Good Data Management Practices Business Impact
SBATX improves operating income by transforming data into a format that is uniform and easy to filter, summarize, edit, and update.
As a business owner, your most important data are likely to be leads and customers, and these are critical to initial and repeat sales. But other key areas can include your inventory, research, process documentation, cash-flow, quotes, sales orders, invoices, receipts, customer satisfaction, customer experience, and tax information. When any of these elements are missing or poorly organized, you lose time, money, and customer confidence.
Let SBATX handle these matters for you, and watch your sales and customer satisfaction level increase.
Paperless / Document Conversion
If you are still using paper records in file-cabinets, then you’re already losing money on a daily basis. According to The Paperless Project a business will lose about 7.5% of its records, each of which in turn costs about $122 to replace (or lose the customer completely). Even for the remaining files, daily time lost per file can jump up to about 20 minutes per file, especially when any remote transfer is required (such as fax, or copying). Even if you only have 100 files, that amounts to $1000 in replacement costs and over 8 full 40-hour weeks worth of wasted time.
Additionally, the cost per file cabinet and total square footage of your file cabinets is an unnecessary loss of money and usable space that could be put to much better use. You also have to be physically present to even use this system, which means those late night emergencies either require a drive back up to the office, or keeping a late-night staffer on-hand at all times, incurring yet more lost time and expense.
SBATX will take your old paper records and convert them into an electronic database that can be remotely accessed, eliminating travel time, lost records, wasted space, and the time spent retrieving and refiling records can be put to better use gaining new leads, vetting them, and making more sales.
Data Cleansing / Data Mining
According to Experian, on average, 22% of your customer records are inaccurate. How much money does that translate to? KissMetrics estimates that in a comparison between two otherwise identical companies, the one with cleaner data can generate up to 70% more revenue than the one with poor data quality. Meaning, if your business generates $100,000 per year with bad data, it could be generating about $170,000 per year with clean data.
This is in addition to the time lost calling bad numbers, the shipping costs, product costs, and customer dissatisfaction incurred when shipping your products to a wrong address, Those costs come to about 12% of your revenue, so that $100,000 you saw earlier would drop to about $88,000 after dealing with the financial penalties resulting from bad data. You’re also looking at about 28% increase in dissatisfied customers, and a 21% chance of damage to your company’s overall reputation.
SBATX uses a combination of audits at the point of data capture, software and manual checks against the data, implementing regular update procedures, and proactive approaches to ensure data collection in the future is more accurate, which leads to less loss of time and money, more incoming revenue, happier customer, and additional sales.
Customer Relationship Management (CRM)
A good interface is almost as critical as good data. If you, your employees, your leads, or your customers have to struggle with your system, it not only reflects poorly upon your business externally, it costs you time that could be spent making another sale. According to both Forbes and Salesforce, a good CRM system can increase your sales by up to 29%, your productivity by 34%, and your forecast accuracy by 42%. How would it sound if your $100,000 a year business generated an extra $29,000 in sales, executed fully 1/3 faster, and you could predict future sales by almost half again as much?
CRM accomplishes this through a combination of standardizing records that cross-reference one another, providing at-a-glance analysis and reporting, and allowing for easy filtering, sorting, and lookups of lead and customer information, inventory, quotes, sales orders, invoices, receipts, and more.
SBATX can provide you with a fully customized, simple, easy-to-use interface that works in tandem with your other applications. In addition to that, we will conduct repeated training sessions to ensure that your employees know how to use it to its full potential. Let us take on your CRM needs so that you can focus on that extra 29% worth of sales.
Customer Satisfaction and Customer Experience Surveys
Just because a customer comes back doesn’t necessarily mean they were satisfied, or that their experience was up to their expectations. And, unless you have an outrageous marketing budget, your primary method of gaining new customers is by word of mouth. What does an unsatisfied customer who returns to your business tell their friends and family that they don’t tell you? According to Forrester, 45% of customers will abandon their purchase if they cannot get a quick answer to their question. 66% of customers say the most important thing a company can do is value their time. 33% value knowledge and experience instead. There are countless other factors, and none of which you can do anything about unless the expectations and satisfaction level of your customer base is being measured.
A happy customer doesn’t just mean repeat business, it means an increased customer base via word of mouth, online posting in social media, and referrals.
SBATX will survey and assess your customers’ levels of satisfaction, their overall experience, how they feel it could be improved, and whether they are likely to promote your business to others (known as a Net Promoter Score), and you can use that information to increase your sales.