Insight #13 - Mining for Database Gold

For most companies, their prospect, client, and past client database is a veritable goldmine of opportunities and a hugely underdeveloped asset. There is simply no easier way to build your business than with existing contacts and some simple but clever marketing strategies that leverage the ABCs of business development (Insight #9).

The key is to be able to qualify each contact by a few simple points of distinction, and of course, the more detailed and up-to date your information, the better. It’s also important to be able to associate key financial data to each contact in order to maximize the insights learned by doing the business math (Insight #12).

The good news is that contemporary contact management and accounting systems have made this process easier than ever to accomplish without major investments of time and money. Typically, a small amount of upfront effort to create, update and maintain a usable database, will put a goldmine of sales and marketing tools at your service with just a few clicks. The return on investment for this upfront work will pay for itself many times over with the highly profitable ability to micro-segment your database into unique customer categories for targeted marketing initiatives.

Tip #13: Invest time and effort to create and keep a central database of all clients and prospects. Put some creative thinking into the kind of segmentation that you would like to be able to apply to the database in order to easily pull appropriate lists for target marketing initiatives.

Segmentation could include purchase volume, last purchase date, type of purchase, type of client, geographical considerations, etc. One of the best ways to ensure that the data remains up-to-date is to assign database management to a single administrative person who is likely a member of the sales and marketing team.