Some of the most valuable data in your arsenal is campaign response data. Unfortunately, it is the data most often overlooked. Sometimes, it’s never even collected. Response data reveals key insights into what is working and what is not working, so you can improve your marketing strategy and tactics. Let’s look at 6 ways you can utilize your response data to help you make more informed decisions.
1. Who Responded?
Many companies will analyze response rates, social media interactions, or sales increases without ever looking at the actual responders. All of those aspects offer great information about your marketing campaign, but it’s really important to look at the individuals who responded, interacted, and completed transactions with you. When you study your responders, you are able to identify common demographic, psychographic, and geographic information about your customer base. This information will help you find look-a-like audiences and grow your business. You might discover different segments amongst your responders which will aid you in tailoring marketing campaigns for each one.
2. Who Brought in More Revenue?
Who brought in more revenue? Your current customers or new customers? By identifying who made the bigger purchases from your direct mail piece, you can increase your marketing effectiveness and decide who receives catalogs vs. postcards, etc. The goal of marketing analytics is to help you invest your marketing dollars wisely and to see the highest return on investment possible. In order to do that, you need to know how each group is not only responding but purchasing.
3. Which Test Performed Better?
Strong marketing plans incorporate A/B tests, so marketers can learn more about their customers and prospects. Whether it’s different subject lines, call to actions, images, design, offers etc., test 1-2 elements at a time. This helps you learn what catches your audience’s attention and what motivates them to complete a transaction. Utilize your findings to design more relevant offers that appeal to your target audience.
You can also look at which marketing channels delivered a stronger performance. Should you do a direct mail + email + social campaign or a direct mail + email campaign? Are prospects responding better to digital while your customers respond more to direct mail? Response data helps you refine your process and tactics, so you can move prospects further down the sales funnel faster.
4. Which Product Was the Most Popular?
As you examine your response data, you can see which product or service people bought the most. Was it the product you featured in your direct mail piece? Did you discover a trend such as new customers bought product J while returning customers purchased products A, B, and C? Analyzing this data lets you know what to offer prospects vs. customers. What is the entry product most people buy? You might want to design a whole prospect campaign around that product.
5. What is their Next Most Likely Product?
Once you turn a prospect into a customer, you want to stay in front of them, so they become a repeat customer. One of the best ways to do this is to offer them more products and services. With the help of an analytics team, you can identify which product they are most likely to buy next. Create a custom marketing campaign that gradually introduces your new customers to other great products.
6. Which Locations Responded Best?
Do all of your store locations have healthy response rates? Or do some of your stores have lower results? By identifying where your customers are coming from, you can discover where you should invest more marketing dollars and where you should pull back the marketing budget. Perhaps, you need to shift tactics for some of your locations.
A data analysis of your response data will give you a clearer picture of who your customers are, what to offer them, and how to improve your return on investment.
At AMP, we help businesses identify their top customers and prospects, so they can make informed decisions and reach their desired audience. Our team works hard to help companies improve their marketing campaigns’ effectiveness and grow their customer base. If you would like more information on how you can utilize your response data, give us a call.