At a time when there is endless talk about data, building lists, and targeted advertising, are you wondering what they all mean, where to find data, and how to make it work for you?
More importantly, do you realise the potential goldmine of data you may already be sitting on and the massive growth it can bring your business?
In our experience, most businesses don’t, and that is exactly why they are being left behind by their competition.
So where is this so-called goldmine of data we speak of and how can you use it to grow your business?
1 – Customer Reactivation:
This one is super simple but is so often neglected. All you have to do is reach out to your existing customer base to generate some repeat business.
The great thing about this is you have already done the hard work of building a relationship and framework of trust as these customers have purchased from you in the past.
But so often we get caught up in trying to acquire new customers that we don’t stop to think about the low hanging fruit.
All you have to do is create a limited time offer, email it out to your existing customer base, include a link that allows them to register their interest, and then follow up with a phone call to close.
We helped a chiropractor with this recently. She sent the offer to her database of about 4,000 previous customers, and within three days she had 96 of those customers register an interest, call, and book in.
Now, that may seem like a small conversion percentage, but to her that was an instant $9,600, not to mention the $30,000+ of future business generated by creating an ongoing care plan for about a quarter of those customers when they came for their appointment.
The best thing is it didn’t cost her a cent; just a little time and she can do this again and again.
2 – Customer Profiling
Creating customer profiles or personas is about learning who your current and past customers are in order to identify and target your future customers.
The thing that makes online advertising (particularly Facebook) so effective is the ability to put your ads in front of the people who are most likely to buy from you.
But how effective can this be if you don’t know who the people most likely to buy from you are?
The great news is its super simple to find out. All you have to do is speak to your existing customer base (there seems to be a pattern forming here) and this can be achieved by just sending an email.
However, this email is to be done a little differently. You are going to send out a Google form (free and incredibly user-friendly) with some simple questions that allow you to see the similarities in the people who have bought from your before.
We do this as a starting point every time we take on a new client and they have an existing database.
Sometimes we include an incentive for the receiver to fill out the form and sometimes we don’t – it depends on the nature of the business and the size of the database.
The information we get back is notably valuable, even if we are just learning the basics such as their age range, gender, and location.
After all, the world’s best ad is useless in front of someone who has no need for what you have to offer.
I.e., Don’t try and sell tampons to men!
3 – Customer Testimonials
You already know this, so why aren’t you using them?
Surveys have found that 88 percent of people trust an online testimony or review as much as they trust a recommendation from a friend. Yet so many websites don’t have a single customer testimonial.
If you competitors have testimonials on their websites and you don’t, why should potential customers have any reason to trust you over them?
What you may not realise is that people hardly ever decide to sit down and write testimonials for businesses out of the goodness of their hearts. They have to be prompted. The method can be as simple as getting data to create customer profiles, meaning send a form with easy-to-answer questions to your existing customers and a final question at the end asking if you can re-package those answers into a testimonial.
This gives you the ability to get the answers you need, and then create a powerful and impactful story out of them that helps potential customers gain the trust in you to buy.
The final question that gives you permission to create a story is integral, as most often customers will write a testimony that sounds stale as they try to sound professional – they have your best interest in mind, but unfortunately these just aren’t as effective.
It’s worth mentioning that the response rate will be much higher if you either call the customer first, ask them face to face after the sale, or incentivise them in some other way before sending a form with some questions.
So what have we learned here?
The most import lesson is that you have a wealth of untapped data that exists within your current and past customers and, if properly leveraged, can have a huge impact on the profitability of your business.
We also understand that creating the pitch that goes with these forms, crafting good offers, and getting responses aren’t always as easy as they may sound. This is why we take control of this aspect for many of our clients, which allows them the time to focus on growing their business and looking after customers as opposed to just collecting data.
Go forth and leverage – if you need any help or would like us to implement our tried-and-tested methods for these techniques, you are always welcome to get in touch!