It’s just a database!

Boy, if I had a nickel for every time I heard that comment! It’s just a database, c’mon Ken, what’s the big deal? Well, I’ll tell you what the big deal is – your database is by far your companies most valuable business asset.  Oh sure, you might have lots of stuff in your company, computers, vehicles, office supplies, inventory, gadgets, widgets, stuff, stuff, and more stuff but NONE of it has value like your database. Think about it for a second. If you were to invite your accountant to go through your company’s stuff and assign a dollar value to it based on what it would sell for at an auction, they would come up with a figure that would more than likely represent a small fraction of what you paid for it initially. Maybe fifty cents on the dollar? Maybe more, maybe less.

Now, let’s talk about your living, breathing, ever expanding database of contacts that you’ve been keeping track of, and staying in touch with over the years. This database represents your customers, your prospects, your suspects, your vendors, your referral sources, your media contacts, absolutely everyone you’ve come in contact with during the course of your business life time. Not only does this database contain the “who’s who” of your company’s existance, but it also contains the notes and histories of all the interactions of days gone by. Details of phone calls, meetings, buying habits, lead sources, measurable outcomes of marketing campaigns, relationships, and more, all packaged together in a nice and neat data repository we call a database. Now, put this bad boy on the market and offer it up to somebody who is interested in buying a business like yours and see if you get their attention! As they say in the auction business, let the bidding begin!

One last thought. If you are at all concerned about the current state of your database, or your thinking that what I described above is a bit of a stretch from where things are for your company today, then maybe we can help. It’s one of the things we happen to be very good at here at True North Partners, so if you would like to talk with us further about how we might be able to help you build and develop your company’s most valuable asset, click here and give us a call. We look forward to talking with you.

Related posts:

1. Have you hugged your database lately?
2. Database or Rolodex?