You call that targeted?
As an agency, we see many different approaches to marketing. Oddly enough, the most popular method is the traditional 'spray and pray' marketing often labeled 'targeted marketing'.
I would argue that sending a communication to a list of customers with not forethought to their preferences, value, demographics, location, etc is not targeted. Coincidentally, the amount of this type of marketing seems to increase as the economy turns south.
So it follows that there are two choices regarding targeted marketing methodologies:
- Accepting a low response rate and therefore working to increase your mailing list to get the desired increase in sales
- Working to increase your response rate (as well as many other metrics like: customer satisfaction, brand affinity, relevancy of communication, etc) by crafting the right message at the right time to the right customer
As you can likely infer, we lean more to the latter. If you have not picked up on our use of sarcasm while stating the obvious, we appologize.
We do realize that organizations default to the former method unconsciously as times get tough. However, we have the expertise and understanding to help you get back on track.
So herein exists a challenge, if we can't improve your marketing return through the employment of data driven targeting, you don't pay. Bold? We hope you think so, but we're confident.
Let us show you how to improve the best of campaigns.
Marketing Effectiveness
We had an increased number of calls regarding marketing effectiveness. I thought it might be worth while to spend a minute discussing the topic.
Marketing effectiveness or marketing performance measurement (MPM) is the measurement of business results given a specific marketing initiative. There are many statistical methods that may be employed to produce metrics like promotional lift or campaign ROI ( return on investment ). These metrics become common measures for the organization and can be used to build a "test and learn" marketing cycle. This cycle enables an organization to be more efficient with their marketing dollars.
There are many software tools that can be setup to do this type of analytics. We have experience with the full spectrum of tools in this space. From Cognos reporting to Xcelsius dashboards, we can help build a process for collecting, analyzing and reporting on your marketing spend.
Call us to discuss how we can help your organization become a performance driven marketing machine.