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    Do You Own Data? by Carey Smith

    There has been a lot of talk about data and a data base.  How do you value the use of data and what is the return on an actual database? 

    There are three levels of databases. Those that have a non-contact component which are generally subscriber based e-mail databases; the next is a part-contact database which involves being able to phone individuals; and the third is a full-contact database which are people that are known one-on-one and their history is also available to recall. 

    A non-contact database is generally quite big.  It works on a percentage return of about 3%.  So if you send out 100 e-newsletters you may get an enquiry back from 3 people if they are interested in the product or service that you offer.  

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    The part-contact database is generally one that may be used by a telemarketer who makes contact directly to try and get an appointment with a potential prospect.  The return on appointment is generally between 6% and 8%.

    The third database is a full-contact database.  This is one where you meet people face-to-face and can generate a return of 30%. 

    There is a lot of fear around data – who owns it, how it is used and who is potentially making money from it.  The only database worth having is people you know.  The best sales tool that is available in the market is trust.  The value of face-to-face can be 30% higher than a non-contact database which is generally used to sell a product. 

    If you are in the service industry the only database worth having is one that you connect with.

     

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    One Response to “Do You Own Data? by Carey Smith”

    1. Steve says:

      Good advise thanks Carey. A database that you haven’t talked to but eventually do talk to as your business goes from strength to strength is also useful methinks. Not perfect, but useful in terms of planning and goal setting.

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