Companies are generally very good at collecting customer data. They have processes and systems in place to record every touch point a customer has with them. Whether it be in-store, online, through an email or direct mail campaign or via telesales and telemarketing, behaviour is tracked from various sources and saved into various systems.
However, all too often this data is not integrated, it is stored in different locations or departments (web databases/offline databases/telesales databases etc) and is never consolidated into one central location. As a result companies fail to create an individual customer view and ultimately miss seeing the value of their data.
This is because segmented customer data can’t be analysed for trends or buying habits and opportunities to cross sell or up sell are missed. Most importantly, you cannot build a relationship with your customer without knowing everything about them.
By using an intelligent data management solution that will automatically pull customer data from your various sources into one central database, you can start to build an individual view of each customer, learn everything about them and begin to build valuable, meaningful relationships.
When you can see, on one simple interface who your customer is, their browsing and buying history, what messages they respond to, how they respond, at what time, what they like and don’t like you can communicate with them in a relevant and targeted way, learn about them and understand how they interact with you. By doing this you begin to add real value to your data.
The next step needs to be taken in data capture and individual customer views need to be created to ensure trends and behaviours aren’t missed or ignored and businesses can begin to learn about every aspect of their customer.
The difference between businesses that survive and those that struggle in 2010 depends on whether or not you are online.
A number of 2010 forecasts, including our own, have pointed towards an increasing dependence in the small firm workplace on the internet. A small business in 2010 must be all things to everyone if it wants to secure customers. Consumer behaviour is driving the need for small businesses to adapt to an increasingly online world.
If you have a physical store you will also want to replicate it as best you can with an online e-commerce solution. Your customers are also likely to want a two-way experience with your online and physical store operation too. For example, if a customer buys a product from your website, they are also going to want the option of returning it in store should the need arise. Also, are you using social media tools to amplify your marketing message and listen to what your customers want?
What Small Business 2.0 can do for your firm, as an event, is bring likeminded and eager small businesses together to share their experiences of trading online. In addition, the line-up of speakers boasts representatives from small businesses that have now graduated to market leaders, as well as our humble MD.
The event takes place in London this Saturday and will consist of a range of workshops, discussions and presentations on how to run every aspect of your online operation.
You may already know, or at least think you know, everything there is about running your website but the day will take you across the spectrum of SEO, Google AdWords and social media to give you the confidence to turn your online operation into a strong profit-making venture.
One of the key features of this event is the low cost and relaxed format that it will take, making it a truly accessible event for small businesses. The Marketing Donut will be attending the event and shall bring all the pertinent thoughts from the day through Twitter and lengthier discussion pieces on the blog.