Gaining Insight on Customers and Prospects
No question: customers are the backbone of your business and in order to make a connection, and ultimately generate sales, you need to maintain good insight into not only who and where they are, but what they are interested in. Making that connection between a customer’s needs and your product is one of the key components in driving your company to success!
Thus, by gaining insight into your customer’s geographic and demographic details, you will be in a better position to geo-target your marketing and understand the socio-economic levels of your customers. Ultimately these insights will help you to craft more accurate and targeted messages and products to drive sales.
Unlocking Customer Value
With data being the foundation of your marketing campaigns, it’s imperative that you get a handle on the information within your contact records before your marketing efforts, budgets, and customer satisfaction is affected.
So what can happen when customer insight is not on point? Let’s look at a specific scenario:
During a recession year, your company has made the decision to capitalize on existing customers, versus putting exhaustive efforts into acquiring new accounts. Your goal is to increase profitability and customer retention by 80% in the next year.
In order to carry this out effectively, you need to better understand not only who your customers are but where they live and what specific interests are driving them to market, or better yet, to your product/services.
After extensive research, your team realizes that there are many missing data points within your customer contact records, precluding you from creating a better customer value management solution. Without solid customer insight, you are not able to understand, target, reach, and interact with their customers in the most effective way possible.
To avoid this type of scenario in your organization, you need to have a solution that enables you to tap into the hidden insights that are waiting to be discovered within your contact records. After all, the better you can communicate with your prospects and customers, the more likely the chance that you will increase new sales opportunities and upsell your products and solutions to existing customers.
Service Objects proprietary algorithms enable you to append over 130 data points to a contact record, such as household income, age distribution, ethnic distribution, education and much more, enabling you to make more informed business decisions, and clearly determine new revenue opportunities and gain a competitive advantage.