Let your customer data guide your marketing efforts
One major advantage of data-driven marketing is that we can separate prospect marketing and customer marketing—creating distinct campaigns with different messages and different offers. Once you have good insight on your current customers, you can build campaigns that will either bring in new customers or cross-sell/up-sell existing customers.
Let’s start with customer marketing—cross-sell, up-sell and retention marketing. These efforts are focused on getting the most out of customers who are already engaged with your brand so they buy more often and spend more money. The first step when developing this type of campaign is to know what products your customers purchase together, how often they buy and how happy they are with the products and services they are purchasing. Once you understand these elements you can develop a multi-channel/multi-touch campaign to promote additional products/services. The key to developing this process is to gear the campaigns by channel, creative and touch point around the specific customer rather than the larger customer base.
“Well, how do I do that?”
It’s easy; now you can promote a specific product to a specific audience rather than a general message to the whole audience. For example, if you know that people who tend to buy organic hand soap from you also tend to buy organic hand lotion, then develop a campaign to all purchasers of organic hand soap to promote the organic hand lotion. This will promote a specific action from the consumer rather than a general message promoting several products. This goes for sales as well. The message of 15% off your next purchase may have been effective in the past but if you gear that offer to a specific item, you are more likely to get an engagement from a specific customer.
Switching gears for a moment; an electronics retailer has been offering customers 15% off on their next purchase over $100. A good offer, but if he can focus that message on a specific audience, based on an analysis of purchases, he can get more action from his customers. By tweaking the message to 15% off a 40” LED flat screen TV, he is promoting a specific action rather than a general one.
Now let’s focus on finding new prospects for the electronics dealer. When approaching a prospective buyer who may or may not have heard of the company, we want to warm them up to the sale. This approach is a more developed initiative that focuses on a general or semi-specific message but is conveyed across multiple channels and has a phased and timed approach.
For example, when approaching an existing customer who brings in physical coupons they receive in the mail, the best channel may be direct mail. But how do you choose what channel(s) to use for a prospective customer? The short answer is—don’t choose, utilize them all. Direct mail, email and digital ads yield different response rates and appeal to different people.
The easiest way to determine what channel mix is best is to test and gather data so the next time you can refine your prospect marketing efforts and eventually have a well-oiled machine operating in the background.
Virtual DBS, Inc. provides best-in-class database marketing tools and services including predictive analytics, marketing data, data hygiene and digital advertising. With products and services delivered in the cloud, omni-channel marketers have access to some of the most comprehensive B2B, B2C and Specialty databases available.