Here’s an important question. What do you think is your company’s most valuable asset?
Your staff? Your brand? Your contacts? Your website....?
The answer is your data. If you want to grow your business this year you’ll need to invest time (and maybe some money) in managing your data more effectively.
Seven reasons why data management is so profitable to you:
- Potential customers are sitting all over your database, waiting to be converted
Research* tells us that almost 80% of sales are made after five or more contacts with a prospective customer - and that 90% of salespeople stop contacting them before this point, so the sale never happens.
Use your database to ensure that you keep in touch with your prospects until they are ready to buy.
- Previous customers are a profitable source of new business
Of all your target prospect segments on your database, ex-customers are usually the most responsive. Find them and then give them a new reason to buy from you.
- Boost customer retention
Have some of your best customers gone elsewhere and you don’t know why?
Most customers leave because they don’t feel valued. Keeping good customer records allows you to offer a more targeted and personal service that will improve customer satisfaction levels allowing you to retain good customers for longer.
- Maximise the value of every customer
Do you know exactly who is buying from you, how often and why?
Use your data management system to identify more opportunities to up-sell and cross-sell.
- Make your marketing more cost effective
Do you know which of the marketing techniques you use is most cost effective?
What has brought you the most business this month? This year? Use your data to analyse what’s working and what isn’t.
- Increase your efficiency and reduce costs
Who have you emailed, when, about what and what was the response? What is your most effective message to each target audience?
Tracking performance and regular reporting will quickly improve targeting, reduce wastage and increase response levels.
- Spot trends and monitor changes
It’s not unusual for advisers to be operating on the back foot, reacting to changes in the market after the event.
Data management allows you to spot changing customer needs as they happen so you can respond quickly.
So to conclude, once you have all your customer information at your fingertips, you’ll be able to target your sales effort more precisely, time your approaches more strategically, improve your conversion rate and up the number of sales per customer.
*The classic study of sales calls made by Dartnell and McGraw Hill produced the following statistics: 48% of all salespeople give up after the first contact, 25% give up after the 2nd contact and 17% give up after the 3rd or 4th contact. This study thus demonstrated that 80% of all sales are made after 5 or more contacts and therefore, because 90% of the salespeople are shown to give up before five contacts are made, they are missing out on 80% of their potential sales.