Why is your customer database your most valuable business asset?
26th October 2021
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One of our colleagues recently spoke with a business owner like you, who’s business has started to grow at an impressive rate and some questions arose – Who are your best customers? How much do they spend with you? How often do they buy from you?

The owner wasn’t fully confident in their answers and it reminded us of the importance of understanding what your most valuable asset in your business is…

Most business owners give a mixed response as to the things that they value most.

Some say it’s their telephones.

Some say it’s their computers.

Some say it’s their website

Some say it’s their staff.

And some have even said it’s themselves.

However, consider this:

If your office was to catch fire and you lost all your workspace, phones, and computers…

…Or if all your staff walked out tomorrow?

…Or you had to come out of the business and leave it in the hands of someone else?

We can agree that, although they would be pretty rubbish things to happen - they can all be replaced. It might take a little while, but it can be done.

But what would happen if you lost ALL of your prospects and customers contact information? Replacing that is really hard and takes a heck of a lot longer to sort out and get back to 100% the way it was.

And that’s why your database is your most valuable asset, bar none. Without it, you can’t do anywhere near enough of the sales you want to do. And you certainly can’t re-sell to anyone or offer them other products or services because you have no way of getting hold of them.

In business, the successful movers and shakers that are making a significant profit and are going places, are the ones that recognise that…

It’s not your customers and prospects job to remember to do business with you…

It’s your job to remind them.

So, if there’s one thing you should look at this week, it’s your database.

Is it online on some form of CRM (Customer Relationship Management system)?

Is it backed up?

Can you easily pull a list of your current or past prospects and customers to engage with?

Too much time is spent by too many businesses focussing solely on trying to attract new customers, when there’s people already on your list that may just need a reminder or a nudge to get back in touch with you again.

And they’re easier to engage with, as they already know who you are and what you do!

“The money’s in your list” – Go find it or give us a call to discuss some ways you can generate some revenue from the people that already know about you.

At our last Business Boost event we were talking about CRM's and following this Top Tip I might make it the focus of the next one!


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About the Author

David Ruddle

Member since: 10th July 2012

Owner of thebestof Eastbourne, I help local businesses and organisations raise their profile in Eastbourne and then help maintain their visibility via our website and social media.

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