The more you know about your customers, the better. We live in the era of big data. What that is and what it means changes depending on who you talk to and when. But most generally, it means that data is:
- Easier to get, and
- Easier to analyze
We can capture, store, sort, and analyze an almost infinite amount of information about our business and those who do business with us. And smart companies have been taking advantage of that knowledge to:
- Increase ROI on marketing efforts
- Enter new markets
- Develop new products or services
So what do you know about your customers, and how can that help you grow your business?
Here are some things you might already know:
- Email Address
- Phone Number
- # of times they purchased from you
- Purchase dates
- Purchase amounts
And how can you use that information effectively? Here are a few basic ideas to help you get started.
- You could mail a special offer flyer to all your customers on their birthday offering them a discount on their next purchase.
- You could call or email customers who have not made a purchase in a while and offer them an incentive to return, or survey them to find out why they may have left.
- You can identify key locations with a large percentage of customers and target advertisements in that area.
- You can use the data about what people purchased to develop complementary products and offer them specifically to past customers based on their buying behavior.
Your turn. Think about all of the information you have available to you. Can you organize it in such a way that it helps you find new opportunities to grow your business?