The growth of your organization is dependent on clean, error-free, consistent data. To make the process productive, you need to effectively analyze data to understand what it meant for your product, marketing and distribution channels. You know this helps you to grow your business. Real time data management plays a significant role in making decisions.
Here are some guidelines on how data can be used to grow your business.
A database is one of the most important assets your organization can have. Use it as a learning resource. Data is the perfect tool to help you identify emerging trends. In a customer-driven scenario, it is important for you to know your potential customer at the deepest level. Meaningful data helps you to know them all. You can also evaluate customer data to pull product offerings and reduce cost per acquisition. You can measure both online and offline customer acquisition initiatives.
Very rarely all your customers think in similar ways. In most cases, you would need to segment your contacts. Group them together according to their likes, preferences, demography, buying nature and types; for example prospects, existing customers, suppliers, partners etc. Keep your contacts well organized. This would save you time when looking for a specific group. The process will optimize your marketing efforts. You will be able to send different campaigns to different segments (for example, one campaign for recently-joined customers and a different one for loyal customers who have been with you for several years).
Data allows you to create campaigns that are targeted like never before. People today are tech-savvy and want content that is not only relevant to them but personalized as well.
Tips: Do not send communications that sounds too official or stereotypes, and jazz it up a little bit. Send more personalized messages.
Send personalized “Happy Birthday” and “Happy Holidays” messages. It may sound little, but it does make a big difference. In today’s technology driven world, consumers are always plugged in, so it is always better to give them a personal touch and stay connected.
As we mentioned, customer data is vast. Maybe your competitor already has own customer lists. Maybe they don’t. Bottom line is data will bring you a competitive edge. Either way, if you fail to gather and use data, you will be far behind.
Having access to right contact details , like name, residential address, cell phone number helps sales people in your organization make a pre-planned follow up with customer. This data can help them to focus on their job.
A study by National Sales Executive Association, found that 48% of sales people never follow up on their leads, however 80% of all sales are made after 5th or 12th contact, depending on the product. So keep your interactions with contacts well recorded and set yourself reminders to follow up with relevant and personalized content.
Below given are truly shocking sales statistics that relates to your follow up process.
Although 2% of sales are made on first contact, 3% of sales are made on second contact,5% of sales are made on third contact, 10% of sales are made on fourth contact and although this is unbelievable but true that 80% of sales are made on fifth to twelfth contact.
This above statistic is nothing but greater opportunity to control your success. It all lies in your enthusiasm to be persistent. Planned persistence means a protocol for timing, frequency and messages to follow up a prospect. You need establish an “ideal follow up”. Making phone calls, fixing up a face-to-face communication or sending an email at a regular interval can help you in establishing an ideal contact.
Quality data provides information about prospects. You will know more about your customer’s market, their buying plan, data related to prospects, location, future opportunities and so on.
Quality data helps you to generate leads. Accurate analytics helps you gather prospect details, so planned follow-up with your valuable prospects can help you to capture a lead. The numbers of leads you generate more are the chances for you of making a sale. It is with right data, marketers would be able to accumulate leads through a variety of approaches, both online and offline, in order to find more potential clients.
In a customer-driven market scenario, when right data is available for analyzing your customer, organizations can find new avenues. Effective, clean and reliable data has immense contribution towards growth and development of your organization. Quality data go through rigorous data verification process. The erroneous and unclean data threaten an organization’s credibility.
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