Strategix’ data management tool, myDMT, can be used to support master data management by removing duplicates, standardising data (mass maintaining) and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data are the products, accounts and parties for which the business transactions are completed.
How to Build Lifelong CRM with Your Email Database Part 2
Having an opt-in email subscriber database is one thing, but using it to its full effect is another. In the second part of this blog article, we look at three more ways you can use your email database to its prime effect.
Quantify how much your valid emails are worth
While offering incentives to salespeople in order to get email addresses (remember to follow the guidelines as set out in the POPI Act!), this expense still needs to be sanctioned by senior management. And that’s not going to happen unless you can show them the money (to be made) – provide numbers to show them the monetary worth of having an extended database of valid email addresses.
To show them how this database will translate into profit, you need to show how you can use it to boost retention and increase sales. You need to compile a lifetime value chart, which tracks the lifetime of the subscriber during the time he or she appears on your database. Show how much it cost to acquire each subscriber, and how much profit they provide from sales in the time they appear on the database.
Furthermore, you can then work out how much each contact is worth, and subsequently how much the combined database is worth. Yet this is all theoretical until you use the database to contact customers and translate those contacts into effective, long-term profitable relationships.
Use emails as measures of goodwill
Use your database to make your customers’ lives easier and better. Personalise gift cards and special offers around their previous behaviour. Look at what they are currently buying and make it easier for them to buy more. Make the whole buying experience one of ease and free of trouble and you will win them for life.
Let’s take an airline, for example. Instead of having customers go through the various (and many) frustrating processes at airports, they send them e-tickets. This means that Mr and Mrs Smith can print their electronic ticket at home. They avoid standing in check-in queues and can save 15 vital minutes – by simply sending an email, the company has added value and bought endless goodwill.
Best of all, the airline also saves money in having to employ fewer employees and less technology.
If you’re not an airline, you can still use your database to keep customers happy. Just put yourself in their shoes and think of what would make your life easier and happier.
Put customer reviews to good use
One of the best things about emails is that they cost virtually nothing to send, which makes it a perfect tool to use on a large scale. You can send follow-up emails to ask customers whether they were satisfied with a product they received and ask them to rate the product and the service delivery. Once they reply, you can file their response under the product listing and enter them into your database – which means that every time an email about that product or product type is sent, they receive an email.
An added benefit of such product reviews is that they are generally trusted by customers – they feel that it is more authentic if ordinary people just like them share their opinions on products, and find it more trustworthy than the opinions of experts.
In short, email marketing is a cost-effective and efficient way to market your products and services, especially in a tough economic climate. Not only are emails easy and inexpensive to send, they also imply a personal touch, which can make the crucial difference in establishing and maintaining a relationship with the customer.