Targeted Marketing Models
Targeting the best prospective core customers within the markets that have the highest probability of success establishes clear marketing goals that can be accurately measured by customer acquisition and sales conversion.
In a previous post I covered Marketing Uplift & Predictive Modeling.
This post will discuss using Predictive Modeling & Marketing Uplift combined with classic Customer Analytics to create more accurate Targeted Marketing Campaigns.
The foundation of any accurate marketing model is a precise definition of your core customer, which encompasses 4 key aspects:
- Who your best customers are
- Where your best potential customers can be found
- What messages those customers respond to & when to send them
- The value potential the customers have to you, either in terms of dollars or visits
Customer analytic solutions have traditionally been used to gather some of those customer insights(Data Dimensions).
However, a properly defined Marketing Model combined with Customer Analytics can help not only accurately quantify the benefit for your marketing programs, but build out a deeper definition of your core customer.
Predictive Modeling can be used to understand the potential benefit of a new marketing program before it is launched. It can help you predict if it is a good investment or a bad one.
It can also be used to optimize existing marketing programs by establishing and analyzing key metrics.
The ability to measure, analyze, and assess existing marketing programs can identify which programs are not meeting their potential and then determine the gap between actual performance and ultimate potential.
Correlating this marketing information with known customer data dimensions allows you to refine your Core Customer Profile.
This insight allows you to immediately reprioritize resources for management, re-assign budget and marketing from the initiatives with no upside to the ones that are just underperforming.
Insights from customer analytics and marketing models on who core customers are, where potential core customers are located within an underperforming market area, what messages they respond to and when they respond to them, and the potential value of each of those core customers makes it possible to develop a focused demographic & psychographic profile of customers to target, and a measurable marketing campaign to go after them.
BriteWire sends the right message, to the right customer, at the right time.