The value of information – Part 1

This will be a recurring theme in this blog as it is something i specialise in.

It is well known that information is power, but often people seem to think this refers only to things such as state secrets, or having inside information on a rivals business.  Any information you have on a client or customer is of potential value.

At a most basic level this comes down to knowing their name.  It may seem obvious but often you are just stored as a number in a database somewhere.  When it comes to doing a personalised email campaign this then becomes very limiting.  Studies show that if you personalise your communications you get a much higher response rate.

You should aim to collect and store as much information as you can about your customers – within data protection guidelines.  At a bare minimum you should have their name, address, phone number and purchase history.

With just this basic level of information you are able to email/text/mail marketing information or special offers and, if you have the capability, to tailor these offers based on previous purchasing history.

The difference it makes if you can do that is huge. You need to encourage your customers to return to you, to keep yourself in the forefront of their mind.  If you manage this you will be top of their list next time they need to buy something that you sell.

What is CRM?

I started this blog to give people an understanding of what CRM is and how it is relevant to anyone selling anything to anyone.

CRM or Client Relationship Management is how you relate to your clients or customers.  It is how you manage each interaction with them and the effect that has on your relationship with them.

The ‘better’ and more efficient your contact is with your client or customer the more they will buy from you, it is as simple as that.  You do not want to make a one off sale, selling to existing customers is far far easier that hooking new ones.  Hook them once, treat them as if you care about their needs and desires and they will come back for more and more.

I have primarily worked with Law firms teaching them that effective use of information can make a massive difference to their bottom line. This blog however will be applicable to anyone who has customers, whether its 5 or 5 million.