CRM tool you are using, the amount of data available, how much data appending is required, and the complexity of your sales structure.
To receive a quote for your account hierarchy data preparation, contact StrategicDB.
If your data is not structured with hierarchies and the reason is because it is missing information and is not cleaned, we can first clean up your account data, append missing fields to your company structure prior to structuring your data to include account hierarchy.