Corporate database marketing has been around for a while. In some instances, businesses have been using it for years without even knowing about the practice. Today, marketers have more data in their hands than ever, and they utilise various avenues to collect customer data and analyse it using modern marketing strategies.
There is no end to customer data, and it is still expected to grow further in the coming years. So businesses now have more chances of drawing valuable insights from data. In addition, the availability of different marketing automation tools efficient enough in putting all the customer data into action makes the situation more lucrative.
Having said that, getting valuable results begins with businesses deploying corporate database marketing strategies.
What is corporate database marketing?
In simple terms, corporate database marketing is a stellar process involving the collection, analysis, and processing of data coming from potential and existing customers. While database marketing is not new, we now have more innovative marketing strategies and access to social media to collect detailed information about customers.
We can use this information to build marketing programs targeting specific customers based on different factors. When you have more information about your customers, you are better positioned to deliver offerings that are specialised for different groups.
Corporate database marketing requirements
It is proven that marketing strategies backed by data are more cost-effective and deliver better results over time. Here are a few things that control the usage of your database:
- Accessing customer data is often a problem for many businesses. If you can’t access it, you can’t get actionable insights out of it. You can overcome this challenge with the help of a customer data platform.
- Database quality is vital. If you have obsolete or inaccurate data, you will not be able to put it to use no matter how well-segmented it is. It will help if you choose tools that filter out inaccurate and obsolete data from the rest.
- Your data analysis and automation capabilities are also fundamental. It is best to choose tools that come with advanced campaign management features for different channels.
Benefits of corporate database marketing
Targeted marketing is likely the top benefit of utilising corporate database marketing. It helps you target your marketing efforts towards customers with the highest chances of responding or taking action. What it also does is help you identify what your top customers and potential ones have in common. With this information, you have a better chance of turning prospects into customers.
Personalised customer experience
Many studies have revealed that customers who are offered a personalised shopping experience are more likely to engage with brands and value them. According to studies conducted by Epsilon & GBH in the US and Gartner in the UK, more than 80% of customers want their brands to provide them with personalised experiences.
Personalisation not only means sending them interesting communication but also customising their online shopping experience. For instance, you can customise your website and feature products and services that your customers are more interested in.
Better relationship with customers
With a corporate database marketing strategy in place, you will be able to analyse your database to find customers that shop more often and shop for higher-value products and services.
In simple words, it helps you separate your profitable customers from the rest. This will allow you to appreciate them for showing trust in you. You can run customer loyalty programs to reward these customers and build lasting relationships.
Corporate database marketing can help you in ways you can never imagine. If you want to make the most of it, you can use it with your other marketing efforts. In other words, as the basis of corporate database marketing is data, it will help you reap more rewards out of your other marketing efforts.
