By the end of this unit you should be able to:
1. Demonstrate an understanding of the importance of accurate customer information.
2. Demonstrate an understanding of the marketing database.
3. Identify prospective and existing customers.
4. Collect customer information in accordance with database requirements.
2.1 Getting to know your customer
US252193 SO1 AC1 – AC3, SO3 AC2 – AC5, CCFO IDENTIFYING, CCFO COLLECTING, EEK1 - EEK3
Marketing is about more than just selling. The essential part of any business is building and maintaining a trusting relationship with a prospective customer. As we saw in the previous section, the reason you are getting …show more content…
Psychographic information goes one step further by helping you understand why that potential customer may buy your product / service.
Once you have collected the individual demographic and psychographic information on your customers you can group them together into segments within your market. This will help you identify the specific needs of your customers. This information will help you develop your products /services that address these specific needs.
Prospect and customer sources
US252193 RANGE, SO3 AC4 – AC5, CCFO IDENTIFYING, CCFO COLLECTING
When you have collected and analysed demographic and psychographic information, you will know more about your existing customers. You can then focus on identifying and reaching potential customers.
At this stage, it is important to ask:
• Do we want to target prospective customers who are similar to our existing customers (who are currently supporting our business)?
• Or, will we expand or change our current product / service offering to attract new, different …show more content…
This can be either internal referrals like other buyers, divisions and departments or external referrals like friends, family, vendors and partners outside their business.
Accounts database Targeting teams or “accounts” (not individuals) which produce many contacts from one organisation.
Customer database and external list brokers A list broker is a professional who understands the list market and obtains lists of contacts details for potential customers for your organisation. The list broker will work with you to understand your customer profile and help determine what lists of prospective customers to use for marketing communication.
Databases of non-competitive organisations Using customer data from an organisation that is not in direct competition with yours but have a similar customer profile to what you are looking for. This can also be in the form of collaboration between two businesses to reach a bigger base of