By Merlin Stone
Customer perception presents industry researchers with wisdom of database advertising and CRM concepts. It explains what database advertising is and covers the vintage components that sellers are likely to specialize in, akin to: realizing who your shoppers are, what they do, the place they're, what they purchase and what they want to shop for. It explores the mental parts too - what buyers imagine and believe, what their pursuits and techniques are and the way those impact how they behave. The name additionally explains tips on how to deal with this strategy, and the way businesses achieve perception into their consumers through handling and utilizing their consumer information thoroughly.
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Additional resources for Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer (Market Research in Practice)
Analysis showed that there were few consumers who had bought more than twice who had not bought for over 12 or 18 months. Looking at the 0–6 months buyers, or recency = 5, there was a big drop off between one and two times buyers, but a lower drop between two and three times and thereafter. qxd 02/09/2004 1:58 pm Page 43 What is Database Marketing? loyal and go on to purchase three or more times. This highlights the often-underestimated importance of a consumer’s second purchase. The best tactics to get a second order were to mail first-time buyers early and often.
Database marketing relies on creating a bank of information about individual consumers (taken from orders, enquiries, consumer service contacts, research questionnaires, external lists). This information is then used to analyse consumers’ buying and enquiry patterns. This analysis, combined with the opportunity offered by the database to contact individual consumers through a variety of media, allows you to achieve a number of different objectives, such as: ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ designing products to meet the needs of identified consumers; targeting the marketing of products and services more accurately; promoting the benefits of brand loyalty to consumers at risk from competition; identifying consumers most likely to buy new products and services; increasing sales effectiveness; supporting low-cost alternatives to traditional sales methods; making the marketing function more accountable; improving the link between advertising and sales promotion, product management and sales channels; improving consumer care, by making all relevant information available at the point of contact between your company and its consumers, at any place or time, during service delivery; coordinating different aspects of marketing as they affect individual consumers.
A geodemographic system could also be checked for economic incremental gain. 4. Carry out RFM migration studies: for example, analyse how the 5,5,5 best consumers deteriorate to see what can be done to retain their profitability. This analysis could provide a basis of future consumer contact frequency decisions. Another example is tracking the development and lifetime value of customers recruited via direct versus those from ‘off the page’ advertisements, to measure acceptable customer acquisition costs for different media.