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How to steps to profitably use a  database to increase sales
 

How to steps to profitably use a database to increase sales

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Successfully add the creation and use of an electronic database to your marketing mix. The 9 steps necessary to building and getting business from your current, past customers and prospects is ...

Successfully add the creation and use of an electronic database to your marketing mix. The 9 steps necessary to building and getting business from your current, past customers and prospects is covered in detail.

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    How to steps to profitably use a  database to increase sales How to steps to profitably use a database to increase sales Presentation Transcript

    • Introduction to Database Marketing Reg Gupton, MBA gupton@growthseminars.com http://businesssuccessvideos.com http://www.growthseminars.com 303.544.0340 office 303.544.0358 fax
    • Your Goals for today
    • My job is to reduce your stress and increase your profits!
    • A quick self test
      • Does your product require repeat purchases?
      • Do you have multiple or related products for the same market?
      • Do you upgrade periodically?
      • Do you sell high priced products?
      • Do you have average or high margins?
    • Marketing Cost Reduction
      • Fact: marketing to existing customers is less costly than marketing to prospects
      • Fact: you make money marketing to customers and lose money marketing to prospects.
    • Your goal should be!
      • Deliver the RIGHT message
      • To the RIGHT target market
      • At the RIGHT time
      • Via the MOST cost-efficient means.
    • Marketing Fundamentals
      • Marketing is the culmination of all the components, techniques, tactics and strategies utilized to promote the use of a product, person or service.
      Not just print media advertising
    • Marketing is not
        • A battle of products, people or services,
        • it’s a battle of perceptions !
        • For most people, perceptions are, or become
        • reality!
    • This I know!
      • 50% of my promotion and advertising is wasted. I just don’t know which half.
    • Marketing Elements
      • Targeted
      • Continuous
      • Deliberate process
      • Repetitive
      • Measure responses
      • Marketing Mix
    • What concept comes to mind?
      • Crest
      • Mercedes
      • Volvo
      • Starbucks
      • Nordstrom
      • Cavity prevention
      • Engineering
      • Safety
      • Coffee
      • Service
    • Why you need to have TOMA
      • Today's buyer uses an information oriented decision process
      • Gather information
      • Review alternatives
      • Choose one alternative
      • Evaluate the decision after the fact.
    • When they bought
      • 15% - Bought within the first three months
      • 24% - Bought within four to six months
      • 34% - Bought within seven to twelve months
      • 27% - Bought more than twelve months later
      • Source: Chilton research
    • What is a database?
      • Automated rolodex
      • Puts contacts in group/categories
      • Maintains large amount of
      • information on each contact
      • Maintains history of contacts/notes
      • Will automatically run marketing campaigns
      • Can send letters, cards, emails directly.
    • A definition: Database Marketing
      • An accountable form of marketing
      • based on detailed knowledge
      • of the target market
      • stored in a marketing database
      • used to drive targeted communications
      • thru a range of media
      • directly to customers and prospects.
    • What are the benefits?
      • Test ideas before full commitment
      • Target a niche market
      • Cost effective alternative to mass media
      • Develop loyal customers and reward them.
    • How it flows Customers Prospects Marketing Database Direct Marketing Build Loyalty Build Value
    • What are the steps
      • Collect names, addresses and e mails
      • Collect additional marketing and demographic information
      • Use to build loyalty and sales.
    • How do I collect? Paper
      • coupon responses
      • order forms
      • letters
      • inquiries
      • exhibition/trade show leads
      • sales/service records
      • questionnaires.
    • How do I collect? Computer
      • accounting system
      • sales order processing system
      • sales management system
      • mailing lists
        • Purchased
        • In-house
    • One contact won't get it
      • Even if you have identified a niche market and it is targeted, you must become of value and earn the right to a relationship.
    • Stanford Research
      • 6-9 contacts to be aware of what you do
      • 16 contacts to be familiar with you
      • 20-24 contacts to consider you.
    • Not a Courage Issue A time Issue
      • You have to increase your contact count by a factor of 9-20 before they even recognize what you do
      • Nordstrom 16 per/yr
      • Paper Direct 16 per/yr
      • L L Bean 20+ per/year
      Take a Clue from these folks.
      • You don’t sell people Coke when they are thirsty
      • You sell it long before that
    • Your most important asset
      • Great, educated, discriminating, loyal customers
    • Your Most Fertile Field
      • Current Clients/Customers
      • Past Clients/Customers
      • Friends/Acquaintances
      • New Customers.
    • Your ideal customer??
      • Demographics
        • who?
      • Psychographics 1
        • why?.
        • 1 The characteristics of an target audience based on its values, beliefs and attitudes.
    • When need meets supply Customer need Your product/service offering A Sale
    • Continuing dialogue
      • Capitalize on their lifetime value as customers
    • Marketing to New Customers
      • Direct Mail
      • Purchased Media
        • T. V. & Radio
        • Magazines & Newspapers
        • Billboards & Bus Signs
        • Yellow Pages
      • In Store Promotions
      • Word of Mouth.
    • Marketing to past customers
      • Direct mail(postcards, catalogs, letters)
      • E mail
      • Phone
      • Print Media Advertising
      • In Store Promotions
      • Face to face.
    • Be aware and afraid
      • Most low price leaders go out of business while trying to provide high levels of service.
    • Nine steps to Technology Salvation
      • 1 - Acquire the Software
        • Contact Manager- ACT, Goldmine, Top Producer
        • Communication Software
          • Winfax
          • Eudora
          • Access/Outlook
          • Internet Explorer
    • How Do I Choose?
      • Has the software been tested?
      • Are there any recommendations?
      • Is the documentation clear and complete?
      • Is there telephone support available?
      • Will it handle campaign marketing?
      • Is the developer a stable company?.
    • 2 - Acquire or Upgrade Hardware
      • Pentium IV or faster
        • 512 megabytes of RAM (memory) minimum
        • At least 30 Gigabyte hard drive
        • Backup system (CD/tape)
        • CD-ROM
        • Modem w/Fax 56k baud and/or DSL line
        • Color monitor
        • Laser Printer 600 dot per inch
        • Inkjet/wax Printer
      Nine steps to Technology Salvation (cont.)
      • 3. Assemble and enter your name list Past clients/customers Friends/family Sphere of influence
      • 4. Hire Strategic Consultant
      • 5. Develop and order/print spaced-repetition contact pieces
      • 6. Program quarterly phone calls to your name list
      • 7. Write out your monthly mailing system
      • 8. Develop profitable Web Site
      • 9. Log all new customers/prospects.
      Nine steps to Technology Salvation (cont.)
    • Is it a good investment?
      • Hardware
        • $500-2,000
      • Software
        • $500-2,000
      • Training
        • $300-600
      • Return on investment
      • 3-5 times your money.
    • Your touchstones for the future
      • Supplier/Vendor of Choice
      • Focus on Actual Source of Business
      • Use of the web
        • e commerce
        • on line brochure
    • Your touchstones for the future
      • Automate your business with databases
      • Target Marketing
      • Become Computer literate-Web/e mail
      • Understand your customers
      • Value-added vs. price
      • Use Relationship Marketing/Selling
      • Form strategic alliances.
    • Your take aways for today
    • Help is at hand
      • When you are ready to move forward and implement proven strategies that can help you utilize the techniques discussed, call before it is too late.
    • Reg’s Business Success Videos If you liked what you saw, subscribe to my channel @ www.youtube.com/user/reggupton Watch other videos at www.businesssuccessvideos.com Email me @ [email_address] Follow me @ www.twitter.com/reggupton Find me @ www.facebook.com/reggupton Add me to your Linked in network www.linkedin.com/in/reggupton