Efficiency vs. Effectiveness Metrics


Why, because the growth opportunity is really outside the existing customer segment. In his book, The Effective Executive, Peter Drucker explained the difference between efficiency and effectiveness: “Efficiency is doing things right. Effectiveness is doing the right things.”

Five Proven Practices for Customer Experience Mapping


Customer experience mapping is a vehicle for capturing the perceptions versus the expectations across all points of interaction, ideally for each customer segment and/or persona. Customers are the most important part of any business, and keeping them happy should be at the top of your list of priorities. If your organization is among those that have created customer experience maps, kudos to you and your team!

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Four Models Every Marketer Should Master


Mathematical models help us describe and explain a “system,” such as a market segment or ecosystem. Whether a novice or a master, we believe that every marketer must be able to build and employ at least four models: Customer Buying Model : Illustrates the purchasing decision journey for various customers (segments or persona based) to support pipeline engineering, content, touch point and channel decisions. We know–models can be intimidating.

Weaving Contextual Data into Models


By identifying the winning experiences associated with a particular segment, you can use this information to craft more relevant messages to similar targets to increase uptake. Many companies are developing opportunity scoring models which essentially assign a predetermined numerical score to specific behaviors or statuses within a database. The purpose of opportunity scoring is help sales people know which opportunities are sales ready and worthy, and therefore take priority.

Using Customer Lifetime Value to to Improve Marketing Investment Decisions


It’s a very interesting way to get a handle on your customer portfolio and to segment your customers. The profits generated during the retention phase of a customer relationship are often referred to as customer lifetime value or customer retention equity. Intuitively, we know that Customer Lifetime Value (CLV) is an important metric for every company. It represents the value of your organization’s relationship with the customer. . .

Customer Conversations: Identifying Revenue Opportunities Using Customer Analytics


Just as importantly, she acknowledged that perhaps she and her team may have become too reactive in their analytics and reporting, and that they needed to take the lead by using segmentation, predictive modeling, and data analysis to provide business leaders with direction.

Focus on Revenue is Not New Marketing Thinking


Ideally, marketing should be informing our respective organizations which customers and prospects to target, because as marketers, we are the ones who are supposed to identifying the best customer and market opportunities from our customer and market segmentation and sizing efforts. . Peter Drucker is attributed with saying that ? Business has only two basic functions – marketing and innovation. Why is marketing so important? Perhaps the answer lies in Phil Kotler’s point of view that: .

Marketing Factors that Make a Difference


That is, those objectives, strategies, and tactics intended to increase your portion of the market should be clearly stated along with the exact portion in each market segment. As marketers in the professional services industry, it is important to understand the key factors that enable us to acquire and keep customers profitably.

10 Questions to Sharpen Competitive Advantage


As part of developing a go-to-market plan for innovations and/or market strategies, we consider technology, functionality, customer segments and requirements, channels and partners, pricing and promotion. What customer segments could competitors tap to accelerate their growth and category share? . In what segments will price competition be the fiercest and how big are these segments? What position does the competition have in each of these segments? .

Make Marketing Count in 2012


The lack of quantifiable specific outcomes related to the number of customers to acquire, retain, grow in a market or segment hampers marketing’s accountability. It is the responsibility of the leadership team to provide two things: Clear, specific, quantifiable business outcomes related to number of customers to acquire, retain and grow, and in which markets or segments at what average order value and.

Measures for the C-Suite


Using average costs per unit, while sufficient for calculating overall LTV, can be deceiving if using LTV for customer segmentation purposes, because the selling costs and support costs vary dramatically by customer. In his book, Kotler on Marketing (1999), Phil Kotler claimed that, “Marketing has the main responsibility for achieving profitable revenue growth for the company (pg 18).”


Measuring the Pay-Off for Customer Loyalty


Possible outcomes might include some number of net new customers, reduce customer churn by some amount or of a specific customer segment or tier, some amount of repurchase for existing products, some additional business from other lines of business or regions within existing customers, some amount of purchase of new products. Let me take a minute to inundate you some commonly accepted facts about the impact of customer loyalty or the lack of it on an organization. Do you know that.

Loyalty vs. Retention Measurement


It may be necessary to take different customer segments into account, and as a result you may need more than one model. Companies who want to retain or expand their relationships with existing customers are finding that measuring and modeling customer loyalty is very valuable. We were recently asked “Do you need to measure loyalty if you are measuring retention-aren’t they the same thing?” ” Our answer, no, they are not the same thing, and you may need both.

Transitioning from Service Provider to Value Generator


Some of your first efforts might include, but shouldn’t be limited to, product and process efforts, gaining insight into the needs of well-defined segments, harnessing data and analytics to accelerate efforts within existing markets or to create new markets, and reconfiguring company and/or industry value chains. Are you one of those superhero marketing organizations?

Embracing Cross-Channel Analytics to Create a Competitive Advantage


The statistical models you will build will allow you to determine a level of confidence regarding various buying segments’ behaviors. There has been more discussion about cross-channel analytics as more organizations leverage both digital and traditional vehicles in their communication mix.

4 Steps to Improve the Value of Marketing


Acquire X number of net new customers in ABC segment to increase market share by Y%. Ted Levitt, author of The Marketing Imagination, writes, “The role of marketing is to create and keep customers.” ” A marketing plan is a valuable instrument in helping Marketing plot a course of action for how it will go about creating and keeping customers. Now that 2012 is less than 50 days away, you are likely tackling your marketing plan and budget.

Plunging into the World of Cross-Channel Analytics


segments. - In today’s environment we must often pull data from a variety of marketing vehicles from an email campaign, physical event, and an online advertising campaign to better understand purchasing behavior and correlate marketing programs with purchases.

Six methods for smarter marketing segmentation

grow - Practical Marketing Solutions

Ask any marketer if they’re interested in smarter segmentation with their lists, campaigns, or otherwise and you’re sure to raise a few eyebrows. The problem with segmentation is two-fold: You’re not doing it. 6+ Steps To Smarter Segmentation.

Confusing Customer Segmentation, Buyer Profiling, and Buyer Personas Harms Marketing

Tony Zambito

Compounding the issue today is the prevalent use of the term buyer persona to describe customer segmentation and buyer profiling efforts. The issue I am referring to is the confusion that can surround distinguishing between customer segmentation, buyer profiling, and buyer personas today.

Identifying Buyer Profiles: 5 Ways To Segment Your Marketing Audience

Modern Marketing

The challenge arises when you apply that to outbound mass marketing; without the right targeting and segmentation strategy , you might as well just walk over to that aforementioned security guard and give yourself up. Segment by Persona. ?The Segment by Buying Patterns/Frequency ?.

Segmenting your content marketing


You’ll learn several ways of segmenting your content for your audience so that your content isn’t the same old stuff shoved at the same old people. The post Segmenting your content marketing appeared first on Biznology.

Getting Started With Email Marketing Segmentation


Email segmenting is one of the most powerful techniques for boosting open rates, CTRs, and total revenue per email. With the high cost for sophisticated email platforms and the technology segmentation requires, it makes sense. The Categorization Approach to Email Segmentation.

How to Make Audience Segmentation Truly Personal


When this is done on a group level it is called segmentation. Defining “segmentation” and “personalization” Segmentation and personalization are two different aspects – and, some might say, different generations – of online marketing.

The 3 Most Popular Methods of Segmentation for B2B


Customer segmentation is powerful, because it allows the marketer to draw an accurate picture of their customers, group them according to similarities, and devise pinpointed messages to specific segments of their customer base.

Customer Segmentation Basics Explained

B2B Marketing Insider

The post Customer Segmentation Basics Explained appeared first on Marketing Insider Group. We all want to get to know our customers better. If we could wave magic wands and have customers walking directly into customized products and services tailored with them specifically in mind, we would. Unfortunately, business – and life – does not work that way. To understand our customers better, we need systems in place […].

Segmentation: 5 Steps to Help You Send Emails That Your Prospects Actually Want to Read


The answer to these email marketing woes is segmentation and personalization. In fact, companies who use segmentation say it increases conversion rates by up to 30%. There really aren’t any concrete rules about what data should be used to help segmentation.

Getting Started with Lead Segmentation in B2B Marketing


In the age of big data, marketers who have a handle on their lead data are able to segment leads into specified groups and then target each group with customized content and messaging. B2B Lead Generation Big Data Marketing Database Marketing Lead Segmentation

How To Effectively Segment Your Email List

B2B Marketing Insider

But before sending a single email, businesses need to understand the importance of segmenting email contact lists. Yes, segmentation can be tedious but consider this, DMA says that 77% of email marketing ROI came from segmented, targeted, and triggered campaigns.

What Can Customer Segmentation Do for Your Big Data Marketing?


Customer segmentation is the act of dividing your customer base into segments based on the shared qualities of groups of your customers. Database Marketing Big Data Marketing data segmentation

How to Effectively Segment Your Inbound Leads


Below are 5 variables that we often see customers segment their inbound traffic or their marketing automation databases based on, and that we ourselves segment based on: Predictive Persona (Primary). The post How to Effectively Segment Your Inbound Leads appeared first on Leadspace.

The 2016 Complete Guide to List Segmentation

Vertical Response

When it comes to email marketing, list segmentation is the best tool for dissecting your consumer base. A 2015 case study by MarketingSherpa found that proper list segmentation increased open rates by 20 to 40 percent, with a subsequent rise in click-through rates.

We Need Better Audience Segmentation in B2B Content Marketing

Content Standard

Are you using audience segmentation in your B2B content marketing? Recently, I launched a campaign rolling out a new software product to three different segments: small business, mid-size companies, and enterprise organizations. ” Tackling Your Own Segmentation.

How Big Data is Changing the Face of Market Segmentation


Market segmentation isn’t an exact science. Digital Marketing Big Data Marketing Segmentation

6 Ways to Segment Your Email List to Improve Your Success

Vertical Response

Well, If you’re ready to conquer this condition once and for all, you’ll need a healthy dose of segmentation. A method with proven results, as illustrated in the chart below, segmentation can increase your open rates by nearly 39 percent.

What Can the Tech Giants Teach Us About Market Segmentation and Online Lead Generation?


Big Data Marketing Lead Segmentation and Scoring Database Marketing Personalization SegmentationThis past weekend, Lynn woke up late on a working Saturday. Upon tapping the Google app on her smartphone, Lynn was reminded that it was her brother’s birthday.

Predictive Analytics: Should Automated Content Selection Work by Segment or Individual?

Customer Experience Matrix

The point was the difference between basing content selection on individuals and on segments. The distinction these vendors were making is between selecting content separately for each individual and selecting the same content for all members of a segment.

Improve Your Targeting Overnight With Data Segmentation


For years, marketers have been building customer profiles. Most marketers actually know their target customer quite well. You likely know the size business you’re targeting, how many employees they retain, what their annual revenue is, and whether they are B2B or B2C businesses.

Automated Behavioral Segmentation: Personalized in Real Time


Automated Behavioral Segmentation: Personalized in Real Time Behavioral segmentation categorizes prospects in different groups based on their actions or engagement patterns. The post Automated Behavioral Segmentation: Personalized in Real Time appeared first on ActiveDEMAND.

Target Your Best Prospects by Segmenting Your Best Customers

Modern B2B Marketing

The best customers are those that last a lifetime , and by segmenting your current customers and identifying which are the most profitable, stay the longest, expand service, and refer new customers, you can allocate more of your marketing dollars to acquiring similar prospects.

Why and How to Improve Audience Segmentation for B2B Marketing


10 ways to segment your audience to meet the growing demand for personalization. But perhaps the most important piece of all is how you segment your lists (and this is also something with which the appropriate marketing technology can help). Why Audience Segmentation Matters.