Fortunately, today's sophisticated marketers can take advantage of robust new resources like geodemographic and lifestyle segmentation to help them zero in on their targets for increased conversion rates and greater profitability.
A best practice for segmenting microbusiness files now incorporates a sophisticated household segmentation system and a comprehensive contact strategy with business firmographic data and consumer demographic data. With nearly pinpoint accuracy, marketers now can determine who their best prospects are by knowing how they will likely respond to an offer, exactly where they live are, and the best method and time to contact them.
Marketers must capitalize on new ways to make their marketing messages stand out. An effective marketing strategy must engage small-business owners with a relevant message precisely tailored for their consumption that will motivate them to respond. However, true one-to-one marketing is possible only when marketers are able to discern critical key characteristics. With this knowledge, they can efficiently acquire prospects, better understand and retain their customers, identify cross-sell/upsell opportunities, reduce churn, and increase overall lifetime value.
Denise Hopkins is the vice president of product marketing and development for Experian Marketing Services. She can be reached at denise2@experian.com.
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