Innovation in data science, AI and machine learning over the last couple of years has been revolutionary.
However, it can feel daunting if you are starting on your journey to becoming more data-driven or you are trying to work out how data is really going to help your business.
Marketing effectiveness can be a great place to start, for example here are five ways in which data can help:
1. Work your acquisition budget harder
2. Focus on re-purchase
3. Selective offers
4. Be relevant
5. Recognise and reward
Once you know what you want to do, focus on what data, insight, tools you need to deliver it.
And we are always here to help! Drop me a line tash@wearemojo.co.uk
1. Work your acquisition budget harder
Analyse which channels and messages are attracting your most valuable customers
Develop 'look-a-like' target profiles
Create a test & learn plan to optimise your channels and messaging plan
2. Focus on re-purchase
It estimated that is costs 5X more to acquire a customer than to get a customer to repurchase.
Identify the customers who are more likely to re-purchase and invest in engaging with them
Converting these customers will reduce the dependencies on high-cost acquisition.
3. Selective offers
You don’t need to give everything to everyone
Effectively manage your coupon or discount strategy by analysing which customers or prospects may need a bit more of a 'nudge'
Test how much you need to incentivise theme
4. Be relevant
Tailor marketing messages based on what prospects have been viewing or what customers have been bought.
Recognise behaviours across all channels to have comprehensive relevance.
5. Recognise and reward
Regular or 'Loyal' Customers like to be recognised.
Analyse your customers to identify those who have been shopping with you the longest, spending the most, sharing your content.
Reward these customers to build long-lasting relationships