Digging for Marketing Gold: 6 Tips for Mining New Revenue Streams
2. Know the opportunity. You already have the customer’s trust and buying information. Your own records can serve as product lifecycle management tools to help provide better customer service, uncover market preferences, predict when service contracts will expire and set the stage for product “refresh” sales. Armed with the knowledge that exists in your own customer records, you can gain valuable business intelligence that will empower you to approach each customer at the right time with the right marketing pitch.
3. Know the environment. In a challenging economy, customers may be more likely to extend the life of a product they already own rather than buy a new one. They'll probably opt to renew a maintenance contract attached to that product to ensure that it’s protected. The challenge is when entered into a conventional spreadsheet or database, these contracts can become difficult to track. A more sophisticated solution is often necessary — one that automates the process of reaching out to customers to pursue the renewal of a warranty or maintenance contract just as it’s about to expire. If this process isn't done properly, you can miss out on the opportunity for a timely sale or renewal and fall short of serving your customer promptly and effectively.
4. Know your customers. Get a pulse on your customers’ buying behavior. Keep track of product lifecycle information and use lifecycle management strategies to capture customers’ contact data. Track which products they bought from you, when and for how much. You can use this information to build powerful data analytics to know your customers and your market better and stay on top of service contract opportunities.
5. Know your numbers. Maintain good records and update them regularly with high-quality information. The more customer transaction details gathered up front, the better equipped you’ll be to capitalize on service sales opportunities. Make sure the information is “actionable,” meaning you have accurate, quality information which will enable you to successfully reach your customers to pursue new business over time, whether it’s service contract sales, product sales or other programs. Also, complete customer records help drive stronger sales and marketing campaigns.