A Customer Database Is Your Business’ Most Valuable Asset

Note from Rodeo Country Editor, 

Terry Middleditch:

I am proud to announce that Rodeo Country Radio now represents the fine folk at o44social who specialize in Modern Business Solutions that  Will Attract More Customers to Your Business. 

THEY MAKE SURE YOU'RE FOUND!

 

Perhaps the most overlooked, yet most valuable business asset is a customer database. While it’s not listed on the balance sheet, it is undoubtedly the biggest revenue generator and contributor to the company’s bottom line.

Why then does the business, knowing that their customers are the lifeblood of their business, fail to market to them?

As it costs about 8 times as much to acquire a new customer than it does to retain a current one, there is no reason why these current customers should fall by the wayside. Rather, they should be the primary focus of your marketing efforts.

So many companies get caught up in the idea of growing their business that they often neglect their existing customers.  The goal here is to build rapport with your existing customers and to maintain a mutually beneficial relationship. Given that you continually meet the expectations of your customers and deliver what you promise, not only will they contribute to repeat business, but they will become the most influential spokespersons for your brand.

If you are not building a customer database for your business it is nothing short of a missed opportunity.

Here are 3 simple tips to building your customer database

1 – Make it easy

Don’t ask for too much information. Ask for the absolute bare minimum instead. Most of the time this is nothing more than first name and phone number, sometimes it’s just their phone number.

2 – Provide an incentive

Give your customers some form of incentive in exchange for giving you their valuable details. Always ask ‘What’s in it for me?’ (‘me’ being your customers of course).

 

3 – Cross Promote

Promote joining your list in as many ways as possible. Post it on your Facebook page, add it to your Twitter feed, display posters & other marketing materials prominently in your business, and most importantly have your staff mention it to all customers.

 

Are you ready to start growing your business with a smart customer engagement plan? Call or email us today (403-560-0632 or terry@rational-media.net).