Getting Started With Data-Driven and Database Marketing
By now, you're likely to be tiring of all “the talk” about data-driven database marketing media outlets and pundits who go on and on. It’s the “new, new thing” ― for most. This month’s "Data Athlete" column is intended to be the antidote to some of that. Let’s start with where I got the idea for this … from practicing marketing professionals, who were anxious to leverage data to improve performance but needed to understand it more before they could act. So I’ll get right into some basic examples, and we’ll build on it. Feel free to find them basic, boring or ― better yet ― question-enducing.
In prior columns, we’ve covered the purpose and value of the marketing database in growing profit and business performance. With that as a foundation, let’s talk about some examples. Let’s be clear; this isn’t as strategic as it is tactical. It’s for the marketer who’s considering approaches and is looking for examples so as to better understand how mountains of data become actionable and usable.
A Good Place to Start: How Many?
The first question you might be surprised to know how few marketers have an accurate answer to is “how many customers do I have?” Many marketers, especially multi-channel retailers, are focused on units sold, revenue and store attribution ― and for good reason. These are important metrics. For a brand looking to build a relationship with a customer, and maximize the Customer’s relationship with the brand --you’ll need to do more. Getting an accurate customer count is a challenge for brands that do not have a significant history of marketing directly to the end customer. If you’ve sold through distribution/wholesale or you sell through retail stores that do not have personally identifiable information (PII), it may be a challenge for your organization.