It was back in 2017 that The Economist declared that the world's most valuable resource was no longer oil.
Data had overtaken it.
Of course, thanks to the pandemic, oil is currently much less valuable than it was three years ago, but there's absolutely no question about it that data has gone in the other direction.
Data is more powerful and more valuable than ever before, and its power is only increasing.
And I'm not just talking about governments using Facebook data to win elections, or billion-dollar businesses using big-data to inform their 5-year strategy.
Because while data is hugely powerful for big organisations, it's just as valuable for small businesses too, and KBB retailers are no exception.
What is 'data' and why is it important to you?
Maybe you're scratching your head and wondering exactly what I mean by 'data', so allow me to explain.
For the purposes of your business, data includes everything you know about your prospects and customers; from their email address, to how many times they've visited your website, to what they're looking to spend on their kitchen.
The more you know, the more you're able to tailor everything about your operation, to give yourself the best chance of converting the right customers at the right price.
What most KBB business data looks like
Having spoken to hundreds of KBB retailers over the last couple of years, I feel pretty qualified to tell you that while a lot of KBB businesses do have data on customers and prospects, it's not usually in any usable format. In the very least, it's under-utilised.
Either it's on a series of spreadsheets, or – even worse – it's not recorded digitally at all.
Unless your data can be easily accessed, assessed and acted upon, it's not worth very much.
The good news is that because most independent KBB retailers are similarly poor with how accessible their data is, you don't have to take very many actions before you're head and shoulders above your competitors.
What should you be doing with your data?
First off, you need to get your data somewhere you can see it, properly.
We recommend investing in a cloud-based CRM system – they're not expensive. (Well, they're not expensive if you're using them to leverage a decent return from.) And when you're set-up, you'll be able to see all the data you've got on a customer in just a few seconds.
Second, you need to be segmenting that data as best you can. In other words, you are creating 'audiences'.
Clients vs prospects…
Clients within the last two years vs clients who bought longer ago than that…
Prospects who've had a quote over three months ago…
Prospects who downloaded a brochure or a guide from your website over six months ago…
You get the gist – the more segmented your audience is, and the more sub-audiences you have, the more tailored you can be in your marketing.
It's about considering the different behaviour and needs of each of those audiences
When you use data correctly, there's no 'one size fits all' in your sales and marketing.
Instead, you're able to deliver precisely the right message, at the right time, to the right prospect, and that's what can make data incredibly powerful for you.
Want to know how to make your data work harder for you?
As you reopen and are getting back in touch with recent and past prospects, you may appreciate this is an ideal opportunity to get your data better organised and to grow your list in a way you've never done before.
We're running the next of our Crisis Marketing for KBB Retailers interactive video calls this Friday at 11am. We'll be looking in-depth about how KBB retailers should be handling, managing and using their data to generate more leads, close more sales and make more profit.
It's a topic more interesting, with more opportunity for upside than you may think! For many KBB retailers, it's next level marketing and indeed becoming more relevant moving forward. We'll give you actionable, tangible marketing ideas you can take away and implement in your business straight away.
Off the back of the Government's latest guidelines on workplace practices for retailers, we'll also discuss and compare notes on how your Reopening is taking shape, or not.
You'll have an opportunity to get any questions answered, as well as hear from other independent KBB retailers in the same boat as you.
The excellent feedback we've received following previous calls, suggests attendees have found the content and discussion to be very useful.
So, to register for the call this Friday, 5th June, 11am-12pm, click HERE.
Finally, please feel free to forward this invitation to anyone you think would benefit from being on the call.
