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Wed, 05/16/2012 - Mark Klein
The reason we collect data is to answer questions. For marketers, those questions are usually about customer buying behavior—who is ready to buy, what they are likely to buy, which customers might defect. But marketing data is in trouble.
Lately, with Google snatching customer information wirelessly with drive-by mapping cars and companies surreptitiously tracking customer behavior on their web sites more questions are being raised by data than are being answered by data. The war between the data hounds and privacy advocates is heating up.Read More ›
Thu, 04/26/2012 - Mark Klein
Granted, I have a smart dog, a young poodle named Charley. It usually takes only a few days and a few treats for Charley to master a new skill. Many traditional marketers have a harder time with something new, and we know about the difficulties of teaching old dogs new tricks.
I’m talking about marketers learning alternatives to RFM (Recency-Frequency-Monetary value), an old-fashioned but popular method for scoring customer behaviors. Just today I saw two more organizations still leaning on this outdated crutch.
Fri, 02/03/2012 - 16:09 - Mark Klein
Companies grow top line revenue either by adding new customers or by selling more to their existing customers. Customer acquisition is a systematic, well-understood process bolstered with a technology assist through marketing automation software from vendors such as Eloqua, Marketo, Pardot, and Loopfuse. Raising revenue by selling more to existing customers is not nearly as well understood, with a variety of practices and an even wider variety of results.Read More ›
Fri, 02/03/2012 - 15:09 - Mark Klein
Who to target is a crucial question for direct marketers, and response models are a popular but difficult solution. No one wants to send spam or junk mail. David Baker takes on the problem in a recent blog post. Now Baker is a very smart guy. His position at Acxiom gives him great insight into what’s happening in email marketing. When he’s the author of the latest Email Insider post, I read it right away.
Wed, 01/11/2012 - 12:44 - Mark Klein
A few weeks ago I met a gentleman who said I couldn’t predict what his customers would do. “Our customers’ tastes dictate what they’ll buy”, he told me, “and you can’t measure an intangible like taste.”
He was quite surprised when I told him we’d been doing it for years. And I suspect he didn’t quite believe me until I showed him how we do it.
At Loyalty Builders we measure taste using the algorithms we’ve developed over the last 10 years. With this proprietary math we can predict the likelihood of each individual customer buying each individual product. The methodology scales nicely so the number of customers and products is, for practical purposes, unlimited.Read More ›