By: Thomas E. Smith (firstname.lastname@example.org)
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This is a popular marketing quote, by John Wanamaker, a retail and advertising pioneer and it represents the ongoing conundrum for marketing professionals. “How do I best spend my advertising dollars to maximize the success of my business?” The question has grown ever more complex in the omni-channel, disinter mediated, digital world in which we all now must execute. The question now applies not only to “traditional” advertising but across all the media and channels competing for your ad spend; direct marketing (direct mail and email), social media, display, paid and organic search, websites, blogs, etc. This white paper will focus on the very simple question of “How do I find more new Customers for my business (or contributors for my cause)?” We will focus on modern acquisition modeling methodologies to accomplish this.
I first began using “data” when I moved from retail into manufacturing, supplying large retail brands like Lands’ End, LL Bean, J Crew and other catalog companies with their private label apparel. Clients began to share data, for decision making, via electronic data interchange (EDI). We projected demand curves, did inventory forecasting, and scheduled production in our factories. It was in the mid-nineties that EDI began to be exchanged via the internet and I began to run my first vendor managed inventory (VMI) programs becoming an integrated partner to my clients, relying on data to manage supply and demand according to a reliable demand curve forecast. We were truly partnering with brands and transcending the typically dysfunctional buyer-seller…
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