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.
Segmentation? Can you be more specific?
We don't normally share posts from other blogs, however this article resonated well with us.
http://b2bmarketingconfidential.blogspot.com/2009/10/segmenting-segmentation.html
Andy Hasselwander wrote a post regarding the word segmentation. It has to be one of the most over used buzz words in business today. We consider this one of those words users throw around when they are overwhelmed with customer data.
Andy does a good job outlining the process businesses should go through to define the type of segmentation they need. Additionally, he states the problems with trying to segment customers by every element (value, product, creative, promotion, channel, targeting) is impossible in one uber-model. However, who says you can only have one segmentation model?
Often we find that sophisticated customers need more than one model. The process for defining the model is the same. Yet different groups require a unique view of the customer base.
Kudos to Andy for a well written post and thoughtful view on segmentation.
Modeling and scoring
As our list of customers increase, we are seeing a diverse need for analytics. However, the methods employed are similar across industries and objectives.
One of our most popular services in modeling and scoring. Whether the methods are used in marketing, pharma, or research, it is the same.
Most recently we've helped a midsized company spend their marketing dollars more efficiently. Identifying customers that are similar to an organizations best customers. Once identified, the company focuses marketing dollars on potential and existing customers that exhibit those same qualities.
Give the return on investment, this is a no-brainer. It's cost effective and good for business. If you are in any of the industries listed above and could benefit from modeling and scoring, please give us the opportunity to provide value.