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Course Hero 17 - 2. Name five ways companies can use their...

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2. Name five ways companies can use their databases . In general, companies can use their databases in five ways: 1. To identify prospects – Many companies generate sales leads by advertising their product or service. The ads generally contain a response feature, such as a business reply card or toll- free phone number, and the company builds its database from customer responses. It sorts through the database to identify the best prospects, then contacts them by mail, phone, or personal call to try to convert them into customers. 2. To decide which customers should receive a particular offer – Companies are interested in selling, and cross-selling their products and services. Companies set up criteria describing the ideal target customer for a particular offer. Then they search their customer databases for those who most closely resemble the ideal type. By noting response rates, a company can improve its targeting precision over time. Following a sale, it can set up an automatic sequence of activities: One week later, send a thank you note; five weeks later, send a new
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This note was uploaded on 08/29/2011 for the course ECON 530 taught by Professor Smith during the Spring '11 term at Berklee.

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Course Hero 17 - 2. Name five ways companies can use their...

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