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Data-Driven Marketing

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Successful marketers are increasingly using customer data to gain a competitive advantage. A data-driven marketing team understands who buys their organization’s products and services before they jump …

Successful marketers are increasingly using customer data to gain a competitive advantage. A data-driven marketing team understands who buys their organization’s products and services before they jump into expensive and time-consuming marketing campaigns.

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  • 1. I D E A S T O H E L P G R O W Y O U R B U S I N E S S ©Copyright2013.CBIZ,Inc.NYSEListed:CBZ.Allrightsreserved. S uccessful marketers are increasingly using customer data to gain a competitive advantage. A data- driven marketing team understands who buys their organization’s products and services before they jump into expensive and time-consuming marketing campaigns. Fortunately, the prevalence of CRM (Customer Relationship Management) and POS (Point of Sale/ Service) systems in companies today means that marketers have a ready platform for uncovering and analyzing invaluable data that previously had only been available to the largest and most sophisticated organizations. In a retail or B2C (business-to-consumer) environment, the history of previous purchases is being used like never before to tailor marketing messages to the individual consumer. This move towards “Big Data” analytics means that offers these days are often being individualized. You’ve probably seen this when shopping online: “Customers like you who bought product X also bought product Y.” Sometimes it’s far less obvious, such as with retailers whose mailers vary from one house to the next based on demographics and past purchase data. While “Big Data” is a hot topic in marketing to consumers, the revolution is slow in coming to the B2B (business-to-business) marketplace since the dynamic there is completely different. Transactions are typically larger in dollar value relative to consumer products, but far fewer in frequency. This means that there are not enough data points to serve as predictors of likely future purchases. However, all is not lost since data can still be used to answer important questions such as: What is the job title of the person who normally makes the buying decision? What size companies are you more successful selling to? What kinds of companies are more likely to buy from you? A system that collects just a few more key data points can also tell you which of your competitors you most often succeed or fail against, where your most successful leads are coming from and why you won or lost a sale (price, timing, relationship, etc.). Your sales team may already be collecting some of this data as a part of its sales management process and, if so, you should be using it to tailor your marketing approaches and programs, too. There is immediate value in being able to target your limited marketing dollars to that “sweet spot” where they are likely to do the most good. And, as you become more comfortable with what your customer data is telling you, you can also begin to explore how to tailor your products or services to reach those less likely buyers. In other words, starting with the question of “who” and moving to understand the “why”. While the concept of target marketing is not at all new, the ability to analyze real customer data now allows you to be more effective in designing and executing your marketing programs. Technology makes it possible to act based more on real data and less on general market research or gut feel. our business is growing yours Marketing Data-Driven Marketing Article reprinted from Fall 2013GROWTHBIZS T R A T E G I E S MARK DIXON CBIZ Benefits & Insurance Services, Inc. Leawood, KS 913.234.1717 • mdixon@cbiz.com

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