Brand loyalty starts with a deep understanding of the value of your best and worst customers. To get there, you need to conduct a full data assessment. This should include an understanding of all available data sources, an evaluation of data collection techniques for extraction and manipulation, and an analysis of data gaps.
Marketers are smart, creative and critical to the success of their respective organizations. No marketer would dispute these claims. But do they really know the impact of their initiatives? In days past, it was difficult, if not impossible, to effectively quantify their efforts. But in today’s business environment, data and technology allow marketing teams to maintain visibility through the entire prospect life cycle. This should create a feedback loop that results in optimized results.
Direct marketers fear cutting costs too deep and impacting the ability to generate revenue, forgoing potential acquisition, losing market share, or just damaging the franchise or customer relationships. Regarding direct mail spend, marketers can do a number of things to cut costs and increase ROI while minimizing the impact on overall revenue and key customer acquisition and retention metrics.
Using the patience that comes with age, Boston-based travel organization Elderhostel knew it could greatly improve efficiency by adding a data mart to its direct marketing strategy. Beginning implementation in September 2006, the 34-year-old nonprofit that provides educational travel opportunities to the 55 and older crowd brought the data mart live in May 2007.