By: Fred Milman (firstname.lastname@example.org)
Many marketers are so focused on the use of today’s technology that sometimes looking back at the marketing basics will awaken some dormant ideas. The following are meant to be reminders of some techniques you may have lost sight of or simply do not have the band width to entertain. If after reading this you have questions or you think you might want to try some the techniques, we at Anchor are ready to help.
Some survival ideas
- Use all touch points with prospects during the acquisition process to ask for the prospect’s e-mail address. Having the e-mail address enables you to increase your marketing communications ability with little incremental cost and big potential for future sales.
- If you are thinking of using predictive response models during the new customer acquisition process, be sure you understand the potential impact the use of the model will have on the “back end” of the selling process. There is often a reverse correlation between initial response and subsequent sales. Meaning that customers with the highest response rates often are the worst subsequent buyers and vise- versa.
- Consider using a 3-tiered modeling strategy – develop a response model, develop a “back-end” subsequent sales model and then combine the two models to get a contribution model. The model will predict which prospects have the highest probability of attaining the best Life time Value.
- There are many forms of predictive models. Be certain you know what the marketing applications are and what you are trying to accomplish before undertaking any modeling project.
- Think about using product offer models to maximize cross-selling and up-selling efforts to existing customers or cohort groups of customers.
- The more relevant you can be to your customers the more success you’ll have in maintaining a good long term relationship with your customers. To help enable you, consider developing a customized strategic segmentation scheme that will group your customers into homogenous groups where each group’s constituents are similar in terms of demographics, lifestyles, psychographics and attitudes and very different from the other groups. You can then communicate relevant product offers and develop communication executions for each group. No longer use a “one size fits all” marketing approach but rather an approach that recognizes who your customers are and what their needs, wants and desires are.
- You can no longer wait for potential customers to find your web site by solely relying on SEO and SEM. Employ other media channels to drive traffic. Everything from broadcast media to direct mail should be considered with pro-forma economic models to determine the fiscal viability.
Stay tuned ….. More to come…….machine learning to target the right consumers at the correct stage in the buyer’s journey, or they are missing opportunities.