Previously, we discussed how to find opportunities to sell more to current customers. Now, we’re going to take it one step further by showing you how gaining detailed insights into your customers’ needs can give you a huge advantage over the competition.
Leverage insights: Data is your friend, but Insights create advantage
A Minneapolis man walked into a Target store demanding to see the store manager. His daughter had received coupons in mail for baby items. This man, quite reasonably, was upset that his high-school-age daughter had received these coupons. He was wondering if Target was encouraging his daughter to get pregnant. The store manager, who couldn’t really understand why Target would send those coupons, apologized to the father. After a few days, the store manager, out of courtesy, called to apologize again. However, this time the dad apologized in return, saying that he hadn’t known his daughter was pregnant.
You may have heard this story of Target finding out about a teen girl’s pregnancy before her family knew. How did it happen? Target had identified certain products which, when purchased together, indicated that a woman was likely pregnant. Pregnancy is such an important phase in a woman’s life — a time when many new habits are formed — and Target saw this as an opportunity to be right on customers’ minds for any pregnancy or baby-related shopping items. The goal was to delight customers in the moment and in a critical phase of their life — what an incredible differentiation opportunity!
That is the power of signals. Data by itself isn’t powerful, but when you can pick up on signals from your existing customers, it becomes a strategic differentiator.
Think of how much better your sales conversations will go if you can tell and teach your customers something immensely and deeply meaningful — something that they couldn’t easily find elsewhere. How will your sales conversations go when your insights make customers’ jaws drop?
Here’s an example: Imagine that the plumber who installed your water heater calls you and says, “Your water heater is leaking, and I’m concerned that if it’s not fixed soon enough, you might get mold in your basement.”
If it was me, my first reaction would be, “What the heck? How do you know?” But I would be concerned enough to go downstairs and check the water heater. And if the plumber was correct, and the water heater was indeed leaking, my next reaction would be to ask the plumber, “How quickly can you get here?” And the plumber gets a new sale from an existing customer, with no competition.
Mapping real-time intelligence on your customer journey map allows you to change your customers’ experience, retain them longer, and sell more. Today, it’s not only the Targets of the world that get to benefit from deep data insights. You can, too, if you can find the right solution.
Your task is to imagine such moments and add those to your account opportunity map, which is already marked with your potential offerings. Write down which insights, if available, could help you discover moments that would put your customers in a buying mindset for your offerings.
To quickly summarize, we propose this three-step plan for getting more business from your existing customers:
Understand lay of the land and build an opportunity map for your current client base.
Look at your customers’ journeys to see where additional products or services from your company could help them.
Use real-time data insights from available sources, so you can give your customers just what they need right when they need it.
We can help you find the data sources that will enable you to identify those crucial moments. With over 1,200 signals, see what BuzzBoard can do for you! Not sure? Give us a shout at firstname.lastname@example.org.
– Gaurav Dhy, Director of Customer Success, BuzzBoard