By Merlin Stone
Client perception offers industry researchers with wisdom of database advertising and CRM innovations. It explains what database advertising is and covers the vintage components that dealers are inclined to specialise in, comparable to: understanding who your buyers are, what they do, the place they're, what they purchase and what they want to shop for. It explores the mental components too - what shoppers imagine and think, what their ambitions and methods are and the way those impression how they behave. The name additionally explains how one can deal with this procedure, and the way businesses achieve perception into their consumers through coping with and utilizing their client information accurately.
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Additional info for Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer (Market Research in Practice)
It reinforces brand image. Database marketing can convey general branding messages, while at the same time building goodwill, reinforcing purchase decisions, or saying thank you. These are all ways to reinforce branding and future sales and to encourage word of mouth advertising, the cheapest and most effective way to acquire new consumers. It creates interaction with consumers. Mass marketing tends to consist of a one-way flow of messages, with results measured by sales and market research. An essential component of database marketing is the response mechanism.
Determine which activities attract high-value consumers and focus on them. The 250,000 customer records on the database were RFM scored and the following results were found. Recency versus frequency The one-time buyers are fairly evenly spaced by recency, reflecting the steady growth of the business. 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.
Deepening the relationship with consumers by encouraging them to buy different types of product, to upgrade and renew. Monitoring profitability. FUTURE VALUE OF CONSUMERS If a consumer’s transaction data is accumulated for a long enough period, you can calculate the future value of the consumer. qxd 02/09/2004 1:57 pm Page 26 Consumer Insight ■ ■ ■ ■ Making campaign decisions which both generate a profit and increase future consumer value. Recent buyers are nearly always among the most frequent responders to additional offers.
Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer (Market Research in Practice) by Merlin Stone