Using customer database for Customer Acquisition and Customer Retention
Customer Acquisition and Retention are the major responsibilities of sales and marketing teams. Majority of their efforts and time are allocated towards these two objectives. As a result of their activities, businesses generate leads converting to revenue. The primary intent of marketing activities are to generate new business opportunities and this can happen with proper handling of data. Assuming that your business has a lot of information about customers and it includes the behavioural data of customers, let us see how we could use it for customer acquisition and retention.
database is used for the following promotional purposes:
Using database for Customer acquisition:
To identify prospects: Advertise your products or services through advertisements that include a call to action (response feature). It can have business reply cards, a toll-free phone number or web-forms and portals where customers can submit their intent.
As a result of the campaign, a database is built from these responses. Now, sort the database to identify the best prospects. Contact these shortlisted prospects by e-mail, phone, or personal calls and convert them into customers. Once the lead becomes qualified, it is important to track its progress. Convert the qualified leads as opportunities in your CRM and track their progress according to your sales process.
Spread knowledge campaigns:
Show people how your product or service can benefit their business and make their work easy. For which, you have to develop market intelligence and identify who might be in need of your services and segment them. Send email campaigns, target video ads, run webinars and conduct events for this shortlisted database.
To upsell and cross-sell to customers: Categorize and segment the potential customers. Send updates about your new products or services that will solve their problems or address their needs. Link them to your knowledge base and nurture their interests. Manage your knowledge base with CRM applications; keep them updated, give your people access to update and manage interactions.
Give them special offers and describe the ideal target customer for a particular offer. Scan your database for those who most closely resemble the ideal type. Use auto-responder and workflow mechanisms to setup an automatic sequence of activities.
Use your customer database to identify the customers at risk of attrition and also predict future acts of customers. Target the identified customers with special promotional activities. Create interest and enthusiasm in customers by making offers that match their preferences, by sending appropriate gifts, discount coupons, and interesting promotional materials. This will also be an act of deepening customer loyalty.
Reactivate idle customers by extending attractive and timely offers:
Use automatic mailing programmes (CRM systems have workflow mechanisms) that send out birthday or anniversary cards, festival shopping reminders, thank you mails or off-season promotions.
Offer the same experience across channels:
Often, different people from the same organization interact with the same customer separately and provide inconsistent or contradictory information. General staff may fail to recognise a premium customer or somebody related to a premium customer and treat them as ordinary customers, leading to the risk of attrition. It is possible to avoid mistakes when caller identification mechanisms and updated customer information is available. The most important aspect here is that members must keep the system updated, only then the referrer has the updated and the right information.