Maximise Results From Previous Marketing Campaigns...
Zoe Vine, Head of Data Services at The Trading Floor, says:-
Profiling databases and campaign results can be complex and most marketers leave it to the boffins, number-crunchers and analysts. However in reality, results analysis is only as complicated as you make it.
It’s important to work out what sets an individual apart as a buyer, an enquirer or neither so firstly separate your campaign results into responders and non-responders.
In addition to understanding and unlocking your customer base, it is just as important to examine those people who did not respond to establish any identifiable trends or reasons why. You don't need the richest data set to run a profile and segmenting these individuals by the information you already hold in your database will provide an insight into any emerging trends.
Even basic information such as geography, gender, age or income will enable you to sharpen your data segmentation. Alternatively, by matching against a lifestyle database you can gain a detailed lifestyle profile analysing further financial and demographic information such as newspaper readership, charity donations and interests.
This means next time you buy data you can instantly tighten your selections by utilising these prime drivers from your responders whilst actively deselecting and screening out key variables from the non-responder file.
Then, working on Pareto's principle that 80% of business comes from 20% of your customers, you can hone your data selections further still by breaking down your responder file into percentiles based on the amount of business generated from each individual against the initial cost per acquisition. Again, look to identify any emerging patterns or trends and utilise these in your data planning.
Once you start evaluating your campaigns and factoring in external issues such as timing, pricing and product offering, you can be confident that your data is working to its full potential.
(Direct Response: Ask The Experts - Aug 2007)
Profiling databases and campaign results can be complex and most marketers leave it to the boffins, number-crunchers and analysts. However in reality, results analysis is only as complicated as you make it.
It’s important to work out what sets an individual apart as a buyer, an enquirer or neither so firstly separate your campaign results into responders and non-responders.
In addition to understanding and unlocking your customer base, it is just as important to examine those people who did not respond to establish any identifiable trends or reasons why. You don't need the richest data set to run a profile and segmenting these individuals by the information you already hold in your database will provide an insight into any emerging trends.
Even basic information such as geography, gender, age or income will enable you to sharpen your data segmentation. Alternatively, by matching against a lifestyle database you can gain a detailed lifestyle profile analysing further financial and demographic information such as newspaper readership, charity donations and interests.
This means next time you buy data you can instantly tighten your selections by utilising these prime drivers from your responders whilst actively deselecting and screening out key variables from the non-responder file.
Then, working on Pareto's principle that 80% of business comes from 20% of your customers, you can hone your data selections further still by breaking down your responder file into percentiles based on the amount of business generated from each individual against the initial cost per acquisition. Again, look to identify any emerging patterns or trends and utilise these in your data planning.
Once you start evaluating your campaigns and factoring in external issues such as timing, pricing and product offering, you can be confident that your data is working to its full potential.
(Direct Response: Ask The Experts - Aug 2007)
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