Mining the Gold in Existing Customers. Are existing customers eight times more valuable than new customers? It’s conventional wisdom that it is “six to seven times more expensive to gain a new customer than to retain an existing customer.” Given today’s economic uncertainty, could the inverse also be true? Could existing customers be six, seven or even eight times more valuable in terms of revenue and growth than new ones? Frederick Reichheld of Bain & Company coined the phrase based on his research on customer retention and acquisition in a study published in the Harvard Business Review in 2001. For many companies, existing customers are a bellwether investment, such as gold, in times of instability and uncertainty. For example, a financial services company found that because it focused on promoting and selling new products, the majority of new customers acquired in the last two years had high penetration of new products (75 percent) and low penetration of older products (40 percent).
You just need to mine it. Targeting vs. Privacy - Who Will Win? Augustine Fou | August 16, 2012 | 0 Comments inShare20 How can we solve the conflict between advertisers' need for more targeting and users' need for more privacy? People probably realize that if they're online or use a mobile device, they're being tracked. But what most people probably don't realize is just how much data is being collected about them for the purpose of targeting ads at them. At some point users will rise up and defend themselves. At that point, what will advertisers do, when they no longer have the data for targeting or are no longer allowed to use the data they already have in such loose and unrestricted ways? Let's investigate. Creepy Amounts of Data Are Being Collected In the past, data about users were mainly collected by the sites they visited. All of these data are in many ways more personal than "personally identifiable information" or PII - like name, mailing address, social security number, etc. - that advertisers swear they don't collect and use.
Digital Marketing: Be relevant, data-driven and precise. I think all marketers would agree that digital technology has brought about a sea change in the world of marketing. The basic model has gone from almost exclusively “push” messages to more of a “pull” approach that combines traditional channels, such as advertising and direct mail, with strategies like search engine optimization, social media marketing, mobile and email marketing. At one point in time, marketers could dictate the message their prospects and customers received, and then hope that message resonated enough to drive sales. In the complex sale, this meant Sales was handed scads of leads from a variety of sources with almost no additional information about that prospect on where they were in the buying cycle, or even where they were in the buying process at their company. Power shifting to the customer In marketing today, prospects and customers are educating themselves about your industry, business space and product or service area.
Are you seeing a theme here? Relevance. ComScore’s Search Planner: The Benefits Of Rich Panel Data. Five years ago, I shifted my career from a pure search agency to a full-service, digital media firm in order to expand my knowledge from just SEM to the other disciplines of this industry. I was pleased to discover that many of the ingrained, good habits I developed while honing my search marketing skills translated very well to the execution and optimization of email marketing, display marketing, etc.
For example…granularity. For most paid search marketers, it’s all about granularity. Evaluating performance solely at the campaign or ad group level is a big no-no in the paid search world. Yes, a lot of what I learned in Search has helped me in the other arts of digital marketing. One of the big things I learned from the non-search marketers was how to really get down and dirty in the research. One of the research platforms my colleagues use most often is comScore.
“Our panel offers insight into the entire competitive search funnel in both a linear and a non-linear fashion. Mr. Mr. How To Manage Big Data With Pivot Tables. Incremental Opt-In: The End of the Privacy Problem. Jim Sterne | May 10, 2012 | 0 Comments inShare31 It's up to you to convince people to hand over the keys to their personal data set. Let's get the assumptions out of the way right up front.
There are more behavioral data collected online and off, Horatio, than are dreamt of in your philosophy.These data run the advertising that pay for the content that we all like to get "for free. " At the eMetrics Marketing Optimization Summit in London last December, Dave Evans, group manager, Information Commissioner's Office, said it was all very straightforward. Dave told the eMetrics audience that websites simply need to publish what data they are collecting and for clearly and concisely what they are using it.
Dave agreed. Given no legislative solution that would not stymie innovation... The only remaining choice is a marketing solution that is hereby, henceforward, publically, and irrevocably on you to make work. It's the quaint and ancient custom of opt-in. Cool. Neat. Nice. They'll like that. Fun. Handy. OPINION: Marketing in 'Big Data' era presents technical, ethical challenges - Blogs & Opinions - Opinion - Digital. How to Get More Value From Your On-Site Search Data. Motoko Hunt | February 8, 2012 | 0 Comments inShare1 Plus, tips to enhance on-site search experiences for visitors. When we work on search engine optimization (SEO) or pay per click (PPC) campaigns, be it keyword research to user experience to identifying missing content, it seems that we can never get enough data no matter how many tools we use.
At the same time, I've noticed that not many companies were using on-site search as a data resource. On-site search data is very much underrated in my opinion. It gives you the actual user data on your site instead of general data that are oftentimes standardized or averaged. Here's a list of valuable data that you can get from the on-site search, and how you should utilize them to improve on-site search experiences and your search marketing. Search Queries First, you should check to see what search results come back for some of the popular search queries to ensure that you are providing the best list of content available on the site.
User Feedback. 5 Essential Practices of the Data-Driven Organization. Andrew Edwards | January 30, 2012 | 0 Comments inShare30 An organization designed around intelligence gained from the data it collects about its customer interactions will have these five characteristics. Analytics may be multi-channel these days - mobile, digital, social, email, and yes, even "web analytics" as once it was known. Analytics also means audience measurement via surveys and panel-based analytics as part of a site-ranking methodology. Whatever its latest form, analytics only helps when integrated into the creative and decision-making processes of the organization. Too often analytics itself works in a small building off on the edge of the corporate campus. Try to imagine an organization that is designed around intelligence gained from the data it collects about its customer interactions. Define what it wants to measure.
Do you recognize your organization in the above? If your company is going to thrive in the digital marketplace, it will be as a data-driven organization.