Your marketing database is a veritable treasure trove of actionable insights – if you are willing to work strategically with your data. Mining for gold takes some elbow grease, but the returns can be massive.
Here we look at five reasons why your business should be investing time and effort in mining your marketing database.
1. Upsell opportunities- Deep analysis of your data allows you to identify new opportunities using the information you already have. Customers who have previously bought product A, may well be interested in product B, which provides additional functionality. Your existing customers are also your most valuable, so it makes good business sense to prioritise them with value-added offers to generate additional revenue.
2. Poach from your competition- Not all marketing data has to be stored in your system for instance. Proactive monitoring of open social channels will identify potential leads who have reached out to your competitors. You can use this information to create specially targeted offers, such as personalised discount vouchers, as a way of enticing buyers to consider your brand. Nearly 15% of organisations don’t know what percentage of requests originate in the social sphere as they aren’t programmatically monitoring or engaging in support conversations on social, according to the Aberdeen Group report titled: Social Media and Customer Service: From Listening to Engagement.
3. Build a community of brand advocates- Even in the digital age, word-of-mouth referrals are both powerful and effective. Cross-referencing market data with social sources will help you identify customers who have expressed positive sentiments towards your brand. This information can then be used to build a loyalty club, provide early product access opportunities or other experiences that encourage further engagement with your brand. According to McKinsey Research, marketing-induced consumer-to-consumer word of mouth generates more than 2X the sales of paid advertising.
4. Create new product innovations- The people who use your products and service also are those most likely to identify shortcomings or potential enhancements. Whether you use your contact data to follow customers up with surveys, or simply monitor online sentiment, there always will be new input available that can be fed back to your product development team.
At the very least, you should be able to carry out the earliest stages of market research using this information. Admittedly this isn’t a direct sales technique, but developing new products that have been crafted to specific customer needs is a powerful USP.
5. Deliver improved support- Using what you know about your customers to provide exceptional support and services is an excellent way to create brand loyalty. Again, this is not necessarily a sales tactic, but it has been shown to boost revenue.
Knowing what your customers want and delivering it is a sure fire route to success. These tips will help you:
· Up-sell and cross-sell existing customers with relative ease.
· You can target buyers who may be headed towards your competitors’ offerings.
· You can build a community of brand advocates to spread your message for you.
· You can improve your product and service offerings.
· You can create an exceptional customer experience, raising revenue in the process.
Learn more about these techniques and how to apply them to your own data by downloading your free copy of Modern Marketing Essentials Guide to Data Management. Check out this archive webinar for a case study on how Oracle Marketing Cloud leveraged data from a recent video campaign to enhance engagement with prospects and customers.