Unlocking the Value of your In-House Data
In your business you could be sitting on a goldmine, but you’ve just not had time to dig for it. Dig into the data you already have and you’ll probably find there are some amazingly valuable nuggets ready and waiting to be discovered. You’ve probably got:
• Existing clients you can sell other products and services to
• Lapsed clients just waiting to be re-sold to
• Prospects who have never been followed up
These people are probably all sitting in your own database somewhere – you just need to get organised and find them.
So, instead of rushing about trying to find new contacts to add to your database, take stock of the data you already have and organise it in a way that you can make good use of it.
You may even have had this thought a couple of years ago and, back then invested in a swanky CRM system which promised to slice and dice your data any which way… The problem arose when you found you still had to find the time and focus to dig out all the data you had and input it into the system. Perhaps that got started and never got finished, or the initial data was entered, but the resolve to input all new prospects and contacts into it never quite happened.
Whatever situation you’re in, it’s never too late to turn it around. For sure, many of the old clients and prospects will probably need an update to their details, but the sector you trade in is probably a bit of a village, where everyone knows everyone and with the right questions, you can get back up to date.
As we all know, it’s always easier to sell additional products or services to existing clients than to get a sale from a brand new prospect, so there’s a strong incentive to dig into your existing client database and identify what else you can offer them and then phone/email them with new messages.
So where is this data?
Is it all in one big list somewhere or is it scattered amongst individual sales people’s lists… and jealously protected by them?
What format(s) is it in?
Is it just contact information or is there any contact history attached to it?
When was it all last de-duplicated?
Is it Data Protection Act compliant??
Initially, when you look at your data, you’ll have more questions than answers, but the sooner you start the process, the sooner you’ll be able to unlock the value in the data you have.
And if the whole thing seems too daunting to even to attempt to start, then why not invite in some data experts (like us!), who can make sense of what you’re sitting on and can get it put to effective use quickly…