Data Tip: Which Product Do I Offer Next?

In a world of data driven marketing, sometimes second best isn’t such a bad thing…

The unwritten rule of direct marketing is thought by some to be focused on selecting the best customers (and simply ignoring the rest). By employing this tactic however, marketers miss a world of opportunity in those customer who are not immediately considered, and also risk ending up on the wrong side of economies of scale with low quantities.

After all, just because a profile doesn’t fit the offer, why not tailor the offer to the profile?

Therefore, an alternative is to leverage the next most relevant product as a means of protecting that precious ROI, in combination with other channels.

Our advice to understand the benefits and to start generating greater product relevance is:

  1. Single Customer View – consolidate all campaigns across the organisation including external data where possible to view the past 2 to 5 years of product level performance
  2. Multichannel data – consolidate campaigns across channels (e.g. mail, phone, eDM) to gain a more accurate view of the customer or prospect experience
  3. Agile testing environment– ensure you have an easy to use data selection and scenario planning environment so as to experiment with product cycle combinations

To talk through the range of options available around effective communication history processes or for any help in ensuring you’re getting the most out of your data, give us a call today on (02) 9432 7401.