If want to grow your business, you can continue to sell to your current customer base, but real progress happens when you expand your reach. Where do you go to find more customers or donors? Are you pursuing the best prospects for your business? Who you target impacts everything from response rates to total sales. Our MicroModeling data analysis helps you identify who your best customers are, find new prospects who look just like them, and select the best records to target in your universe.
Identify Top Customers
Before you can grow successfully, you need to know what’s working. Otherwise, you can try a bunch of different things and see sporadic success. But, you won’t know why it worked or how to repeat it. Understanding why your products are selling and who is buying them is key to creating a sustainable plan to help you scale.
Our MicroModeling always starts with your current customer base. The process involves an in-depth analysis of who your customers are and where they’re coming from. You can win over a 1,000 new customers that spend $10, or you can focus on finding 10 customers who spend $1,000 and use your additional time and resources to go find 100 more. Not every customer is a good customer. You want to focus your marketing resources on winning over people who believe in what you have to offer and will have a strong lifetime value. A good data analysis lets you know who those customers are.
Score Your Prospect Universe
Your prospect universe is everyone who fits within your general customer demographics. For some companies, their universe consists of millions of people and for others, it’s 50,000. Regardless of your company size and budget, there is always a limit to your marketing resources. The question is who do you pursue? Which households do you spend your budget on to see the greatest ROI?
Data modeling not only helps you make your selection, but it identifies your top prospects. When you have a MicroModel in place, you have a standard for who you want to go after. Your prospect universe can be run through the model, and each record will be scored and ranked, identifying the best data records.
Select the Best New Prospects
Instead of taking a random selection from the universe, you can be intentional about who you choose to pursue. If you use tiered marketing, you can use the data scores to select who receives tier 1, 2, and 3 of your marketing plans.
You don’t have to waste your time and resources pursuing a bunch of mediocre customers who may or may not be a good fit. You can focus your efforts on the very best prospects for your business and offer. This means getting your message in front of the people most likely to buy from you. If you have the option of taking a chance or selecting the best, which would you choose?
MicroModeling keeps you from guessing who to target and lets you decide exactly who you want to go after. Maximize your marketing efforts and reduce waste by removing lower quality records from your list.
At Analytic Marketing Partners, we want to help you find the best prospects for your company. If you are interested in working with a team of analysts who are dedicated to helping you grow your business, give us a call.