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A marketing database can evolve into one of your most valuable business assets. In some cases, its value has been known to eclipse that of the hard assets of the company, providing the engine through which exponential growth can be sustained.

What it consists of

On the surface, a marketing database is simply a list of customers and prospects, with a place to store pre-specified information about each account. However, equating it with a list is missing its essential purpose.

A marketing database is a central repository for storing intelligence from all of your customer and prospect touchpoints

At its best, a marketing database becomes a central repository where everything that anyone in the company learns about an account is stored. For example, if a salesperson or telemarketer has a conversation with an individual at the target company, that information should work its way into the database, rather than (or in addition to) being stored in a manila folder or pocket organizer.

The database should have a structure that allows important information to be stored in a consistent format and searched electronically. In addition, information can be added from published commercial sources and from the target company�s website. It might include historical product sales for each customer, competitive product usage, sales opportunities that won or lost, information about the target company�s operations, and anything else that might be of value in targeting the account.

What it can do

A well maintained database can (and should) drive virtually all of your business development efforts across channels including sales and telemarketing contacts, postal mail, fax and e-mail campaigns. It has the potential to dramatically increase the returns on both your efforts and your expenditures, and can enable niche marketing efforts to highly specific groups of customers. Typical applications include:

Drive sales force productivity � Keep your reps from milling around the water cooler. Provide each one with a structured list of accounts to contact and specific call objectives, and rate them on the results.

Seize on a competitor�s weakness � If your database identifies accounts serviced by specific competitors, you can create an instant multi-channel niche marketing effort when you learn of management upheaval or financial difficulties at that company. If a competitor goes bankrupt or pulls out of the market, you can be first in line to pick up their accounts.

Narrowly focus your lead generation efforts � While your competitors are spending a dollar each to send an unfocused mailer to thousands of accounts, you may do far better delivering a highly focused message to prospects with a specific need or profile.

Tailor your products to your markets � For many companies, designing a marketing program, deciding on product features or writing ad copy is based on a stab in the dark, using anecdotal evidence or war stories told by your sales reps. Instead, use the intelligence in your database to identify product features or user benefits, and base your marketing and product development plans on hard facts.