Men, Money, Material, and Machine remain an organization’s greatest assets, but information as an asset cannot be undermined. Organizations like Google, Facebook and many others have shown what can be done with data, yet, there are millions of small, medium and large enterprises who are aware of the value of data but have a procrastinating approach towards investing in it and unlocking true intelligence for sales generation.
Unfortunately, many organizations misjudge database marketing as just a compilation of contacts and addresses to annoy customers with unwanted emails and calls. What they must realize is that database marketing can enable them to segment their customers better and serve their needs proactively. It is not about bombarding your market with unidirectional messages, but to facilitate a two-way communication, and take positive measures for customer retention and acquisition.
Using Marketing Database the Right Way
A lot of organizations do not utilize marketing data in a precise manner and thus do not realize true benefits of the same. They pursue mailing lists or customer database as mere directories to make sales calls and send emails and mails. However, they should use information from the database to start an ice-breaking session with their customers and know more about their preferences by engaging in meaningful conversations.
Many times, organizations get customer queries on Facebook, LinkedIn or Twitter, and they respond through the same medium. Though this is the right approach, organizations must try to extract more information from customers such as their email addresses or phone numbers or their requirements. This would help you to create a personalized experience for the individual customer and earn their loyalty. For instance, if a customer sends you a query on email, you may politely ask for their social media profile to keep them updated with latest offers. Through this way, you can create a strong repository of data which will help you retain your customer for a long period.
Customer Segmentation, Acquisition and Retention
Investing in marketing database is one of the most fruitful investments you can make. Not only will it help you segment your customers better, but will also help you reach out to new customers and retain them for a longer period. Many marketing database providers such as InfoClutch, InfoUSA, eSalesData, Hoovers and others can provide you with customized and segmented mailing lists based on geographical locations, job roles and more to help you execute your campaigns in an effective manner.
Once you are done with segmentation of your market, you can design an ideal product mix for each segment. This would help you formulate personalized messages for different customers and would increase your campaign response rate as well as conversions in a positive manner. Also, this will create the right foundation for retention purpose. A relation built on a strong foundation always lasts longer.
Although the market is getting accustomed to using databases to aid their sales and marketing cadre in sales generation. They still need greater awareness on how to harness the true fruits out of their database investments. Sooner or later, organizations globally would realize the true power of data and would invest in it wisely.