5 Data-Driven Marketing Catalysts for 2016 Growth
The new year tends to bring renewal and the promise of doing something new, better and smarter. I get a lot of calls looking for ideas and strategies to help improve the focus and performance of marketers’ plans and businesses. What most organizations are looking for is one or more actionable marketing catalysts in their business.
To help you accelerate your thinking, here is a list of those catalysts that have something for everyone, some of which can be great food for thought as you tighten up plans. This year, you will do well if you resolve to do the following five things:
- Build a Scalable Prospect Database Program. Achieving scale in your business is perhaps the greatest challenge we face as marketers. Those who achieve scale on their watch are the most sought-after marketing pros in their industries — because customer acquisition is far from cheap and competition grows more fiercely as the customer grows more demanding and promiscuous. A scientifically designed "Prospect Database Program" is one of the most effective ways great direct marketers can achieve scale — though not all prospecting databases and solutions are created equally.
A great prospecting database program requires creating a statistical advantage in targeting individuals who don’t already know your brand, or don’t already buy your brand. That advantage is critical if the program is to become cost-effective. Marketers who have engaged in structured prospecting know how challenging it is.
A prospect database program uses data about your very best existing customers: What they bought, when, how much and at what frequency. And it connects that transaction data to oceans of other data about those individuals. That data is then used to test which variables are, in fact, more predictive. They will come back in three categories: Those you might have “guessed” or “known,” those you guessed but proved less predictive than you might have thought, and those that are simply not predictive for your customer.