Database Mining for New Business

When customers are looking for new sources of revenue, they often don’t realize that they are already sitting on top of a gold mine—their CRM.

A CRM is a company’s Contact/Customer Relationship Management system—essentially their Rolodex/list of contacts.  This list is generated during the sales process, with the hottest leads usually being the ones with the most activity.  The cooler leads tend to have less communication, because they are not as much of a priority and often there are not enough resources to do so.  Before you know it, though, there are many names in your CRM that haven’t been touched for ‘a while’.

This is your sales opportunity!  ‘Mine’ your CRM data to get current contact information, to explore new opportunities, and to assess market trends.  You can even try to cross-sell or up-sell to your existing customers.

How do you find the resources?  Commit to making these calls and set goals on how much time to invest and reasonable expectations for results.  Then be creative:  use interns or sales trainees, or perhaps hire an appropriate third-party resource.

Lastly, make this investment worthwhile by using it as a short term program with long term implications.  Document phone call responses in a format from which it’s easy to report and use those reports in the future.  Also, categorize updated contacts into sales/marketing campaigns, e.g., need meet face-to-face, call regularly, or put on an email campaign.  Then, implement the campaigns!

Now you’ve got an updated database, sales leads, and contacts to which you’ll regularly market.  It’s definitely a great way to make something out of “nothing”!

If you would like to learn more about things that are obviously not obvious, check out Nisha Inalsingh’s Huldufolk102 about the Hidden People of Iceland.  You’d be surprised:  “Just because you can’t see something doesn’t mean it’s not there.”

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