Wall Street Journal sharpens ad aim [CNET News.com]
With on-line advertising we can almost write a program to manage our marketing efforts, the same can be done offline. Look at marketing triggers that identify customers most likely to purchase a certain product or service you offer. The key is centralizing customer behavior information in a common system (such as a CRM software application.)
In my consulting practice I use Frontrange's Goldmine Business Contact Manager and Microsoft Access. These applications are linked together by a number of SQL queries that extract only the information I'm looking for. I later have plans to pump Goldmine through access and back into coded fields to use for customer segmentation.
Right now I have my finger on recency, frequency, and monetary measures (traditional RFM) plus can score prospects against current customers. With over 45 thousand records, I couldn't possible do this by hand. Plus, over 3 years of buying transactions add to the complexity. With this simple system I can get a simple report in about 10 minutes.
For a client, I was able to cull out 1267 prospective buyers from a few databases of over 415 thousand companies and related statistical information (including buying trends, transactions, and affiliate relationships) -- while this took a bit longer to process, it produced 7 solid opportunities for this professional services provider valued at between 2 to 3 million each contract.
Talk with your technical people about looking at what you already know about customers. If I can do it, you can do it too.
Focus on the data you need to make decisions, don't get stuck analyzing everything. As an executive, don't let your technical people wander from business objectives. I've got more tips for you in an upcoming article for Greater China CRM due the June 20th.
The real leaders in CRM/BI integration area are bringing all marketing channels together into one point, not really treating web vs. email vs. mail vs. sales differently. Each marketing method must generate a return on investment and is measured by the same factors of income over expenses.
While it is not my practice of recommending software solutions, I provided the example of my own environment just to show no matter how small the organization footprint, integration is possible and very cost effective over-time.
/ bi-crm | interaction-points /
By Justin Hitt at June 17, 2003 5:32 PM