The Opportunities In Your Database

January 23, 2013 at 9:28 am

By Helen Jones

Last year we published an article on finding the hidden money in your business – going for some of the obvious ‘low hanging fruit’ that are right under your nose but seemingly invisible to you.

A big part in finding this ‘hidden money’ is making the most of the information you have within your business about your customers, their purchase history and information you hold about contacts and prospects.

If you keep this data up to date and clean it is an enormous asset and can be utilised in many ways to grow your business. But many small organisations struggle to maintain good data even on customers and their purchases, let alone information that allows them to revisit old inquiries or capitalise on all the other contacts every business makes.

So supposing you have accessible and usable data on your customers, prospects and contacts, how can you benefit?

• Buying patterns – understand your customers buying habits in detail so you can pre-empt behaviour and take the initiative in contacting them first

• Design tailored promotions to stimulate the buyer behaviour you want to match your own supply pattern

• Promote sales of related products or services at the appropriate time, according to their buying cycle

• Likewise create offers to encourage customers to upgrade next time they buy – these could be exclusive to your existing customer base

• Remember the 80:20 rule – ensure your resources are focused on those customers bringing you the most revenue and profit – and go out of your way to look after them

• Re-contact old prospects and follow up old inquiries – it can take up to 11 contacts to make a sale so don’t give up!

• Utilise other businesses databases by setting up a 2 way referral programme with an associated company. They bring you new leads from their database

• Ask customers what they think – follow up after their purchase to check on their experience, get valuable feedback and make sure they are satisfied

• And finally take the opportunity to remind customers of the other products and services you offer – people always prefer to buy from someone they already know and trust

Its all about building and maintaining relationships and there are lots of marketing tools we can use to make this happen – email campaigns, customer feedback, newsletters, outbound calls and research and we can tailor a programme unique to your customers and your business.

But everything comes back to your database – without that there is nothing! (Of course we can also help you create and update your customer database so please get in touch if you need help or guidance).

Entry filed under: Business Growth, Data Cleaning, Databases, Marketing, Uncategorized.

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