Lucy Bradley, Brand Commander, Plug, a dubai based creative agency highlights the importance of data for small businesses and shares the simple secrets of gathering and utilising data to grow your business
It amazes me that most SMEs still fail to leverage the wealth of data at their fingertips. But why, when these entrepreneurs are clearly equipped with the skills, knowledge, and dedication to start a company? One of the most common reasons is a misconception about how difficult it is to gather and maintain this crucial information. When it comes to data, we’ve become so swept away by the pricey, tech-driven solutions out there that we’ve forgotten about the basics. In fact, the most essential step is building your customer database. Then it’s time to get picky and streamline it to focus on those clients you really want. Or, as I call it, your Dream List. You should aim for an active Dream List of 20-30 hot prospects at any given time.
The good news is that the potential to gather and qualify data is all around us. It doesn’t require a new hire, specialist CRM system, or massive budget to initiate. We don’t even need a fancy software package. Excel is more than adequate.
Start broad
Begin by creating a comprehensive database listing your existing customers, contacts from business cards, and any leads generated through the company website, collaborations, PR campaigns, newsletters etc. Don’t stop there. Over and above the companies you have already crossed paths with, think about who else your ideal clients would be if you could choose. What sectors are you passionate about? What brands do you most admire? Put them on the list.
Key details should include the decision-maker’s name, email address and phone number, and don’t forget to segment your targets so you can tailor your approach and track responses at various stages of the process. Yes, it takes time to develop a database but that’s no excuse. Why not hire an assistant for a few hours a week to handle the task? After the initial groundwork is done, it only takes a few minutes each day to update, enabling you to grow your pool into a valuable audience to market to. Now they are in your sights (and on your list), make an effort to reach out.
Get communicating
Lack of budget is a frequent issue cited by small businesses when marketing themselves. Indeed, advertising campaigns can be eye-wateringly expensive, not to mention a waste of money without careful targeting. That’s why building a database and using what we already have at our disposal is an absolute no-brainer. Never create barriers by assuming that people who you’ve met or hope to attract won’t be interested in your product or service. Even if that is the case today, there are plenty of opportunities to demonstrate your value. Developing and converting your Dream List is all about cultivating relationships. Try to get to know them and what their needs are, so that you can a) determine if you can actually help them, b) identify their preferred communication methods, and c) speak to them in a language that will resonate.
It takes between six to eight touchpoints to pique someone’s interest enough to get a meeting or make a sale. Many people are reluctant to follow up with people they’ve met at an event, or to approach a new prospect for fear of rejection. But a no brings you one step closer to the next yes. It can also mean ‘just not right now’. Don’t be shy about following up or introducing yourself, the important thing is to mix up how you reach out to them and make an impact through different avenues. It’s definitely not effective to keep sending emails or texts with the same message, if they’re eliciting zero response.
Targeted emailers are a great way to stand out and communicate consistently through your unique tone of voice. You might want to consider setting up a Mail Chimp account to establish whether your emails are being opened, and what content works best. Instead of limiting newsletters to a lengthy quarterly update, it can be far more effective to send shorter email blasts more regularly, to increase your chances of being top of mind at the right time.
Remember, your chances of success will largely depend on how effectively you have segmented your data. This can involve fairly straightforward demographic details, such as gender, age and location, however, the deeper you go, the more targeted your campaigns will be and the more likely you are to get noticed.
Running your own business has many risks, but the riskiest of all is not promoting it to potential customers. Hopefully, the above has demonstrated the prevalence of readily available data, and how easily you can build an effective database of qualified contacts ready to be converted into clients.
