Data.
Data.
Data.
No, not the character from Star Trek.
I mean, raw sequences of computer ones and zeros that represent real world things.
First names, last names, street addresses, phone numbers, current balance, arrears, sales this quarter, date paid to, last sale date, credit balance, birthday, anniversary….. you name it.
Data is out there for the taking, but are you taking it from your customers?
A virtual cornucopia of information is at your fingertips.
But are you leveraging the data that you are leaving on the table (or counter, or cash register location?)
STOP!
STOP what you’re doing and do THIS instead:
ASK your customers for their information.
You can start off simply by asking your customer for their first name and email address. That’s probably just enough, given everyone leads such a busy life nowadays.
But hey! That’s all you need!
Now you have their first name, and their email address. And this is important.
You now have implicit permission to email them – after all, they just gave you their email address!
Alright, so now, here’s the next step.
DON’T ABUSE their trust in you.
Put their details into your auto-responder or whatever system you have, but don’t BOMBARD your new customer with “specials” every day of the week. They’ll simply unsubscribe. (Hey, your auto-responder does allow them to unsubscribe doesn’t it?)
Fill up your auto-responder with messages to your new customers – these should probably be something generic like hints and tips about how to get the most out of their most recent purchase with you….
HEY!
That opens up a whole new kettle of fish doesn’t it?
Did you capture the data about what your customer just spent their money with you on?
For example, I bought some canvas and paints as a gift to my wife for her birthday, because she really likes painting her “masterpieces”
But the store I bought from simply took my money, gave me a crappy thermal printed receipt, and that was the end of the transaction.
Imagine a different scenario:
brad, of email address someone@somewhere, on dd/mm/yyyy, bought x of y paint, z of b paint, and t of w canvas. brad also bought 250g of mint chews.
Why not send brad an auto-responder sequence about how to get the best out of the paints he just bought?
Or even, brush care.
Or caring for your canvas once its painted. (Hint – lacquer layer to protect said canvas)
But – back to store economics for a moment.
Of course, the store is going to look at the raw data of products on shelf versus sales of those products.
We bought $xxxx worth of paint @ $rrr, and sold $yy of it @ $ddd.dd.
We bought $hhh of mint chews @ $dd, and sold $gg of it @ $kk.
Obviously, the reports going to management are going to reflect just the hard sales data.
But why aren’t most retailers capturing their customer data, analysing the sales data, and offering extra incentives to come back to the store to buy more?
Like me.
I bought x of y paint, z of b paint, and t of w canvas (for my wife’s present). I also bought 250g of mint chews (for myself)
So, if this store had captured my personal details, they may well have another chance to entice me back to their store to purchase more paint and canvas (instead of more mint chews) or even a lacquer layer to protect said wife’s masterpiece!
It beats all my comprehension that most companies DON’T DO THIS!
Are you one of those companies?
How much money are you leaving on the table by not interacting with the “customers” who just bought from you? If they never hear from you again, they’ll be more likely to shop elsewhere, because you’re just one of many that provide the same products and services….
It all boils down to “differentiation”
How different are you to your competitors? Do you simply do the “grab the money and run” gig, or do you really care about your customer base?
How much more money can you extract from the customers who see you as the leader in your field? Are you that leader?
Its entirely up to you, but I’d prefer to see you still in business five years from now, rather than crash and burn in twelve months, because of the constant “get more customers” syndrome.
So have a think about all of the above, and let me know what you think in the comments.
To your success!