Brands have been collecting names and information on their customers and storing them in databases for years. The trap many marketers fall into is “name hoarding." The database has little value unless it is up to date and being utilized effectively. Many times the information gathered is only “contact information” which does not provide the key insights information a brand marketer can effectively act upon. This might include such things as; a) being able to segment your customers in several different ways, or b) allow the brand to develop two way communication with their target audience, c) extract an annual or lifetime values from the data. A database should be multi-dimensional and include things like; lifestyle, psychographic, attitudinal information. The level of information collected in the database needs to support customer segmentation and provide the brand the ability to define both annual and lifetime customer value. Ultimately the data should be used to target more effectively and get closer to your customers.
How Valuable is Your Database?
The value of a database is measured by the amount of actionable information it contains. Every engagement with your customer is an opportunity for the brand to gather additional data. The key is you must have the infrastructure in place to effectively gather and act on any new information your receive..
To help you determine and improve the value of your database, M2 WorldWide can perform the following services for you:
- Database Customer Value Assessment
- Database Segmentation Assessment
- Data Collection Process Assessment
- Patient Acquisition Strategy Assessment
- Communication Strategy Assessment
