Data Driven: Beyond the Data
To do: Ask the founder or person who wears the brand story around what they are thinking and test new approaches to data and reporting where it makes sense.
At the end of the day, the leading brands combine advanced database marketing with a much larger team including many other resources to help define, organize and report on data. This is how success is being created in today's complex and fast-changing marketing environment.
Putting Your Resources to Work
Data resources can help drive marketing success by offering visibility of the upside different strategies offer. Let's look at a marketing plan that is set at 1,000,000 in circulation and will generate leads at 4.6 percent and then orders at 0.44 percent response rate from there.
The plan calls for 202 orders. Is it best to invest in increasing the response rate or the circulation quantity? Assuming the greatest number of orders is the objective, the charts below exhibit that there is a greater upside in an investment in a larger circulation (607 orders) than in strategies to increase the response rate (244 orders).
Data resources are a key part of any marketing strategy. Having the data team available as plans are developed is important to allow for all the complexities of today's marketing challenges to be addressed. It also is more efficient to be able to consider all the angles of a marketing plan in a single session, where possible.
Geoff Wolf is executive vice president of client strategy at the Mission, Kan. direct marketing agency J. Schmid & Associates. Reach him at email@example.com.