Tag: customer data

  • Do Your Clients Know You, or Just What You’ve Reminded Them Of Recently?

    Do Your Clients Know You, or Just What You’ve Reminded Them Of Recently?

    Service businesses are funny things sometimes. Clients tend to pigeonhole your service firm based on what service you first performed for them. They rarely actually read the literature you leave behind, especially if it’s a referral, and they usually don’t go back and search it when another type of job arises, no matter how closely related to the first. So your first impression, your first engagement and your referrals tend to shape your brand for you in the customer’s mind, unless you steer it, expand it and broaden it on an almost continual basis.

    It’s an easy trap to fall into, especially for smaller firms, who may appear more limited than they are. I’m no exception to this unfortunately, although I try and avoid it if I can. I have one customer who only thinks of me in connection with trade show displays, because that was the first part of a multi-faceted strategy we recommended for them when entering into a new vertical market. Not that she doesn’t KNOW we offer a full range of marketing services, from strategic planning out to campaign execution and executive guidance, it’s just that I don’t reside in that part of her brain and I’m not connected to her other needs in a way that immediately comes to mind when they arise – I have to make a concerted effort to “remind” her that we are a full-service firm, so that we get connected in that way.

    How many of your customers or internal clients only think of you when they need or have a question about a very narrow range of elements, the one you did for them last, or first? It’s something you might want to explore, and you can test it pretty easily: Call them up and ask “Do you know that we also offer . . .” and see what the response is. Call under the auspices of keeping in touch, a good thing regardless, but hunt for that specific piece of data during the conversation. You might be surprised by the result.

    It may seem strange, but that’s just how the brain works – humans learned to survive by recognizing and remembering patterns, and noticing anything that breaks the pattern, like sensing movement in the brush created by a prey animal. Once a pattern is established, ala your firm performing a certain service, that pattern is retained and it’s difficult to change that perception.

    Here’s the fix: broaden your marketing efforts. Don’t go against brand, in fact if you’re a multi-service firm, this will strengthen that tenet of your brand. But highlight a different angle, a different aspect or subgroup of your offerings in a series of marketing launches – it’s like baiting a fishing line with different baits at different parts of the line – you increase the odds of catching something from the same pond. Even if you think you only offer one thing, and one of your brand characteristics is that you do one thing and do it the best of anyone, there are still different angles and facets of that “one thing” that you can use to “bait the hook” with. Try it, see if you don’t get the phone ringing with new business from old clients who “Didn’t know you offered that”.

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  • Getting It Right Actually Costs LESS!

    Getting It Right Actually Costs LESS!

    Marketing activities are increasingly driven by data of various types – the power provided by social media platforms comes largely from the data that ‘likes’ clicks, links and other transactional activity generates for marketers. But there are many other tidbits of data that could be draining your marketing wallet without you even knowing it, and the answer to stopping the leak is simply to be diligent about your data hygiene. The Data Warehousing Institute estimates contact data quality problems cost U.S. businesses over $600 billion annually*. That’s a lot of loss for not maintaining an accurate database or renting cheap lists.

    Your in-house customer data, or your prospect or outreach marketing data is a literal gold mine, but if the ore you start with is low quality and dirty, the yield will certainly suffer. It ends up costing you far less to rent, purchase or compile clean, actionable data than it does to buy cheap low-quality data and have it ‘cleaned’ after the fact. And, there’s a further downside to using bad data – you can damage your brand and erode the opportunity for future sales with that customer over time.

    If an organization purchases 300,000 contacts a month for direct marketing or outbound telemarketing, and each contact costs $0.05, it will spend $15,000 a month. But the real costs don’t stop there. Instead, the costs of working that data lead – the sales and marketing time to create a complete, accurate and current record – must be factored in as well. Ultimately, converting bad data to usable, quality data can result in an organization not paying $0.05 per contact, but rather investing $5.62 dollars per bad contact to make it usable.**

    Additionally, if you extend that example, not only are you spending $5.62 per bad record, you’re also wasting over a dollar a piece on them just in production cost, at $.75 for the mailing and $.32 postage to mail it. if your list is 10% ‘undeliverable’ that amounts to 30,000 x $6.69 = $200,700 wasted just on pieces that never got there. Add in creative costs, and you may as well have flushed a quarter million dollars down the john! Mail four times that year using that list and it’s over a million dollars in waste, and I don’t know too many organizations who have the resources to waste a million a year in marketing costs they KNOW go nowhere.

    Clean data cuts cost per sale, increases sales per mailing, and boosts your marketing efficiency to a significant degree. Think your data is clean? Try this exercise: ask your data warehouse to cut you a slice of customer data from a year ago, 10,000 records selected at random from last year, de-duplicated to yield 10,000 unique records. Now, put those in a spreadsheet and just visually scan the data. See how many empty cells there are, how many e-mail addresses don’t fit the proper mailable format or work as actual links, see how many zip codes are either incomplete or inaccurate after a zip sort, compared to the state they link to, check how many phone numbers are either incomplete or formatted improperly. Take ten at random and call them, see if they go to the person it appears they do. Now, count each error from the above checks. Multiply your count by the total size of your database in 10,000 increments, and you’ll have an idea of the percentage of your total database that contains inaccurate or corrupt records, and are wasting you money.

    Clean, fresh data is efficient, productive data, that makes you money and is an asset. Inaccurate, dirty, corrupt data is a silent money drain that can leach the effectiveness out of your marketing programs like a cancer. Here’s to getting your data squeaky clean!

    *Eckerson, Wayne. “Who Ensures Clean Data?” The Data Warehousing Institute. September 2009. Web. January 2011.
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    ** From “Cast a Smaller Net: Simplifying Lead Generation” by Jason Butler Copyright 2011 Goldleaf Data Corporation.