Efficiency vs. Effectiveness Metrics
FEBRUARY 18, 2014
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
MAY 12, 2014
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!
Four Models Every Marketer Should Master
APRIL 29, 2014
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
MARCH 24, 2014
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
FEBRUARY 3, 2014
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
APRIL 1, 2014
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
OCTOBER 23, 2013
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
OCTOBER 8, 2013
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
OCTOBER 31, 2013
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
DECEMBER 14, 2011
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
MARCH 28, 2012
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
JANUARY 24, 2012
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
MARCH 3, 2014
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
DECEMBER 19, 2013
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
DECEMBER 6, 2011
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
NOVEMBER 16, 2011
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
JUNE 10, 2010
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.
Confusing Customer Segmentation, Buyer Profiling, and Buyer Personas Harms Marketing
SEPTEMBER 6, 2016
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.
Six methods for smarter marketing segmentation
grow - Practical Marketing Solutions
JUNE 8, 2016
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.
Getting Started With Email Marketing Segmentation
JUNE 9, 2016
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.
The 3 Most Popular Methods of Segmentation for B2B
SEPTEMBER 21, 2015
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.
Segmenting your content marketing
MARCH 18, 2015
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.
Identifying Buyer Profiles: 5 Ways To Segment Your Marketing Audience
MAY 5, 2014
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 ?.
Getting Started with Lead Segmentation in B2B Marketing
AUGUST 12, 2015
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
MAY 8, 2017
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.
How to Make Audience Segmentation Truly Personal
OCTOBER 27, 2015
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.
What Can Customer Segmentation Do for Your Big Data Marketing?
AUGUST 21, 2015
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
Segmentation: 5 Steps to Help You Send Emails That Your Prospects Actually Want to Read
FEBRUARY 2, 2016
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.
How Big Data is Changing the Face of Market Segmentation
DECEMBER 3, 2015
Market segmentation isn’t an exact science. Digital Marketing Big Data Marketing Segmentation
What Can the Tech Giants Teach Us About Market Segmentation and Online Lead Generation?
OCTOBER 19, 2015
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.
How to Effectively Segment Your Inbound Leads
JANUARY 19, 2017
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
MARCH 15, 2016
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.
Improve Your Targeting Overnight With Data Segmentation
SEPTEMBER 25, 2015
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.
Personalized Marketing Using Data Segmentation
AUGUST 11, 2015
Personalization in marketing is just one of the powerful goodies you can get from modern lead data segmentation and analytics. Database Marketing Big Data Marketing Lead Segmentation Personalization
6 Ways to Segment Your Email List to Improve Your Success
JULY 7, 2015
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.
Automated Behavioral Segmentation: Personalized in Real Time
DECEMBER 2, 2016
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.
Predictive Analytics: Should Automated Content Selection Work by Segment or Individual?
Customer Experience Matrix
JULY 17, 2015
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.
Target Your Best Prospects by Segmenting Your Best Customers
Modern B2B Marketing
JUNE 23, 2016
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
FEBRUARY 15, 2016
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.
Stop Segmenting; Start Individualizing
OCTOBER 18, 2016
Witcher says they’re comparing all of their brand experiences, whether they’re with a bank, The post Stop Segmenting; Start Individualizing appeared first on Opentopic. First impressions are already important. But in today’s customer-centric world, every impression counts. According to Brendan Witcher, principal analyst for Forrester Research Inc, customers’ expectations reset every time they’re exposed to a better shopping experience.