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Your Contact List is GOLD
by
David P. Cunningham, P.E.
Copyright 2002
Your contact list is GOLD -- pure 24 carat GOLD. You do have
one don't you ?? And, you maintain it well and keep it up to date,
don't you ? Here are some of the very important questions and
considerations concerning your contact list
• Why a contact list ?
• What information should you have on a contact list ?
• How do I manage or improve my contact list ?
• How do I use my contact list ?
• Should I rent or sell the names on my contact list ?
• Privacy policy
• Should I share my contact list with my dealers ?
• When should I start collecting information for my contact list ?
Why a contact list ?
Your contact list is very valuable and contains highly usable information
which no one else has. If you have maintained the right information
your contact list is also a list of your best customers, what they
purchased and for how much. Used properly, this list can generate
substantial additional revenue for you and your dealers.
The old observation that 20 percent of your customers account
for 80 percent of your business has never been more true. A very
well maintained contact list when matched with an effective
database allows you to target your best customers.
The database should contain information about the customers,
including what they have purchased and how much they paid.
Your database also allows you to see which customers can be
developed into "best" customers. Further, if there are customers
who are actually costing you money, you can determine who
they are too.
What information should I collect for my contact list ?
• Name
• Address
• Telephone Number
• email address
• Wants
• Interests
How do I use my contact list ?
Your database, will provide the information needed for a properly
formatted contact list. It will also provide the information you
need to evaluate the quality of the individual customer.
Additionally, it will provide the means for recording other useful
data about the customer. The exceptional value of the email
address is a topic for another time but it is an extraordinarily
important one.
If a particular item comes into your mall you can query your database.
If a customer has indicated on the want list stored in your database
that the item is of great interest to him, you can immediately
notify the customer by telephone or email. Or, if a dealer who
sells items that are of general interest to the customer is having
a sale, you can notify your customer of the sale.
Your best customers, as defined by their value to you, deserve
special treatment. The customer's value to you can be
determined in several ways. Some of them are: total expected
sales, the customer's influence upon other high value customers,
or the prestige they bring to your mall. Your contact list helps you
to establish trusted relationships with your best customers and
identify those customers which should be cultivated.
A very good contact list/database allows you to invite your best
customers to special events and seminars you are promoting. It
provides the means to get your newsletter into their hands directly
rather than having it just picked up at your mall. A well maintained
contact list/database enables you to more quickly place lucrative
consignments, well off other people's radar. A great list allows you
to practice the ultimate form of one to one marketing in virtually
complete privacy, away from prying eyes and ears.
You can use your contact list/database to set up a membership
program which offers special services and priviledges. For
example, you can set up special lodging discounts, low cost
seminars, meal discounts or other special services in conjunction
with other noncompeting local businesses.
Remember this really important fact ! It isn't the number of
customers which come through the door that counts ! It's the
quality of the customers which come through the door -- and buy !
Should I rent or sell the names and other information on my list ?
Not if you want to keep your best customers and stay in business !
It's a blatent violation of your customer's privacy to sell their
names and other information they have given you. Your best
customers, as well as those you are still developing, will not stand
for this kind of treatment. There are subtle variations, however,
to this theme which can very effective and not offend customers.
What about privacy guarantees ?
Although related to the question above the topic of privacy is
even more comprehensive and important. Most customers
worthy of your attention will expect and demand that their
privacy be respected. Many customers will not give you the
personal information you seek without assurances that you will
keep the information confidential. This is especially true with
respect to email addresses becasue there is great sensitivity to
being spammed by unscupulous emailers. You will encounter less
resistance to providing the information you ask for if you establish
and adhere to a well constructed and enforced privacy policy.
Should I share my mailing list with my dealers ?
Absolutely not !!
If you have an effective privacy policy, there is no way that you
should even consider sharing your contact list with your dealers.
First, dealers are notoriously loose lipped. Second, we all know
that dealers will delightedly go directly to the customer and cut
you out of the action. Third, it will really aggrevate the customer
to be placed in the line of fire. Fourth, they are your customers,
hard earned, each and every one. Fifth, it costs you revenue, now
and in the future. Sixth, it causes you to lose control of any
future transactions.
Should I trade lists ?
No !! Your list is unique to your mall and its sales history. See
the reasons above. They apply here too.
When should I start ?
Yesterday, last week, a month ago, last year but, if you didn't
start then -- now !
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