Data, data everywhere – but at what cost?

By November 20, 2017Your Business

Effective use of data can create £66 billion of new business and innovation opportunities in the UK yet studies show that the majority of existing data-sets are nowhere near fully exploited.  Most companies estimate that they are analysing just 12% of their data.  So, what’s happening with the other 88%?  In simplistic terms it’s like pouring money down the drain!

Small businesses in particular can reap huge rewards by implementing a pro-active and orderly approach to the data they hold.

If you have a database that is not properly organised or if you need new leads and more clients it’s time to sort out that drawer of business cards you’ve accumulated from networking.  It’s time to realise the value in your data.

Segmentation
The most basic principle of marketing is the ability to vary your message to suit the person you are trying to reach.  Personalised, targeted and highly relevant messages to a specific or segmented target group are much more likely to make an impact than a generic once a month newsletter.

Yes, there will be a time and/or resource cost to segmenting your database but if you get it right you’ll see the return on investment with increased open and click through rates.  These details provide you with a clearer insight into your prospects leading to greater engagement and in turn more highly qualified leads.

First things first
Once you’ve segmented your data you’ll have a clearer view of your clientele and prospects.  Don’t waste time focusing on contacts that have passed away, moved address or businesses that have shut down.  Sending them irrelevant information can be damaging to your business and brand name.

Re-engaging with inactive clients and keeping in touch with active clients requires a different approach.  Don’t fall into the trap of telling all your contacts about your services – your existing clients will already know about this and you are at risk of enabling a high unsubscribe rate.

It’s good practice to identify your active and inactive contacts and further divide these into segments.  It makes good business sense to combine your segmentation exercise with a telephone list cleaning task – this is particularly important with new GDPR regulations just around the corner.

Once you have your data sorted it’s time to make the most of your efforts.  It’s quicker, cheaper and more effective to sell to inactive clients and upsell to active clients than to go after completely new business.  Always target your ‘low hanging fruit’ first.

If you need help in maximising the value of your database or need some administration support to sort out those business cards we can help.

We can show you how to make the most of your data assets or even do it for you, saving you time and allowing you to focus on your day job.

We look forward to hearing from you

Best wishes

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