The most valuable asset of any business is it’s database

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The most valuable asset of any business is it’s database

The most valuable asset of any business is it’s database

  30 Mar, 2022   Nick Wood

If you have one that is up to date, contains all the relevant information and is broken down in to the correct segments then making extra sales should be as easy as pie.  

Your database should have three segments – Existing customers, Lapsed customers and Potential customers.  

The existing customers section should contact all your current customers, their contact details, what they buy, how often and any additional information to ensure great customer service such as birthdays, anniversaries etc. They are the perfect starting point when trying to expand your business as they can be targeted with additional relevant products and up-selling, and cross selling can come into their own. You are fully aware of your full product range, but the customer probably isn’t.  Your job is to educate them and suggest other products that may be of interest to them based on their current spending habits.  

You need to keep regular contact with your customers.  It is not their job to remember you, it is your job to remind them.  You need to be the first company that comes to mind when they are looking to purchase your products.  

Your lapsed customers are people that have done business with you in the past but are not trading with you at the moment.  You should still have all their contact details on file, what they bought and when. You may also have a note of why they no longer do business with you.  

In order to get this customer back, you need to offer them the best possible offer you can on things you know that they are going to buy.  Profit margins are not important at this stage, it is about getting the customer back. You are likely to get profit from future transactions with them    

Prospective clients are people that you have had contact with but never actually done business with.  They may have received quotes from you but have never taken it any further.  You have their contact details and the nature of their enquiry with you.  

Again, you should do your best possible offer for them on the products they enquired about originally in order to gain them as a customer.  You can then build a relationship with them as a customer and the profit from them will come in time.    

If you need some guidance then call us on 01276 69 11 99 or you can email us at [email protected] and we’ll have a chat.

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