Marketing database software is a powerful tool, and the latest of these packages have some impressive analytical capabilities. When levered the right way, you can get to know your customers much better and learn to engage them in new ways that weren't possible with a less comprehensive view of your leads and customers. Whether you're tracking a brand new lead and trying to determine what inevitably triggers their conversion, or nurturing an existing customer to improve lifetime value, here's how to make the most out of that marketing database software.
1. Determining Lifetime Customer Value
Are you still using the industry standards to guesstimate what your lifetime customer values are? Stop that. With marketing database software, you can get an accurate lifetime value for each of your customer personas -- not just for the average customer who does business with you. This allows you to see past the skewed data from all the one-time buyers and dig more deeply into the kinds of customers who tend to stick with you over the long haul.
2. Finding Cross-Markets Using Your Existing Customer Profiles
Once you find those high-value customers, you can target more like them. But this requires having marketing database software that tracks your customers through the entire sales funnel, from awareness (when the first start sniffing around your home page and FAQ page) through all of the add-ons they bought with their last purchase. Where did you find those high-value leads? What content worked for prompting them along the sales funnel?
Additionally, what content or point led to the highest dropout rates for customers who, in profile, look just like your highest-value customers? Proper utilization of marketing database software allows you to answer all these questions so you can score more of those high-quality leads and nurture them wisely into high-value customers.
3. Personalization and Customization of the Customer Experience
Ironically, the age of big data has led us right around, full circle, to more personalization. With marketing database software, you know when your leads and customers are getting ready to buy, so that you can rev up your marketing efforts at the exact right time.
You can also track them in other ways. For example, did they get a promotion? Send them a congratulatory email! Did they just achieve a new certification? Send them some helpful content like "X ways to score a better job with X certification" or "X companies that are looking for pros with X certification". In other words, make your content and messages highly relevant and meaningful to the individuals that make up your marketing database.
4. Getting into Predictive Modeling
What are the trends that will drive your industry over the next year? Five years? Decade? Good marketing database software doesn't just help you with your marketing efforts in the here and now. It can also be used for predictive modeling and forecasting to help you improve your offerings and campaigns over time. Predictive and prescriptive modeling is the highest level of utilization of a marketing database, so mastering it takes time and work. But when you stomp your competitors year after year after year, it's so worth it.