All businesses have one thing in common – they have customers. Some have a handful, some have millions – but they all fight hard to retain existing clients and acquire new ones.
Hidden within your customer database are the keys to help keep existing customers happy and also acquire new business.
It is a proven fact that it is cheaper to keep an existing customer than find a new one. The key to stop customers straying is to keep them engaged, informed and active. It is a common mistake to concentrate your marketing budget into finding new customers only, whilst investing nothing in customer retention. An existing customer is generally far more receptive to new initiatives, offers and products from a company where there is an existing relationship.
Here is a selection of ways of keeping your customers active:
Not all of these ideas are appropriate to all businesses but the principle is sound. With just a few day’s work you will reap the rewards, whether this be in the form of improved sales, customer feedback or some other interaction – you are keeping your company/brand name in front of your customers – which, should help in achieving a long lasting business relationship and prevent them straying to your competition.
Your existing customer database can hold a wealth of information that will help you target future marketing activity. It is a good idea to profile and segment your customer database. This will help you understand buyer motivations, activity and attributes. Understanding your client base can help in the following ways:
Customer profiling can result in a comprehensive report on the geographic and demographic attributes of your customer database. For businesses this can be business classification, turnover, number of employees etc and for consumers this can give you a wealth of lifestyle information such as leisure interests, pet ownership, travel preferences or newspaper readership etc. All of this extra information can be tagged to your existing data to enable effective segmentation and improved targeting. Understanding the profile of your existing clients will also prove invaluable when trying to seek new customers.
At Quartz Data Services we believe that looking after a customer database and harnessing the information within as well as appending relevant attributes, can prove a powerful tool in your sales and marketing armoury. Looking after your main business asset is vital in maintaining and growing your customer base and increasing sales.