We can provide professional consultation and strategic reporting based on our years of direct marketing experience in both the US and Canada. We can assist you with increasing your primary strategic successes while creating new ones that perhaps may have not been previously considered.
We welcome the chance to speak with you to discuss your needs in order that we might offer our assistance in creating solutions coupled with new doors of opportunity.
Some areas of expertise and assistance that could be provided include:
Response Analysis connects customer purchase and other transactions with the marketing efforts that have been previously undertaken to acquire them. Businesses today face an increasing number of challenges in evaluating effectiveness of various marketing strategies based upon the multi-channel touch points that exist for customer and potential customer contact. A direct mail, e-mail, or other outbound marketing promotion may produce a variety of methods of response. These may include a mail reply device, a phone call, an e-mail, or a website visit. Often times the preparation taken to track the source of these incoming transactions so that they can be tied back to the marketing effort that initiated them does not prove successful.
Further, the individual person to whom the marketing communication was sent may not always be the one that responds to the offer. At times, B2B marketers may face this challenge more frequently based on employment and staff assignment changes within an organization combined with the longer sales cycles that often exist. These situations add to the complexity of marketing effort evaluations and tracking mechanisms. One approach to recapturing this loss of information is to perform a backend Response Analysis. Purchase, inquiry, and other transactions can be matched back to the various outbound efforts that have taken place within a particular period of time enabling identification and linkage of what might otherwise be disparate items of information. This sets the stage for corporate decision makers to better evaluate the success or failure of sales and marketing efforts creating greater opportunity for overall increases in shareholder value.
Customer and Donor Profile Analysis
The old 80/20 Rule is still applicable today. That is, 20% of the customers/donors typically produce 80% of the sales/donations and the identification of these and other customer segments may also identify what may otherwise be hidden opportunities. For most organizations, repeat and increased sales to existing customers are more profitable than having to source new prospects sales. The total aggregate value of customer sales are higher and the cost of producing those sales is lower.
We can help you identify the prime targets within your customer/donor database by analyzing and creating segments which represent the best, the middle, and the lowest returns. Next, we can help you to apply what is learned to recommend strategic programs to increase sales/donations from these segments. What is learned can also be applied to finding prospects which best model the demographics and behaviors exhibited by these top performing segments.
Product Affinity Studies
The goal of a Product Affinity Study is to identify opportunities for new product marketing through both existing channels and through channels that perhaps break from traditional mass marketing approaches. In today’s global e-commerce world, opportunities for organizations to team together to attract customers with particular similar interests can often lead to a much more cost effective acquisition than each operating independently to broadcast the same message to the same audience.
By examining the product and/or service purchase histories of existing customers, new products or services may be identified that may not currently be offered or that may not have been previously identified as a cross-sell opportunity. Real business benefits may include the ability to establish multi-product promotions, better evaluation of customer response, measurement of shifts in customer buying habits of promoted products, or more closely identifying fluctuations in product or service sales initiatives.
Customer Segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on. Using segmentation allows companies to target groups effectively, and allocate marketing resources to best effect. According to an article by Jill Griffin for Cisco Systems, traditional segmentation focuses on identifying customer groups based on demographics and attributes such as attitude and psychological profiles. Value-based segmentation, on the other hand, looks at groups of customers in terms of the revenue they generate and the costs of establishing and maintaining relationships with them.
Customer segmentation procedures include: deciding what data will be collected and how it will be gathered; collecting data and integrating data from various sources; developing methods of data analysis for segmentation; establishing effective communication among relevant business units (such as marketing and customer service) about the segmentation; and implementing applications to effectively deal with the data and respond to the information it provides.
Market Penetration Analysis
Market Penetration Analysis begins with examining your existing customers, be they individuals or businesses, in order to effectively identify the their profile and makeup. Once properly identified, they can be compared to national databases in order to determine how many similar prospects remain in that particular universe.
With this information in hand, businesses can make more informed and more objective decisions related to opportunities available to find new customers. By seeking consumer and business prospects with characteristics similar to your best customers, you can in turn develop more relevant communications and offers that in turn will yield higher response rates and increased revenues.
Lifetime Value Studies
Today more businesses have begun to use Lifetime Value as a means of predicting the success or failure of new marketing strategies before making a full commitment of investment dollars or as a means of determining the real value of their most prized asset, their customers. In the past, a simple ROI (Return on Investment) formula may have been used to assess the immediate return on a given marketing sales promotion.
With the implementation of a database marketing strategy, B2B and B2C marketers alike are able to consider more factors and project profits over a series of years, rather than just looking at the immediate return from a single campaign. Lifetime Value calculations and analysis has proven to be a more sophisticated means of measurement because such factors as retention rates, referral rates, and long term spending rates can be evaluated as opposed to just the response and return of a single promotion.
The success of marketing efforts can be judged by the ability to retain and increase the loyalty and spending rate of existing customers, identify cross sell opportunities, creation of customer referral incentives, and create a learning laboratory for finding prospects which model your best customer segments.
For more information about Satio Solutions Data and Professional services, click here or you may contact us by telephone at 866-717-2846 or 817-375-8822, or send an email to firstname.lastname@example.org.