In most industries, the vital customer data that is generated each day is viewed as the "vein of gold" that can be mined for insights and knowledge, and that can drive growth and future success. Heck, Amazon PERFECTED the science (and art) of leveraging every last vestige of data to predict and recommend what their customers want, and to offer the next best purchase based upon their desires and needs. No one has done it better. Of course, there are thousands of other obvious examples (Facebook, Google, Apple, Microsoft, etc., with Nike now trying to get into that game). In this industry, all too often data is not looked upon with the value it deserves. That is puzzling for many reasons.
RECOGNIZE THE VALUE OF THE DATA YOU WILL BE GENERATING
In the last year alone I've had numerous discussions with hundreds (if not thousands) of prospects, clients, vendor reps and others on the subject of DATA. My observation is this:
CUSTOMER DATA IS THE MOST UNDER-VALUED ASSET YOUR COMPANY HAS.
I've heard comments such as, "Capturing and managing my data is too complex. And I don't even know what to do with it anyway." And this one that I just got last week..."I thought it was illegal to email a customer who purchased in an online store." By the way, it's not. And one more..."Oh that? I just don't care. I've got too many other things to worry about." Just damn!
Let's begin with the most fundamental question. Who owns your relationship with your Customers? Don't dismiss the superficiality of the question. So when you engage and sell a Customer who forks over $197.50 to buy what you're selling, who is responsible for servicing, delivering, and ensuring they are completely satisfied? Is it the vendor whose product you sold to them? Is it the online platform you used to set-up your online store? Is it one individual member of your team? Or is it the entire culmination of YOU and your business?
Next question. Who owns the ensuing Customer data your Customers share when doing business with you? Contact information, email addresses, mobile numbers, their shopping cart mix, total purchase value, lifetime value of your relationship with them (how much they've spent with you over time), brands they've purchased and for whom, referrals they've made, and numerous other metrics that are common with Customer Data Analytics? And more importantly, what are you doing to gather it, use it and protect it with your life?
Customer and Transactional data (what people buy from you) is fast becoming THE most valuable asset any company generates. And it could be THE most sought-after currency you possess, today and in the future. Unfortunately, there are companies who want to partner with you just to get access to your data. They partner with you so they can grab everything--your client lists, key contact info, and of course all of the vital customer information you have. All while charging you exhorbitant fees to use their services. Then they package the data, sell it to various entities (especially the vendors) for large sums of money, and in some cases even provide direct, "real-time"access to your data to the vendors. They are monetizing their clients' data without their knowledge or consent, and making a lot of money doing so. This is a crazy way to do business.
CUSTOMER DATA CAN HELP YOU BUILD ADVOCATES
The TUO team has an entirely different philosophy. Your data is just that--YOURS! So instead of packaging it and selling it (we do get offers to do so several times each week), we believe it's OUR job to help YOU monetize that which is yours. So how can we help you do that? Here are a few examples, but this is just the tip of the iceberg:
CUSTOMER DATA THAT IS EASY TO ACCESS
The TUO platform makes it easy for you to capture, store and easily download a complete record of EVERY customer's contact information. In turn, this data can be used for a variety of re-marketing efforts, including:
1. Setting up new Online Stores for your customers to shop. You can even create a "roster-driven" store with this information and invite each individual customer to come back to purchase from you;
2. Set-up an ongoing Customer Contact email campaign using the exported Customer Data. This will keep your customers informed on what's new and exciting at your business.
3. Invite each to opt-in to join a Loyalty Program to receive discounts for the purchases they make with you over time.
DEALER-WIDE REPORTING AND ANALYSIS
TUO is the only solution that provides easy access to historical data across all stores. Say you have an important review meeting with a long-standing client. You can easily access Dealer-wide Reports to determine a variety of insights of the online stores you've set-up for this client. There is no limit to what you might do with the data available to you across all of your online stores.
NEGOTIATE WITH DATA
If you've been doing online stores for awhile, one of the best practices is to review your sales by vendor. Then the next time you sit down with your vendor rep., show and share how your sales of increased and leverage the data to negotiate better terms. Data = Knowledge = Proof and there is no better way to negotiate than using empirical data!
ORGANIZE / JOIN THE FAST-GROWING COMMUNITY OF USERS
Buying groups, vendors and the other "peripheral" stakeholders in this industry are desperate for data. So much so that they are now forking over big bucks to those companies who process data. Almost 100% of the time that is without the knowledge or consent of the "owner" of the data as we've clearly demonstrated above.
Not TUO! We abjectly refuse to play this game. Instead, the opportunity exists for the fast-growing community of TUO users to band together to amass the aggregated data they have, and to organize and leverage their collective data. Imagine the power a group of (say) 200 - 300 Dealer users could command if they banded together and agreed to organize and share their collective data gathered over the years of selling online. To put it all into perspective, a group of cooperative TUO users would make the largest Buying Groups look small.
Interested? Would you like to explore this idea? Give us a call and we can discuss: 888-428-5188.