Did you know that your most valuable asset is your database? A lot of people think that it’s their bank account and because of this they don’t pay any mind to their database. The money in your bank is just a reflection of the work you’ve accomplished so far but it does not determine your tomorrow.

A wise entrepreneur should know that your most valuable asset is your database and not the money in your bank. What’s more important is the information you have about your customers as this will lead to business growth and eventually generate more money channeled to your bank. Having knowledge about your customer is one of the secrets to the success of any business.

Since your database is your most valued asset, it is very important for you to know the reasons that could be making your database useless in your business.

First: Don’t Just Have Numbers In Your Database         

 The numbers in your database are useless if you are not doing anything about them. Sure you may have 30,000 people in your database but if you’re not talking to all these people and communicating with them, then what’s the point? What you should do is to have a regular database cleansing and what I mean by that is making sure the pieces of information in your database are updated. Make sure their email addresses are current; their locations of business are updated and ensure that their mobile numbers are still active. An updated database is an asset you can sell to anybody at anytime so make sure you are regularly cleansing it and updating it.

Second: Talk To Your Community Outside Of Social Media

We know social media is one of the best grounds to get customers but remember; those social media platforms should not be your database. What you need to do is get those people off social media and into your database. These customers need to be opting in so you can send them relevant information about your products and services. Keep in mind that those likes and followers may not all want to do business with you. So you have to find a way to make them opt in.

 Third: When They Are In Your Database, Love Them

 Soon as you’ve successfully transferred them to your database, that’s the time you show them that you love them and care for them. Send them some love. Don’t just send them your product, talk to them, and build relationships with them. Let them know that you understand their pain and that you have a solution for them. Once they start trusting you everything else will follow. When your customers feel that you genuinely care for them they will really engage with you and build further relationships with you.

So you see, at some point business owners will decide to sell their business for whatever reason they may have. It is worth knowing that your desk, your chair and your computer are all going to be useless by then (due to depreciation of value). The only thing that will give you a good return and even more is your database and the systems and processes you’ve set up around your business. Now that is something you can definitely sell.