The start of a new year brings great opportunities to introduce new or updated strategies. You may be thinking of making a big directional change for the company or you could be figuring out how to improve on the great plans you had last year. Whilst these marketing methods can be based on a lot of research and planning they still involve a little bit of a gamble. I guess the ultimate question is, will they give a better ROI than last year? Adding or improving your targeted marketing by including a data procedure is one way in which you can ensure the answer is Yes!
Research by OrderDynamics suggests that 74% of retailers are promoting irrelevant products to their customers. This could be easily rectified by understanding the customer and tailoring campaigns to improve relevance. It may not cost much more to push additional products but it does run the risk of alienating the consumer.
Advancements in technology mean that there are increasingly more ways in which marketers can target their audience. With these new technologies and new channels, it is more important than ever that you have all of the right details for the right consumer. Is, ‘A Murphy that likes funny cat videos’ the same as ‘Alice Murphy that likes TED talks’? If they are the same person you know more about the kind of interaction that ‘Alice’ has online. This means you can better target her with products and offers that you know are of interest to her.
Good data quality isn’t a myth that you have to chase after endlessly to never see any results. There are steps you can take. Whether that’s with your existing data or within your data collection forms, you can have an up-to-date and campaign ready database! This is exactly what Coca-Cola did with their ‘Share a Coke’ campaign. Their first round of the campaign was successful with very few complaints. The one that did keep cropping up, however was people unable to find their name. So Coca-Cola addressed this by utilising data available to them to input 1000 more names across the UK. This was based on the most common names within an area, helping to ensure with the second time round of the campaign, people would get their name. The commitment to using the data available to them, coupled with a good creative idea, and targeting their campaign accordingly, made the second round of ‘Share a coke’ an even bigger success than the first. They took it from good to great!
So, having good quality data can allow you to more specifically target your leads. If you know your prospect’s job title, industry or shopping preferences you can predict the best way and time to introduce your product or service. According to the Direct Marketing Association’s research three quarters of panellists have a high confidence in data-driven marketing and predict that marketers will rely upon it more and more in the future. If you can get your data telling you who your target market is, you don’t have to send out unnecessarily generic promotions. You can choose a target job title, for example, and send out promotions based on their interests. All of which should mean that you get a higher return on investment!
If you’re planning for the year ahead or running a new campaign, now is the time to see how your data stacks up. We are offering a complimentary Data Quality Report for you to see the status of your data before your next campaign.