In the rush to attract a tonne of new clients, business owners are failing to look in their own backyard and access the true potential of their existing databases.

I was recently chatting to a magazine editor who had just sent out an email asking for magazine subscriptions. This one campaign generated tens of thousands of dollars!

Majority of business owners literally have a database under their nose of previous clients and prospective clients that for whatever reason, are no longer being promoted too. This equates to a waste of money on database acquisition strategies that aren't followed up on.

So how do you make the most out of your existing database and ensure that it is consistently bringing you in a stream of income?

Let's take a look;

Build Loyalty

Database loyalty is one of the most under utilised strategies around. Building database loyalty in this day and age is easy, with results easily trackable via email campaigns. The regular email campaigns to your existing database will typically consist of 70% value adding information and the other 30% adverts promoting specific products and services. The valued added percentage may incorporate, free downloads, articles, hints and tips and special offers.

What you need to realise is that your database may not be ready to purchase from you right now but they may want to purchase from you in 12 months time. By regularly staying in contact with them via email campaigns, you not only build loyalty, you also build a regular income from your email campaigns and start to see a return on investment from your website and online strategies.

Database Evolutionary Process

Have you ever mapped out the evoloutionary process of your customers? This can be an incredibly enlightening task in which you may create new products and services that see a dramatic boost in your income over night.

For example, take a wedding photographer. Their customer goes through many evoloutions through their lifetime, they get married and then a year or so later have kids. This is a prime opportunity to sell them family portraits whilst they are in their evoloutionary process.

By predicting the future needs of your database, you will be able to target your advertising to them at appropriate times when they are more receptive to respond to it. You may also find that what you thought your current needs of your database were, may be completely different to what they truly are.

Growing Your Database

One of Melbourne's leading property developers recently discovered that 60% of their clients came from referrals. Which bids the question, how are you encouraging your existing database to refer more clients to you and even your website?

Encourage referrals by running regular monthly competitions giving away a prize to the person who refers the most clients to your business. You will find that not everyone refers you straight away, but all you are really looking for is the one connector or influencer that will send it to their entire email address book in one click of a mouse.

This will not only present you with new leads, you will also get to give back to your database and say thank you to them for staying loyal.

Have you got any other ideas on how to extract value out of your existing database?

Hit "Comment" and share them with us today!

Ben Angel

P.S. If you are in Melbourne, remember to book in to this months networking event.... :-)