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ANALYTICS SUMMARY
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Increased campaign
profitability is one of the major benefits you can expect by
thoroughly analysing your data and then applying your findings
to targeting and offer creation. This insight will take you
beyond database marketing to 1-2-1 tailored communications driven
by each individual's interests and behaviour.
Informed customer investment
Knowing who are the
more profitable and responsive customers on which to focus your
marketing spend will drive more sales at lower cost and hence
increase marketing return on investment - ROI. For instance,
rather than regularly selecting large blocks of customers that
have purchased a specific product or service, you can segment
these blocks on a number of factors including profitability
and propensity to respond.
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Targeting
these segments enables you to apportion your marketing
spend more appropriately - more on the better prospects
and less on those that may not add significant value
to your bottom line.
More focused marketing
By segmenting
your database it is possible to target your offerings
to better meet the needs and interests of your customers
and prospects. You can examine survey responses and
purchase or trading history, and group individuals sharing
similar characteristics.
These segments
can then be marketed to by email, direct mail or telemarketing
- using your data to: a) determine which is the more
appropriate channel, and b) to analyse the effect of
varying offer combinations and approaches.
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Use geographic mapping and drive-times
to further
increase customer understanding.
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Exploit cross sell and up-sell
opportunities
Take a group of individuals
who have purchased product X. Another who purchased product
Y. And a third group that purchased product Z. Wouldn't you
like to know how the profiles of each group compare with one
another, and then how they compare to a fourth group of people
who have purchased all three products. Data analysis will enable
you to do this and then locate other individuals across your
database that share the same profiles. Armed with this knowledge
you can target the prospects with a higher propensity to buy
additional products (cross-sell). And, if you include their
purchase values in your analysis, you will be able to use profiling
to target those prospects more likely to increase the value
of the purchases they make (up-sell).
New customer acquisition (recruitment)
Once you understand
the characteristics of your most profitable and loyal customers,
it is far easier for you to locate more of the same at the lowest
possible cost. Consider that recruiting a new customer typically
costs between five and twenty times the cost to retain one,
and you will quickly see the sense in not only maintaining a
loyalty strategy but also in targeting your acquisition campaigns
towards prospects sharing similar profiles of your better customers.
Product development (bundles, offers,
new products)
By really understanding
your customers and the combinations of products they buy, in
which order they buy them, how much they spend on their first,
second and subsequent orders, when they buy, which types of
offer makes them respond, where they show interest, etc., will
enable you to put together more appropriate and probably more
profitable product offerings. You can also develop and test
new products or services that meet the needs of that particular
group of customers and also create more appeal amongst other
segments.
To grasp these benefits
and apply your marketing investment more intelligently necessitates
not only the correctly derived analytical findings but also
the right approach to turn them into marketing action. Otherwise
the only result you will have to show for your analytical investment
will be statistics and reports - no increased profits!
Call us on 01733
890790
or
click
here
to outline your needs
Click here
to see how to analyse your data
with the Targeting Workbench
Technologies4Targeting
Ltd., Geneva House, 3 Park Road, Peterborough. PE1 2UX. United
Kingdom
Tel: +44 (0) 1733 890790 Fax: +44 (0)1733
890799 Web: www.technologies4targeting.co.uk Email:
info@tech4t.co.uk
Tech4T also partner with marketing
and IT service providers to deliver data-driven solutions to
their clients
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