Companies store a lot of information. From past orders, to inventory, or client information, there are a lot of databases that they use to keep track of things and operate efficiently. However, if you are looking to optimize your company’s operations and increase your profit margin, it’s time to start segmenting these databases and taking a closer look at the wealth of information that they hold.
Client Information Database
There’s a lot of information that can be linked to an individual customer. From gender, age, location, past purchasing patterns, or position in the sales funnel, these so called “details” can actually be a big help when it comes to turning leads into sales. If you are handy, use a spreadsheet to record and then sort through this data, but you might find that you could benefit from a custom-made app for storage. Use an app builder that is as easy to use as a typical spreadsheet to create an application that later you and your team can use quickly and effectively.
When creating marketing campaigns, run a few simultaneously, targeting different audiences, for example, those who have added something to their cart but never purchased, females over the age of 40, or those in proximity to your special pop-up shop. Spend your marketing dollars more efficiently and give your audience messages that are tailored to them, rather than completely irrelevant and with few conversions.
When looking at the wealth of information in an orders database, it’s difficult to know where to get started and know what to keep an eye out for. This really depends on what your goals are, but here are a few ideas that companies use to increase their sales based on past order trends.
First off, see which products are purchased together. This might be an opportunity for a campaign of get one item, get the other at a discount, or create a bundle product that includes 2 or 3 popular items and one that you would like to introduce. Most customers will purchase the bundle if it has good value and therefore take a chance on the new item. Who knows? Perhaps it’s a future best seller?
Another idea is observing buying patterns of clients and seeing if they buy the same products repeatedly. It might be worth enticing them with an automatic subscription service or timely messages reminding them to reorder their favorite products.
Finally, you can see seasonal trends in your products. You might not have known that certain soap scents sell well in the fall, or that white tennis shoes are a spring staple. Let your clients point you towards your next marketing campaigns, as now you know what to promote and when.
Keeping tracking of inventory is extremely important, especially if you have multiple locations or you sell online and in stores. Program alerts for when products are close to being out of stock, notifications when certain items haven’t sold at all in a specified amount of time or when something is close to approaching its expiration date. This should ensure that your business is like a well-oiled machine, ordering when necessary, not keeping products that might go bad, or overstocking other things. All decisions for purchasing, production, and promotions should be well-informed, and the inventory database is where you get this information.
Being able to easily sort and command information from your company’s databases is important to the profitability and good reputation of your brand. Invest in good technology that will allow you to easily manipulate and sort your information to show you trends and assist you in making smart decisions about your company.
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