At Mirabel Technologies, we see a lot of databases. Like thousands of them to be exact. And see some companies who do great things with them and some companies who don’t understand how to get the most out of their databased. Here are our tips and tricks to maximize the potential of your database.
This is the first and most vital step to Account Based Marketing. Make sure you group your buyers and customers so that you can send the right messages, involve them in the proper campaigns, and send conversion rates skyrocketing.There are lots of ways to segment with geographic, spending profiles, business category, product interest being a few of the most common ways. The more you segment, the more you can target your messaging, and the greater your response rate is going to be.
Use targeted programmatic advertising
You’ve built out your profiles and know what motivates people. One of the ways to monetize your database is to to use targeted display advertising to reach people with messages that fit their persona as they go about their day. If you are large company can look at placing your own programmatic advertising through a “trading desk” (a software package that allows you to place programmatic ads). Some of the larger players in the market are The Trading Desk, Centro, and Simplify. If you are a smaller company the Google display network is probably your easiest access point.
Do smarter traditional media buys
You can segment and build personas based on geography, demographics and interests cross referenced by publications, radio stations and TV programs that match. It’s the classic media buy made smarter. As potential traditional media companies what their reach by zip code and demographics to try and create look alike audiences with your audience.
Some platforms give you the ability to have the content of your webpages and emails change based on buyer persona, past activities and other data points. A fantastic tool, but it doesn’t come cheap. But they work. If have a site that sells 100 different kinds of jewelry brands, but you know that a particular profile likes a particular kind of jewelry you are going to increase your conversion rate if you are able to show that jewelry upon entry to your site. If you can show people what they want, conversion rates logically follow. Amazon and Facebook are powerful advertising vehicles because they have collected so much data on their users that they deliver better messages and create higher conversion rates.
You should have a ton of data available on your clients and prospects. Make sure that you use it to send relevant and targeted emails by segmenting the lists you have built via other data you have built into your customer database. A bit more work, and not as ideal as dynamic content, but A LOT more affordable.
Dynamic pricing #1
A nasty little trick commonly employed by airlines. The more you look at the flight you have had your eye on, it miraculously rises. Come back using incognito browser or after clearing your cookies and you may see that it has fallen back to where it was.It may be a dirty trick, but companies use it because it works
Dynamic pricing #2
Unlike its previously mentioned evil twin, this tactic tries to use discounts to drive sales with repeat clients based around their prior buying activity. Sometimes a little nudge is all it takes.
Very common among self-improvement/learning companies like Duolingo and Headspace. These reminders reach out to you based on your inactivity and try to get you tore-engage with your tool. If you’re ad based, you want more eyes on your offerings, if your subscription, people are more likely to renew if they use your tool regularly and if you are a unit purchase, why not ring them up and see if they are ready for a refill/replacement. Your customer database holds the key to knowing when is the right time.
If you sell a physical good, prior years customer activity compared with some of the leading statistics around engagement that correlate to sales can help your projections when managing your inventory and logistics.
Guide your content production
While Google Analytics is a great tool, it’s not without its limitations. A customer database combined with tracking and identification tech helps you figure out what content your CUSTOMERS touch and what content your window shoppers touch. This helps you in deciding where next to focus your efforts.
If you develop a new product or service, you always want to start with current clients and try to get them to adopt it first. If you don’t have that database available, how can you?
Let’s say you develop a new tool, you think it’s great and then bring it to market and they (politely) disagree. You can give up, or you can ask for feedback, go back to the drawing board and make the changes needed.Once you are done, use the data of those who tried and didn’t buy, let them know their feedback led to a 2.0 and ask for a second chance to show them what you have.
Targeted social media campaigns
Use your data to segment by social media and find groups and hashtags associated with your target markets to get some eyeballs on what you have to offer.
Account based marketing
Use the interconnected networks of contacts at any given company to map out some ABM. Treat each target account like its own market and customize your message to maximize effectiveness.
Somebody bought your new wireless security camera? Clearly they also need the cloud based storage subscription to keep an eye out for burglars or on their pets while at work. Let them know that you’ve got what they need.
Somebody just bought your new wireless security camera? They may also be interested in your programmable deadbolt that just happens to synchronize with the cameras to activate them when it locks. Let ‘em know…
You need market feedback, and you need to know who to ask and how to contact them. Survey Monkey is a great free tool to hit your customers on information about what they like. Steve Jobs liked to perpetrate the myth that the ideas for many of his best products came from his intuition. In later years, several lawsuits against the company revealed that Apple had a highly sophistical marketing research department that gathered data on what people like. So should you.
Sell the data
(Sinister music playing, with lightning crashing in the background) This is such a common practice and the ethics of it are debatable, we aren’t here to take sides. Just know a lot of companies do this to you. IF you have ever bought a house or car you may notice the massive increase in calls, mail…etc.targeted towards you and protecting/supplementing your new big ticket purchase.You aren’t being paranoid, your mortgage, closing, car loan and/or dealership sold your data and you gave them the right to during that mountain of paperwork you signed.
Lease the data
Lease may not be the best word. But you can do targeted white label campaigns at the behest of an interested company for a charge.
This can relate to your products, or it can relate to internal issues.A customer database can be useful to recognize many issues, including but not limited to fraud
Improve your internal process
Recognize where paying customers fall off or dissatisfaction rises by digging into your data, then correct he issue ASAP.
Followup with customers
A simple thank you note, birthday wish any kind of message that isn’t related to “pay us money” is appreciated and can go a long way to building brand loyalty
Know when not to message
Sometimes, you can be too present. Make sure you don’t smother your customers by paying attention to the unsubs and how they relate to other metrics around engagement and sales
Reward your rockstars
You can use anecdotes, you can use data and you should use both to figure out which of your employees are your rockstars. Consistently high satisfaction, renewal, references…etc. Maybe the account manager is someone you want to keep around
Speaking of referrals, ask for them. When it’s appropriate, when your clients are happiest. Use the customer database to know.
Got any other ideas on what you can do with this data. Let us know and we will add your tip to our list with a shoutout to recognize your greatness.