Are You Utilizing Your Database for the Growth of your Business?

YRSK | Published: 18-01-21
Backbone of a thriving business is a healthy relevant database which is optimized and utilized smartly. Often there is lot of focus on data collection but somewhere the team loses focus on strategically utilizing the data to get maximum out of each data point. Is your business growing at the speed at with your database is being collected? This is a great way to check if our database is being is strategically employed to increase your business growth.

Your Team is Utilising Database Smartly If These Keys Are Followed:


Gain an Insight from Data


Out of all business assets that you have, the database proves to be the most vital one. You may analyse it for acquiring knowledge. You may identify the newly emerging trends by studying your data very closely. It is an important resource. If a major share of your audience is using smart devices, then you may target them with well-optimized emails, SMS messages and QR Codes. Your business is likely to grow much faster. 


Categorize Your Audience


You won’t find many similarities between your users. That is why it is even more important for you to do a proper segmentation of leads right from the beginning. You must categorize them depending on their preferences and needs besides the nature of bonding that you share with them. Few of the popular categories include partners, distributors, current customers and prospects. Organizing your contacts in the right order pays off with time.


You could drive all marketing efforts in the right direction besides saving much of your research time over specific groups. You may entrust different segments of your workforce with targeted campaigns.


Connect at Personal Level


Sending Welcome messages and Birthday wishes have become the norm. Although it might seem to be a small thing, it leaves a deep impact. Consumers are well-connected in a world that is largely driven by internet technology. So, means a lot when you send a message! It is an essential aspect of lead nurturing. Your client possibly gets multiple sales calls and it your unique way of connecting that would stay in his mind longer and open a possible chance of conversion in the future. 


Keep Your Competitors at Bay


Customer data has a lot of potentials. Your competitors may even possess their specific customer lists. You are bound to gain a competitive edge over your competitors when you have some current data in your possession. You might fall behind in your race if you don’t acquire usable data in advance.


Follow up Regularly


One of the latest global sales surveys revealed that about 80% of sales are mostly covered after 12th contact, while only about 48% of the executives tend to follow up on all leads. The nature of your product also has something to do with its salability. Your executives must set follow-up reminders in advance and maintain detailed records of their contacts based on their interactions. Their follow-up activities ought to be driven by the personalized content of the most appropriate nature. After all, none of us wants to miss out on the sales opportunities!


You will come across a good number of business development opportunities, but none are as effective as that of maintaining a database for extending your selling opportunities. One can increase sales by improving data quality. If you wish to learn the tricks of appropriating your regular activities, you must follow some comprehensive growth formulae. 




Can CRM Help Your Business Grow?


To make grounds for your business in reflecting a positive impact, you have to work continuously. The latest industry surveys project that a rise in profits between 25% and 95% assured when a business can curb customer churn out by up to 5%. You must take it up as a goal!


It happens once your CRM proves to be more effective for your business. Don’t forget that it doesn’t yield information only about your current users; it even projects the situation of those that had churned.


You are bound to gain a vivid picture of your business when you compare data concerning both long-lost and faithful bonds developed with customers as shared by your system. It helps you identify with strategies that have frequently worked out between you over a while. This way, you may curb the churn rates in the future.


A true reflection of customer-business relation can be easily achieved from the CRM. If you are eyeing at higher revenue, in the long run, your brand must identify with the needs of your target audience. Generating revenue is often about the focus that the marketers put on the retention and activities of their customers. To be able to develop long-term bonds and retain customers, you must identify with the thoughts and ideas of your audience.