Data Can Instantly Increase The Value Of Your Business – Here’s How
How do you actually value an organisation in 2018? Cash, PNL, balance sheet, dividend, goodwill? They all play a part but there is a much bigger factor in the mere mortal world of small businesses… Data. In the last year, Avalanche has dealt with 4 company acquisitions and helped a few of our clients systemise themselves for an exit. The common denominator that determines the amount that we or the investor is willing to pay for the business is its database, and how engaged and nurtured it is. GDPR compliant data that experiences many regular touches from the organisation, is worth its weight in gold. The data and the deep data you have collected on your customers/prospects in return for giving them outstanding value is now seen as one of the largest and most valuable assets that you have. How you then manage your data and systemize it, will take you from a business where the investor has to worry about and tamper with the marketing, to a business who’s marketing machine is streamlined and works like clockwork. It also means that you are a business who takes detailed care in your customers experience and shows that you have the data insights to optimise it. We have heard many times that the way to large success during a business exit comes when the owner is no longer needed for business in order for it to generate revenue. What if we took that a step further and created a business that not just runs without the owner but also grows. Your business just became a true investment and its intrinsic value just went through the roof. I read a book a number of years ago called Guerrilla Marketing that changed my perspective on the customer journey and how many touches they need before they are ready to enter your sales cycle. This book and the practice put in place after reading it, enabled us to nurture data and stop burning prospects. Each of the businesses that used the idea saw a tremendous difference in engagement through their emails, SMS and follow up campaigns, all of which are very important to many of you. Here are some simple steps you can take to begin systemising your marketing and creating nurtured and engaged data for your business:
- Choose the right platform – There are plenty of CRM software systems and other wacky platforms out there but make sure consider the following:
- What applications does it integrate with? This is important because it will provide the extent at which you can systemise.
- Is it as much an automation platform as it is a CRM tool? This is crucial as systemisation is just as important as the data itself.