The average cost of customer acquisition varies depending on your industry. It can also change significantly depending on whether you’re including qualified leads with actual purchasers. But lowering your acquisition costs will represent a large saving in your sales and marketing expenses. Lowering costs, however, requires an optimized strategy. Reaching out to the right prospects on the right channels begins with gathering customer data.
Analysis via a data system like CRM (customer relationship management) can be a crucial tool in improving productivity, streamlining the acquisition processes, and forming a stronger relationship with each customer. Customer information systems represent a sound investment since they can make customer acquisition a more focused and efficient process. Here are just of the ways that collecting customer data helps you to reach out more effectively to prospects.
Define Your Target Audience
Without gathering information, it’s often the case that the audience you think is right for your product or service is not the right market segment at all. Your sales and marketing teams are collecting large amounts of information that you need to track in terms of both prospects and conversions. Using this information will help you to spot demographic patterns that can suggest where your best prospects are coming from. Using data to identify patterns and shape decisions is much more reliable than making assumptions.
Customize Sales Messaging
A centralized customer data repository allows your sales team and immediate and constantly updated source of information on all your prospects in all stages of the sales cycle. Your organization can track touch points over multiple channels, browsing behavior online, social media contacts, and demographic trends. This allows you to customize your sales strategy and message for each lead. Using the customer’s name, making specific recommendations, and personalizing messages and tactics all become easier and help to build a more effective sales journey.
Developing Stronger Relationships
Customers will abandon a brand 47 percent of the time due to bad service experiences. A good sales experience will lead to higher conversions than even great prices or a unique product. Collection and effective use of customer data allows you to adjust your processes into a customer-centric approach that prospects will appreciate. With the information on hand, you can address customers by name, avoid asking repetitive questions, and view sales histories for every customer. A reputation for good customer service will drive more prospects your way.
Proactive outreach to your customers helps them to feel that they’re more important to your sales team. Reviewing customer information allows your sales staff to identify ways in which the customer might use or personally benefit from the service or product. They can talk about these benefits proactively by addressing them in customer correspondence such as emails, social media posts, or online and printed content. You can also answer these questions before they’re asked at critical points in the sales cycle to eliminate doubt, ease the sales decision process, and create a better sense of value.
A major factor in informed customer outreach is the performance you get from your customer information management system. Whether you use a commercial product of a custom solution, you need advanced search features, speedy responses, and a high level of vendor technical support. There should also be built-in redundancy as a fail-safe against loss of valuable data. Robust solutions like elasticsearch Kibana are available to satisfy these requirements.
In a very competitive business world, the ability to identify and understand your customers, and personalize each experience is a distinct advantage. A pleasant, smooth buying experience is important to you and your customers. None of this is possible without data-driven strategies.