Ch-ch-ch-ch-changes - Turn and face the strange - Ch-ch-changes
Marketing is undergoing a lot of changes. Instead of people using proven marketing techniques and fundamentals, they appear to go with the “flavor” of the day. If it works, fine. If not, there is another flavor waiting somewhere.
With today’s customer having more control over the buying process, this is not a recommended way to operate a marketing campaign. Even this past summer, Seth Goden wrote in his daily blog about too much bad marketing appearing in advertisements today. I believe Seth is correct. The use of customer data has always promised to change marketing, especially more of direct marketing fundamentals for better results. There are signs the time may be here.
Dig deeper to eliminate the strange As more companies start to dig deeper into their data they are starting to see a better response from their marketing campaigns. Larger firms are using more market research, a variety of new ways to visualize their data and more are using analytics. Customer profiling is used by more companies than ever before. Analytics is helping to answer the question, “What can we build with this data?” The list of excuses is becoming smaller with each passing day.
Hard to believe… Until we actually see better results here’s a huge number to think about. According to Acxiom CMO Tim Suther, in 2006, Rex Briggs and Greg Stuart told him at a conference that 37 percent of advertising was money wasted, according to their landmark research published in their book “What Sticks.” Recently Rex Briggs refreshed that study and now says the amount of money wasted is now up to nearly 40 percent. That’s almost $200 billion wasted in advertising globally! I have no reason to dispute that number, in fact, it’s probably close to reality. So if you feel your company marketing is a very small part of the $200 billion of wasted advertising, make 2014 the year you change to better marketing.
It all begins with customer and prospect data
Start with whatever customer and prospect data you presently have and begin to build a better contact management marketing program. Look at your customer data and start building customer profiles. Look for segments, such as industry, male or female, geography, purchasing sequence and so on. Have a goal to increase your data analysis and testing assumptions on a small sample size. It’s not complicated if you start small. Good marketing and especially direct marketing is important to a small business. Get on the bandwagon and use more direct response for better results. It works.
Remember the day’s when direct mail was filling up the mailbox?
Everything marketing starts and ends with your customers… cater to them, listen to them and react to them. The results will amaze you.
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