Sometimes as a marketer, it’s a good idea to revisit something that has been working well for you even if it’s still working well for you. It’s called giving it a check-up and opening your mind to the possibility of oversight, even if you’re the badass marketer that has all the right moves. Sometimes a fresh take on a previous well-implemented plan, may provide insights on new concerns brought on by innovations and changing market environments.
We invite you to take a fresh look at your retail customer database. Although most retailers house their customer data within a customer database these days, did you know that 91% of companies with 10 employees or higher have a CRM, yet 22% of salespeople don’t know what a CRM is? – (Source: CRM Magazine)
Let’s take a second and consider the red flag that this statistic provides. There can be some real disconnect between salespeople and company objectives. What good is your retail customer database if it’s not being used properly? Maybe this red flag doesn’t apply to you, but the fresh look definitely does, as we can all use a check-up every now and then.
Did you know that using a CRM can lead to sales conversion rate improvements of over 300%? (Source: Cloudswave). Also, a CRM is widely used for nurturing leads and according to research, nurtured leads make a 47% bigger purchase than leads that aren’t nurtured. (Source: The Annuitas Group). These stats backup the idea that retail marketers must remain focused on growing their CRM databases.
In the name of all things CUSTOMER, don’t get complacent in growing your CRM databases!
There are two ways to grow: Vertically and horizontally. Many older people joke about how their bodies have stopped the upward growth path in lieu of a more sideways approach, spreading out on a perpendicular plane to gravity and giving shape to the affectionately dubbed “beer-belly”, “spare tire” or one of my favorites, “bay window”.
As humans, we are encouraged to curb horizontal growth as a roly-poly midsection can lead to health problems. Compare human growth to your CRM and at some point you’ll notice health problems with your customer data, if you don’t take initiatives to fatten it up sideways. In fact, you should never be satisfied with the amount of customers you have, (vertical growth) and any customer-specific details you have, (horizontal growth).
Speaking of thinking vertically and horizontally at the same time, there is an elevator in Genoa, Italy that can move both vertically and horizontally. Why can’t your CRM be as amazing as that? Start thinking of customer database growth in a non-linear sort of way. Get more customers, but keep getting their fat-filled details. It’s this two-way growth that will give you enhanced customer knowledge and this knowledge is the foundation of customer loyalty.