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Summary
Strategic Database Marketin The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program
Arthur M. Hughes
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PART
1 Database Marketing And the Web Sign up to vote on this title
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Summary - Strategic Database Marketing - Arthur M. Hughes
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Introduction What customers want can be summarized summarized in a few general concepts: - Recognition - Service - Convenience - Helpfulness - Information - Recognition There are two types of customers: - Tran Transa sact ctio ion n buye buyers rs (pr (pric ice e orie orient nted ed)) - Relati Relations onship hip buye buyers rs (loo (lookin king g for a reli reliabl able e suppli supplier) er)
“You can not make money from transaction buyers, the money is in the relationship relationship buyers”. Basic information in the relational customer database: - Name an and ad address - E-mail E-mail & Cookie Cookies s that that keep keep track track of of their their web websit site e visits visits - Comp Comple lete te purc purcha hase se hist histor ory y - Custom Customer er servic service e calls, calls, compla complaint ints, s, return returns, s, inquir inquiries ies - Outgoi Outgoing ng mark marketi eting ng prom promoti otions ons and respo response nses s - Resu Result lts s of of cust custom omer er su surv rvey eys s - Hous Househ ehol old d (or bus busin ines ess) s) demo demogr grap aphi hics cs
There are really two different kinds of databases: - Operational databases: Run by IT & accounting. Used to proce transactions and get out the monthly statements Sign up to vote on this title databa - Marketing databases: gets it data from the operational but includes more data. Useful Not useful o Preferences and profiles o Promotion and response history from marketing campaigns
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What about CRM? “ CRM enthusiasts assumed that the CRM software used would build customer loyalty and profits. In most bases that was a mistaken view. What builds customer loyalty and profits are creative marketing strateg using customized communications communications based on a database. Sophisticated software is used, of course, but the marketer, not the software, does th thinking and develops the strategy”.
The focus of database marketing is the development and testing of var marketing strategies. The focus of CRM is automation automation of customer relationships.
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1. Strategic Database Marketing and the Web: An Overview
“Accountants have developed sophisticated techniques for appraising capital assets and their depreciation; they have learned how to monitor the constantly changing value of work-in-progress; work-in-progress; but they have not devised a way to track the value of a company’s customers inventory”
“They make no distinction between sales revenue from brand-new brand-ne customers and sales revenue from long-term, loyal customers, because they do not know or care that it coast much more to serv new customer than and old one. Worse, in most businesses, accountants treat investment in customer acquisition as one mor current expense, instead of assigning it to specific customer accountants and amortizing amortizing it over the life of the customer relationship”. Why is most money spent on acquisition instead of retention? - Acqui Acquisit sitio ion n is easi easier er to measur measure e than than reten retentio tion n - Acqui Acquisit sitio ion n is easi easier er to carry carry out out than than retent retentio ion n - Acqui Acquisit sitio ion n invol involves ves produc productt manage managers rs - Retent Retentio ion n invo involve lves s main maintai tainin ning g a databa database se - To meas measure ure rete retenti ntion, on, you you must must have have test test and contr control ol group groups s Long term and loyal customers: - Buy more more ofte often n and and spen spend d mor more e on on each each pur purcha chase se - Have Have hig higher her retent retentio ion n and and referr referral al rates rates - Are les less sc co ostl stly tto o ser serve ve - Are Are willi willing ng to refe referr others others who who becom become e loyal loyal custo customer mers s
up to vote on this title “Discounts “Discounts do not build loyalty. They destroySign relationships”. Useful Not useful Once you give a customer a discount you send a number of messages: - Our regul regular ar product product is overpr overpriced. iced. If you you pay full price, price, you you are
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Your first step, as soon as you have built a database, is to determine th lifetime value of your customers. You will learn: - The re retention ra rate - The referral rate - The spending rate - How How cost costs s go down down wit with h loya loyall cust custom omer ers s - How How to to cre creat ate e cus custo tome merr seg segme ment nts s - How How the the life lifeti time me val value ue var varie ies s by seg segme ment nt - How to identi identify fy gold gold custom customers ers and develop develop strate strategies gies to keep keep t loyal - How to identi identify fy worthl worthless ess custo customers mers who are losing losing your your compan compan money - How to modif modify y custome customerr behavio behaviorr with with recognit recognition, ion, relation relationship ship rewards - How How to det deter ermi mine ne the the ROI ROI for for you yourr effo effort rts s The 24 essential techniques The following is a list of 24 essential techniques used in database marketing. After reading this book you will be familiar with and able to all of these techniques: 1. LTV (Custome (Customerr lifetime lifetime value) value) 2. RFM (Recency (Recency,, Frequency, Frequency, Monetar Monetary y Analysis) Analysis) 3. Customer Customer communica communication tions s 4. Ap Appe pend nded ed data data 5. Predi Predicti ctive ve model models s 6. Relati Relationa onall datab database ases s 7. Call aller ID 8. Web site sites s Sign up to vote on this title 9. E-mail Useful Not useful 10. Tests and controls 11. Loyalty programs
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