Growth For Women-Owned Businesses
5 Effective Ideas for Target Marketing
1. PROFILE BEHAVIOR ACROSS THE VARIOUS CHANNELS. - Every business has many types of clientele, and each acts differently at different times.
Once you understand what customers are doing and why you can spot certain actions and apply value to them. A data warehouse to collect data from various channels will provide the underlying information needed to segment your customers.
2. DETERMINE WHAT ACTIVITIES CAN BE PROFITABLY CHANGED. - Use data analysis to identify patterns within segments and to ascertain which behaviors can be transformed into more profitable ones. Then, determine how to trigger that desirable change. For instance, if certain loyal customers start to spend less each time they visit your business, uncover the reasons and take action to reverse the pattern.
3. TEST MULTIPLE STRATEGIES. - No matter how well you know your business, the first hypothesis probably won’t be optimal. For example, if you develop a new incentive for customers to spend more, test multiple options in terms of timeframe, delivery channel, value and type. In our case, it took nearly a year of segmenting and testing to reach the right combination.
4. PAY ATTENTION TO WHAT CUSTOMERS DO - NOT JUST WHAT THEY SAY. - While it’s important to listen to what people say, it might be contrary to what they actually do. So before responding, wait 60 to 90 days for the analytical results of any test. Complaints delivered online or on-site often don’t reflect a strategy’s profitability. So don’t be influenced by a vocal minority, as happy customers frequently won’t say anything; data is a more reliable barometer.
5. STEADILY REFINE TO MATCH THE COMPETITIVE ENVIRONMENT. - The process should never end. A strategy that works great today might fade, and something that didn’t test well at first might become the correct answer. So always be testing to optimize your marketing strategy and to stay ahead of the game.
Source: Teradata
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Growth for women-owned businesses.
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