Successful brands used gain new customers based on brand reputation alone. Apple may be the only brand that can do that now – the rest have to work at it.
“If you build it they will come” is a saying that has been used by many people throughout the ages. Successful brands used to have the luxury of building something new (product, promotion, etc.) and customers would flock to the new products or promotions based on brand reputation alone. Apple may be the only brand that can successfully do that in the market today – the rest have to work at it.
So what is the key? Data, Data, Data.
Data driven marketing is the magic wand to reach your consumer with the right message, in the right place, at the right time. Marketing communication has evolved and now encompasses multiple channels to reach an audience – social media, web, mobile, tablet, apps, etc – but data still needs to be at the heart of marketing. At ICLP we believe in using data driven marketing to bring out the most potential for your products and produce effective and measurable ROI for our clients.
For example, led by our sister company Collinson Latitude we launched an online web-shop for a large airline in APAC in December 2009. However, there was little budget at launch to put towards an effective marketing plan. After 6 months of relatively low member engagement the client was convinced they needed to put effort into marketing the product and re-launched the product with full marketing support – which turned out to be a very positive turning point for the program.
Data driven targeted and segmented marketing communications was at the heart of the assignment along with, backend campaign analysis and promotions to increase engagement with the web-shop. During the six months between re-launch and the program’s first anniversary users had increased by over 300 percent and site visits by 250 percent and sales conversions had increased on average by 3.5 times per month.
The main objectives achieved were:
- To drive incremental revenue by engaging base members with additional earn opportunities.
- To generate extra revenue from sales commissions from online retailers.
- To increase member satisfaction by providing more choice to earn points.
Iain Webster, Senior Loyalty Consultant at ICLP, sums it up best when he says,“Data is business gold. Analyzing the right metrics and then taking action is the key to success. Before you decide to measure anything make sure you know what actions you will take from understanding the result. If you cannot determine that, then don’t measure it! Understanding data enables you to build up a pen portrait of your most profitable customers, and then to go and find more of them.”
After all isn’t that the goal of all marketing initiatives?…