Think of all the ways that big data marketing helps your business come out ahead. Think of how important it is to gather timely market data. Think of where that data comes from and how vital it is to properly gather, organize, segregate and act upon that data. Now think about having to manage that data without a marketing database software. It's not a welcoming thought for sure and it ultimately explains why having a platform is so important to servicing today's customers.
Years ago companies relied upon manual processes for gathering marketing data. They then amalgamated this data into multiple Excel sheets and Word documents, in a vain attempt at managing and using it effectively. Unfortunately, these outdated processes were never live and never able to keep up with the speed of business.
A marketing database is a live system; one that gathers data from the market and that benefits from the collaborative efforts of multiple users in real-time. The data is constantly being updated and its relevance is never questioned. Here are some of the ways you can determine customer profitability and increase sales with marketing database software.
Increased Marketing Return on Investment (ROI)
If you can increase the number of leads you generate, increase your conversion rates on sales, and keep more customers and more of the business you've won for every dollar allocated to your marketing budget, then you are increasing your marketing ROI. Ultimately, increasing marketing ROI increases customer profitability because it lowers your costs to win business.
Better Digital Advertising and Stronger Messaging
Less money spent on marketing to keep more customers is a hallmark of having a marketing database software. With a platform, your digital marketing strategies are more precise, they're easier to manage and track, and it takes less time to read and react. If results need to be improved upon, then a marketing database software will help you adjust faster and make more informed decisions.
Increased Customer Retention
The more customers you keep the more accurate your data and the more reliable that data becomes. Building brand champions is a much easier process with a marketing database software. Your lagging (historical) sales indicators point the way to capitalizing on leading (future) sales indicators. Repeat customers provide a cornucopia of data points you can use to increase customer retention. You'll have a better understanding of different market channels, customer segments, and buyer personas. You'll know why decisions are made, what digital strategies work best and how to improve upon those strategies.
Reduced Service and Product Introduction Costs
More data means you know what customers want, what they don't want and what preferences drive demand within the market. With a marketing database software, you'll have loads of historical data points and real-time feedback on all things customer-related. Your service costs will be reduced, your marketing will be more precise, and perhaps most importantly, you'll reduce your time to market and costs on new product introductions. In the end, it's about minimizing mistakes and your database marketing software will help make this a reality.
The more you know about your customers, the more you know how to keep them. The more customers you keep, the lower your costs and the higher your profitability. However, to accomplish all this you need a marketing database software that can keep pace with the speed of your market.