Cheap Data Is Not Cheap
Prospecting is valuable and an important part of your sales process, but what if we told you that it’s just as important, if not more, to first take a look at the customers you already have in your database? What if we told you that 25% of them no longer have the car you think they have?
Would you be concerned? You should be. That means you aren’t reaching one quarter of your customers effectively. Ouch. Up to 25% of those big dollars you’re spending on targeted marketing could be in vain.
So, how can you know how you’re doing? Well, start by taking a look at your retention rate. If you have customers disappearing, it’s probably because your communications to them have become ineffective, if they are receiving them at all. Not convinced your data may be out of date? Take a look at these surprising statistics:
- 20% of all postal addresses change every year
- 18% of all telephone numbers change every year
- 25-33% of all email addresses change every year
These statistics mean that not only is some of your direct mail undeliverable, but you’ll have a difficult time getting in contact with some of your customers via email or phone also. These are your customers! Make sure your data is complete, correct, and current, so you know your customers are receiving the right message wherever they are.
Retaining your customers should be a priority and should compliment your conquesting efforts. Keep your customers, and then go get theirs.
For more information, give us a call at 855.NKD.LIME, or visit nakedlime.com.