Quick, your VP of Sales has requested your team to send out a year-end email promotion to prior customers with certain characteristics.
A surprising number of companies could not pull off this simple request, at least within a reasonable turnaround time. Why? Because they still do not have a consistent method for managing customer data based on simple profiling characteristics.
While much larger organizations have hired data-mining agencies to compile predictive customer models based on Google search behavior and other valuable data, many other organizations at the small, mid- or division level couldn’t pull a simple list to execute an email campaign.
Clean, coherent data is a cornerstone for digital and relationship marketing. Yet it’s an afterthought for many marketing leaders. Why?
Part of the reason stems from a poor understanding of what data to capture and manage and its connection to return on investment. There is an unlimited number of possible data types to capture, but which ones are most valuable for targeting and predicting new revenue?
- Demographic – Age, income, gender, geography or other traits?
- Psychographic – Beliefs, attitudes or values?
- Behavioral – Search and social media activity? Distribution preference? Life triggers?
- Recency – Recent buying or customer service patterns?
Typically it’s a combination of these factors, but the key is understanding the mix for your organization in your industry. That level of understanding only comes from a concerted effort to develop a process for developing a strategy, testing hypotheses, and committing to ongoing learning.
“Big Data” - finding meaningful trends in the mass of data trails customers leave behind in their daily search, social and sales interactions - is a big opportunity, but many firms need to get their “Little Data” in order to harvest the low-hanging fruit that simple customer insights provide.
Mythology can help you develop your data strategy and implement an effective targeted marketing engine. Contact us; we’d love to hear from you!
Resolution #1: Clarify your differentiation
Resolution #2: Get your customer data act together
Resolution #3: Define and test compelling calls to action
Resolution #4: Build your digital marketing capacity
Resolution #5: Love and delight your current customers