One to One Marketing
Even with the advances we have seen in recent years which offer businesses many more resources for acquiring and managing customer data faster and in greater volumes than ever before, it remains vitally important for businesses to properly analyze and make use of that information in order to develop a greater understanding of their existing customers.
In this fast paced e-commerce world, customers of today have a significantly greater number of competitive options available to them which in turn creates additional competitors for businesses to sustain market share and creates a need to shift away from the mass marketing approach to one-to-one marketing.
This shift requires that businesses examine their existing customer relationships and buying patterns from a new perspective. Creating offers that are more directly tied to the products or services your customer or potential customers are most interested in turn creates a positive business relationship and ensures your most valued customers remain loyal and active. It is a known fact that it is far less expensive to retain existing customers than it is to find and establish relationships with new ones. One-to-One marketing serves to encourage loyal customers to buy more, recommend your company to friends and colleagues, and otherwise sustain the business relationship you have worked so hard to develop.
The key to a successful one-to-one marketing approach must start with a focus on data quality. This means not only the volume of data that is being collected and managed but the accuracy of it as well. To be effective, both B2B and B2C marketers alike, must send the right message at the right time to the right audience. Further, B2B marketers must also be sensitive to the decision tree that is so common in corporate purchasing decisions today. In addition to assuring accurate contact, professional title, company, division, and delivery address information it is also important to accurately record and make use of previous buying history, product usage, customer service interactions, and other marketing intelligence in order enhance the marketing communication experience for the customer.
Targeted and effective one-to-one marketing communication programs are ultimately measured by the response and sales that they produce. To aid this desired goal, a successful marketing communication program starts with good quality customer or prospective customer sets of data. This quality is not only measured in depth but also in terms of its overall accuracy. Businesses need to focus on data that will help guide them with effective decisions. These include but are not limited to items such as:
- Which customers are most valuable to the organization?
- What information, products, or services are those most interested in?
- What types of messages have they historically responded to?
- What business or lifestyle events have recently occurred that make them more likely to respond?
Data accuracy is also a key component to the overall success of a targeted marketing communication program. If data is inaccurate or inconsistent, businesses run the risk of sending the wrong message to the wrong audience. This is detrimental to all marketers but especially for those focused on B2B based marketing programs driven by the fact that these usually have longer sales cycles and thus higher costs related to concluding the sales process.
Building, maintaining, analyzing, and otherwise operating an effective one-to-one marketing program requires a dedicated investment by all those responsible for maintaining it including senior management support. In turn, businesses are rewarded with a viable, flexible, and cost effective means of not only sustaining existing customer relationships but creating a learning laboratory for finding new ones.
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