It might surprise you to learn that your business has a very powerful resource. A virtual goldmine that might be hiding out of sight. It might not even feature on your radar. Yet it’s so resource-rich it will add untold value to your business now and in the future.
What we’re talking about is your customer database. The place where you store all the information you gather about your customers.
Where do you currently store your customer information?
- Scattered over various lists in your computer?
- In an accounting package such Xero or MYOB?
- On your phone?
- On index cards or paper files in a metal cabinet?
- In your head?
If this is the case, you run the risk of losing valuable customer knowledge. It also makes it hard to act with speed or efficiency.
You need to pull the information out of your head. Get it out of your employees’ heads, your files, index cards and wherever else you might have stored it. Merge it into one central place in your computer.
This may seem like an overwhelming job to undertake. It doesn’t have to be. There are any number of tools available to help with this process. You need to do whatever it takes to develop and maintain your database – and you need to get started now. The longer you wait, the tougher the task will be.
It may not even be necessary to invest in extra software. Your computer may already have a database that’s enough for your needs. There are any number of applications available that would do the job.
Getting the information into a central database is critical. But this is only part of your goldmine. You need to manage and work your database. Otherwise it could become the biggest untapped resource in your business.
The value today
When you’re looking for new business, it makes sense to approach those who’ve bought from you before. They know you, know your products and are more likely to buy from you again than from a stranger.
A well-tuned database can save you time, energy and money. You can create targeted marketing campaigns at the push of a button. So too can customer service and communication emails. You can handle almost every marketing or other communication from your database. You can send it to a targeted and categorised audience. This makes sure you’re trying to sell the right thing to the right people.
The value tomorrow
If you were looking to buy a business, which would you prefer:
- A business where the only record of customers was the billing system? or
- One where you had instant access to a database that has details on existing customers and prospects?
If you don’t have a database – get one. And if you do have a database – make sure it’s up to scratch and start utilising it for all it’s worth.
Remember, your database is one of the biggest resources your business has. It makes very good sense to use it.