“The purpose of a business is to create and keep a customer.” Peter Drucker
If only it were that simple!
We do know that the cost to retain a customer is far less than the cost to acquire a new one, but did you know it is much easier to sell to an existing customer than to a prospective one? Checkout this great article that finds it costs 5 times more to acquire a new customer.
Customer Relationship Management (CRM) is all the buzz lately but most CRM software is very focused on finding new Leads, Sales Pipelines and acquiring new customers.
To better understand and focus on your existing customers you need to know things like:
- what have they previously bought and when
- what product groups are they not yet buying
- when did they reduce volumes or stop buying
This information is all there in your MYOB Accounting package. Business Intelligence – BI4Cloud is a better tool to help your Sales team to quickly unlock and analyse this data. Sales reps can access this data in the Cloud, without the need to directly access your accounting package or rely on the finance team to run reports.
1. Welcome new Customers, reward loyalty and know who stopped buying
Run the new Customer Card List report for a quick and simple tool to identify all:
- New Customers last month/week to send a Customer satisfaction survey
- Customers who have been active for X years to offer a loyalty bonus
- Customers who’s last Sales date was in a given date range (Stopped buying)
- Customers by Distribution channel or Type to send a targeted campaign
- Customers by State, Postcode or Country
2. Target Customers based on their buying history
Why not focus marketing campaigns based on products or product groups a customer has previously purchased?
Analyse the Sales History and output to Excel for creating an email campaign.
3. Improve Cross Selling by finding Customers who are yet to buy a product group
If you have complimentary products or replacement products, compare sales history to identify opportunities to cross sell to existing customers.
4. Focus on an individual Customer’s buying history
Track sales history weekly, monthly, quarterly or annually by product or product groups. Identify trends to respond to or gaps to fill.
BI4Cloud is the key that unlocks the historical data in your MYOB system. Because Bi4Cloud is founded on mobile and cloud technology it is available anywhere at anytime and liberates the valuable information contained in your MYOB data allowing your people to better understand your customer and supplier relationships and be equipped for better outcomes for everyone.