Is your customer database an untapped asset for growth?
February 2013 Issue
Is your customer database an untapped asset for growth?
For many small businesses, the answer (unfortunately) is yes. Most HVAC contractors aren’t experts in data analysis or database management – or they’re too busy running their business to optimize their data-gathering process. Since today’s business climate is very data-driven, leaving this asset untapped can be a disaster. Especially if your competition is using their data to grow their business.
By carefully tracking customer data and demographics, purchase history, purchase pattern, timing, average spend and much more, you’re amassing an invaluable marketing and growth tool for your business. You’re building value and creating a crucial business-planning asset.
Neglecting to record this information means throwing money out the window. Recording data inaccurately or duplicating entries can invalidate the results. Making business plans and decisions without sufficient and correct customer data is like flying blind, while tracking and using your valuable data will help you make better, more-informed business decisions, based on facts.
If you’re like many small businesses today, you have important customer data right at your fingertips – it may just need a little organizing and interpretation.
Evaluating the state of your database
If you didn’t start out with a well-designed customer database, you don’t have a structured place to enter new details as you add customers and make new sales — you’re losing a lot of valuable information.
These days, running your HVAC service by the numbers can yield predictable results and business success – compared to running your business without keeping detailed records, when you’re left making plans by the seat of your pants. The good news is it’s never too late to get your database on track.
Using your data for growth
Data gives you insight into which new products to offer, when to offer them – and which customers to target with your promotional offers.
Analysis of detailed customer demographics and sales data can help you target HVAC customers with offers tailored especially for them. You’ll also be able to time your HVAC promotions so that you’re hitting these customers at just the time they’re in need of your service. That means excellent response rates and ROI, compared to wasting money and time with generic offers sent on a random schedule.
Capture essential data and you’ll enjoy benefits like being able to better plan for next year’s taxes, predicting how well an HVAC product/service might sell, comparing the possible outcome of expanding this year vs. waiting until next – and much more.
Data can help you generate sales forecasts and help establish the value of your HVAC business – useful in situations where you are thinking of selling the business, adding a business partner or requesting a bank loan/credit line. To enjoy all these benefits, you must not only have a complete data set but also have the ability to analyze the information. The analysis step is when you extract the meaning from all the data to help you make business decisions.
Consider expert professional assistance if:
• Your database is lacking, incomplete or just disorganized and you’d like to get on the right track.
• You have an excellent database, but need help analyzing the information to find out what it’s telling you.
• You need marketing guidance, to help you use data to retain customers, extract new leads and increase HVAC sales.
• You’d like to retain more existing customers, reactivate past customers, gain more referrals, locate new prospects – and get more and quicker conversions.
We offer professional services to get your database on the right track, then provide marketing programs and lead generation. Contact us a 800-521-0026 for a personalized consultation. Ask about our FREE, no-obligation, company database evaluation!