Unfortunately, It’s not always easy to connect with your consumers.
And often, it’s not from a lack of effort. Rather, the landscape of customer relationships has changed dramatically.
Even the businesses with best intentions fall out of touch with their audience, struggle to maintain brand loyalty, or lack the processes to regularly collect meaningful data.
To combat this, some companies are doubling down on data and analytics. Hiring talent and building out new departments and functions internally.
Others are choosing a more “flexible approach. Namely, database marketing partnerships.
In this month’s blog we’ll overview a few of the key reasons why more and more businesses are leveraging this method.
Let’s begin!
Audience Segmentation
Ever heard the saying that “80% of sales come from 20% of your customers”?
The hardest step is…finding that 20%!
This is where a comprehensive consumer database comes in. Allowing businesses to identify which segments yield the highest value and maximize budget.
Demographic, psychographic, geographic and behavioral data can be layered to pinpoint exactly who it makes sense to target and how.
Statistic: 10% to 15% more revenue is generated by businesses that tailor their product/service to customer segments compared to those that don’t!
Client Retention
For businesses in an industry where customers are in short supply, retaining is almost (if not more) important than attracting new customers.
With the right information, accurate “consumer profiles” can be created to mimic your highest-value customer.
This exercise helps to answer many of the questions businesses are asking themselves year after year:
- What changes should I make to my product/service?
- How can we build brand loyalty?
- Who should we spend our time/resources on?
Curious how powerful this could be? Click here to view a sample of the IDS Consumer Persona Profile Report!
Campaign Management
It’s not easy to understand why some campaigns work and others fail, but timely data helps to complete the picture.
Campaigns are the perfect way to test how much you actually understand your target audience and their needs and how reliable your data is!
That’s where consistent partnership comes in. A database marketing partner also
- Analyzes the ongoing health of your marketing campaigns
- Procatively identifies target audience opportunities
- Continually improves their database and data sources
Curious to know what a partnership could entail for your business? Click here!
Infographic:
