Is your business sitting on a data goldmine?

When it comes to data, our clients tend to fall into one of two camps:

1.     The company has a lot of information about its customers, but isn’t doing much with that data; or,

2.     The company has almost no hard data about its customers – sometimes not even an email address. 

If your business falls into the first category, you could be sitting on a goldmine.  Your company’s data could be valuable to you for affliate sharing, a marketing tool or a tool for growth. 

·      Affiliate sharing: Is there an affiliated business with which you could pool your data in order to help learn more about your target market or find a new group of customers to pitch to?  You usually can’t share your customers’ personal information, but that doesn’t mean there’s no value in your data.  

·      A marketing tool: Can you pull some newsworthy trends out of your data and use them in your marketing material, or even a press release?  Even if your press release doesn’t get picked up by anyone else, posting it online in a few places with the right links will help to improve your search engine ranking.

·      A tool for growth: Few companies are doing all they can to analyse their data fully and put it to use.  What are the characteristics of your most profitable clients and how can you target more of them?  Which marketing strategies are working and how effective are they?  How loyal are your customers and what do your most loyal customers have in common? 

If your company falls into the second category, the good news is that you can rapidly make great strides to improve your data.  Start by having an email address for every client.  You don’t need to bombard your clients with spam, but a well-written newsletter every few months is likely to be a perfectly welcome reminder of your quality products or services.   

I know it’s hard to see your own data as a potential goldmine, or even as something that justifies a few hours of your time.  But it costs you nothing and it can pay serious dividends.  

By Geoff Hamilton.