Most companies have tunnel vision when it comes to purchasing a marketing database software. They know that their marketing data will improve. They know the software will help them better manage customers. Unfortunately, they get stuck on the sticker price. They become apprehensive with moving forward because their mindset is on the upfront cost and not the long-term savings that the software will provide.
A marketing database software is an investment. There's no doubt that it costs money. After all, it is a capital expenditure. However, it also saves money. In fact, it saves businesses a lot of money.
Here are 5 ways your marketing database software can save you money.
1. Opportunistic Sales
Every dollar saved goes right to your bottom line and every additional sale you close because you had the marketing data you needed is really money you've saved. After all, if you didn't have that data you wouldn't win the order. Opportunistic sales come from knowing your customer's order history, knowing when they need to order before they do, and being able to anticipate their needs. A marketing database software makes opportunistic sales a reality because it empowers sales to be proactive.
2. More Accurate Pricing
Like any business, you have good times and bad times. Seasonality and fluctuating sales volumes are commonplace. You have some quarters that are better than others. However, with a marketing database software, you can maximize your pricing and make stronger offers.
Your software allows you to capitalize on a sudden spike in demand because it's not a surprise for your sales team. They're not caught off guard. They know the demand is coming. They've gathered the data and are ready. This empowers them to make deals. It allows them to stay one-step ahead of competitors, ones who rely upon cumbersome excel sheets and a marketing data gathering strategy that's labor intensive and always outdated.
3. Better Inventory Management
Inventory requires capital. It's expensive and the costs are never-ending. However, if you carry the correct volume of products at the right times, then you save money. Your sales, customer service, and marketing teams drive inventory. They advise you how much you should carry based on forecasts, historical sales volumes and customer order patterns.
If your sales forecasts are more accurate because your marketing data is more precise, then you save money. The right marketing data helps you minimize your costs to hold inventory by helping you carry more of what you need and less of what you don't.
4. Lower Service Costs
It's not just about capitalizing on unplanned sales. It's about reducing your overall costs to service customers. Your marketing data can help you simplify how you manage, service and sell to customers, if you have the software to keep up. Repeat orders are easier to manage. Schedules and deliveries are easier to manage. The entire process is simplified and fewer errors always means money saved. In the end, you'll know your customers better and that will lower your costs to service them.
5. Stronger Market Intel
Success in sales and business development is all about listening to what the market is telling you. Speed of response is key. The faster you respond, the faster you close business. Less time spent putting proposals together means your customers get quicker answers. Less time fiddling about is money saved.
A marketing database software speeds up your business so that you're always ahead of competitors and always aligned with customers. It makes gathering intel from your market a much simpler process and it's that intel that allows you to save money across all of your marketing and sales activities.
Most companies focus entirely on how a marketing database software can better help them manage and improve the buyer-seller relationship. However, there are some definitive cost savings that apply and these must be understood. Ultimately, your marketing data will improve and your service costs will decline.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.