One of the most productive sources of revenue for B2B marketers is their prospect and lead database. If it costs you $100 to acquire each lead in your database and you have 10,000 names in your database, the value of this data is 1 Million dollars or more!
Consequently, if you are not actively mining this data for new opportunities you are missing out on a substantial source of revenue. However, mining your database is not as simple as sending out email blasts to the entire customer and prospect list. Doing so will not only be ineffective, it will cause people to unsubscribe to your emails and even worse -- your domain could be blacklisted.
Effective campaigns begin with segmenting the CRM (prospect and lead) database based upon the stages of your sales and marketing funnel. If you haven’t defined a sales and marketing funnel, here are the basics you need to know:
Visually, the ACCLA funnel looks like this:
Once you have defined the funnel stages and have segmented your lead and prospect database accordingly you can begin crafting emails and communication based upon the funnel stage. Keep in mind, you will need to determine which data attributes of each prospect are used to determine their funnel stage.
Once customers have purchased your product or service the next area to mine is customer loyalty and advocacy. Post sale customer loyalty is often overlooked as powerful channel for new business. To tap into this area consider exploring is a rewards based customer referral program. This program can take many forms ranging from regular referral email offers to the customer base to a web based game that customers can participate and win prizes and different status levels based on referrals, loyalty and social media blogging.
One last recommendation, all of the above suggestions are dependent upon having a clean CRM database with accurate and meaningful data. Put the effort into maintaining your CRM database it will more than payoff in ROI.