A database is a collection of data arranged for quick and easy searching and retrieval. There are various types of databases used for all aspects of life. With it, you can keep track of everything from your shoe and bag collection, to your contacts and inventory for your business.
The world of business relies on databases 24 hours a day, 7 days a week. You can use it for inventory; order processing, payroll, accounting, shipping and routing. It keeps a business functioning.
The data on a database are usually classified according to categories - which makes accessing for relevant data so quick. Useless sifting through unqualified information is eliminated. Some of the usual information listed on a database are:
Client's name and address
Complete purchase history
Purchase ability, income assets, credit cards
Customer service calls, complaints, returns
Responsiveness to direct mail, telephone marketing, buyer's clubs
Results of customer surveys
Demographics, psychographics, geographical location
Media preferences
Therefore, you can click on a category, say "people ages 21-40" and a corresponding list will show up showing only the category stated.
Here is a short list of other uses for a database:
Helps make products and services tailored to customer preferences. Since a database shows preferences of clients, it is therefore easier to come up with products to fit the need and want of a client. By looking at a list of things which several clients have purchased, you, as the business owner, can tell which of your products appeal to the most number of people, and which of your items you can reconsider either for phase-out or for tweaking. Knowing that a particular item or service is popular, you can beef up stocks or offer a partner-product to a popular item. For example, if you have sold a lot of Frizz-control Shampoo, then you may consider offering Frizz-control Conditioner, too. Consider it as some sort of inside information into the purchasing preferences of your clients. You therefore decrease possible loss and gain enough clues to know where you will make a killing at the cash registers.
You can come up with marketing programs geared towards a particular market. This is probably one of the best benefits of having a database- indicating a client's demographics, psychographics and geographical location. You are now able to know how many of your clients reside within your target area, how many fall under a particular social class - with corresponding data on their ability to purchase, and what sort of psychological factors affect their buying habits (like preference for books on celebrities, rather than business-related books). This data gives direction for your marketing campaign, therefore eliminating wastage of resources, time, money and effort on non-targeted marketing.
Gives you an idea as to the type of customer service you should give. Since your database provides information also about past customer complaints, service calls and item returns, you now have an idea of what sort of customer service a particular group of people (even just a lone client) want. Providing a great customer experience is what having run well databases can offer. A better customer experience equals more orders and greater sales.
Using your databases correctly can make a huge difference to your business, it allows everyone in your business to be on the same page and it also makes sure that you are on top of your business at all times.
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