I've worked on privacy issues for 20 years, but I never imagined the phenomenon or the privacy implications of social networking. Twenty years ago, businesses, which were driven by consumer information and consumer advocates alike, characterized consumers as fiercely protective of their privacy.
The Taylor Institute for Direct Marketing, part of University of Akron in Ohio, has selected Gary Laben, CEO of data and information services provider KnowledgeBase Marketing, as the 2009 recipient of its four-year-old Direct Marketer of the Year Award.
In the 1990s, the Direct Marketing Association ran a campaign called "Do The Right Thing" focused on getting marketers to follow industry guidelines and best practices. "Do The Right Thing" is the title of the association's expanded FAQs on its Ethical Guidelines. But what would happen if we actually took this tagline to heart?
The more you know about your customers, the better you can target them with relevant offers in a meaningful way. Different types of data—attitudinal, behavioral and demographic—enable different targeting abilities based on preference, purchasing and lifestyle. You can use each of these data types alone to create a marketing advantage, but they are most valuable when used in combination.
The conventional direct marketing wisdom has always been that it costs seven times as much to find and convert a prospect to a customer than it costs to retain a customer you already have. That specific number might not be accurate for some industries, but the basic concept crosses all business models.
For the younger crowd, it may be a shock to learn that funeral preplanning accounts for 60 percent of business for cemetery and funeral home owner and operator StoneMor Partners of Levittown, Pa. Much of that is due to predictive modeling that StoneMor—the steward of 232 cemeteries and 59 funeral homes in 28 states and Puerto Rico—uses to figure out which consumers would be most interested in settling their earthly concerns prior to death.
Most successful data-driven companies outsource the construction of their marketing databases. Why? Because it is cheaper and faster, and the product is better. To use a ridiculous example: It would be possible to go to auto parts suppliers and assemble a company truck from spare parts. Since it’s more than likely that no one in the company has ever done this before, it would take a year or more, be quite expensive and would certainly not perform as well as a production model bought from GM, Ford or Chrysler. But as an advantage, your staff would now know how to build a truck from
The one-size-fits-all marketing mentality is losing steam as personalization proves profitable. In an age of segmentation, treating all of your customers as one homogenous group is a recipe for disaster; you may risk losing valuable customers, says KnowledgeBase Marketing VP and Solutions Architect Arthur Middleton Hughes. Existing loyal customers are more profitable than new or disloyal customers simply looking for bargains. Determining who those loyal customers are and marketing to them based on database details is the best way to build and retain a strong, ROI-driven customer base. Consider the following database-building tactics: # 1. Equitable Distribution. To build and maintain loyalty you need
Columbus, OH: January 9, 2007 - Training and development firm Working NOW! is teaming with Conference Call University and DM2-DecisionMaker to present an online training session on today’s best practices in database marketing. Preeminent database marketing expert Arthur Middleton Hughes will be the instructor. The program will take place on Tuesday, January 22 from 11:30 AM until 1:00 PM EST (17:30 - 19:00 GMT). Hughes, Founder of The Database Marketing Institute, vice president/ Solutions Architect for KnowledgeBase Marketing and author of seven books on database marketing, will present an educational module entitled How To Outgrow and Outprofit Your Competition: 7 “Musts” For Database Marketing Success.