Phil Stocchetti, a consultant, says he is often asked about Database Marketing and why it’s so important. Please watch our short video and/or read the summary below.
Why is Database Marketing so important?
If you’re not going to do database marketing sell your business now. There is no business on the face of the Earth that can grow and prosper by constantly having to find new customers.
The basic premise of business is to find customers and have those customers buy more product from you. It’s always easier to upsell an existing customer and to sell them more products and services.
You want to find customers and sell to them again and again.
Different businesses have different purchasing cycles. Some businesses sell products that you buy once a week depending on your tastes, like pizza. Other businesses sell products that only need to be purchased every three or four years, like hearing aids or cars.
Database marketing does not only refer to existing customers.
Everyone who has ever come into contact with your business–someone who walked in and asked a question, the guy who called but didn’t buy, the lady who came in with a friend and filled out a form then disappeared–is part of your database.
Anyone who has ever inquired about your product or service. Part of your database.
There’s no point in spending the amount of money it takes to find and attract a new consumer to your product or service when you have consumers who have bought from you before or asked for more information.
Hopefully, you have consumers in your database who inquired a week ago, a month ago, a year ago. They were interested at the time and probably still are since they haven’t bought from you.
Obviously, especially in the hearing aid business, there was a reason they inquired.
Their hearing loss didn’t magically go away.
Phil firmly believes you have to focus on existing customers first before you try to attract consumers to your business who have never had any contact with you.
That is why Database Marketing is so important to your small business.
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