Two Paws Up for Collecting Data

Good bears get statisticsBuild-A-Bear Workshops Inc. plans to purchase its rival, United Kingdom-based Bear Factory, as reported in the April 5th edition of the Wall Street Journal.

One analyst states that this acquisition gives the franchise “an opportunity to build an unrivaled global brand.”

This information alone was not what caught my attention. What impressed me were the details regarding Build-A-Bear’s internal database and how it’s used to track customers.

“But Build-A-Bear’s database is high tech and filled with information about its young customers, including names, addresses, birth dates - even the names of their stuffed animals.”

They also map statistics by zip code, which reveals that approximately “25% of St. Louis households with children have one of its animals.”

Small and solo business owners should pay close attention to this type of detailing and attempt to duplicate it. Build-A-Bear’s statistical power helped it earn $10.6 million in 2005, an increase of 68% over 2004 revenue.

If collecting and using customer data to the best of one’s ability is good enough for a business created around building soft-and-cuddly keepsake items, it’s good enough for you.

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April 17, 2006 | Filed Under Customer Connections, Recent Entries, Surveys and Statistics 

Comments

2 Responses to “Two Paws Up for Collecting Data”

  1. Flora Morris Brown on April 21st, 2006 11:52 pm

    Many of us may collect data about our clients, but it’s how we use that data that matters. Thanks for sharing how Build-a-Bear Workshops has mastered this technique.

  2. Shirley George Frazier on April 22nd, 2006 12:38 am

    When I read this story, I believed it would be a good reminder to all of us to use our data in as many ways possible to contact clients on a regular basis.

    I’m hoping that more of us commit to this practice.

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