Category Archives: Data Modeling

Deck the Halls with Data

The end of the year is the perfect time to reflect on the accomplishments of the past year as well as the opportunities that can be tackled moving forward.  As any business owner knows, data driven analysis provides a foundation for assessing company health, success and opportunity.  While many businesses perform year-end financial reviews and overall business reviews, one of the things that can get pushed to the wayside is a review of your customer data and market penetration.  These are key pieces of information as they typically drive the success of your overall business and bottom line.

At Natimark, we pride ourselves on being able to not only provide you with customer information but also the tools you need to analyze your efforts and your status in the marketplace.  One report that can accomplish this is our Market Penetration report.  This report does a deep dive into the market share that you have been able to capture with a view at both depth and breadth.  The results of this report are useful in determining marketing strategy and helping to identify any gaps in key demographics.

We also offer a service to help analyze your customer profiles – this is a great complement to the market penetration reports or as a standalone analytic as it provides a view of your customer types.  Utilizing empirical evidence, we create profiles that contain buyer traits, demographics and buying behaviors to help you better align your marketing strategy to specific customer types.

Are you going to deck your halls with data this year?  We offer a free consultation, so contact us today to find out how we can help you create a data driven strategy for 2016. Reach us through this site or call us at 800-494-4533 today!

How Can I Use Predictive Modeling in my Business?

Predictive modeling is an analytics process that is used to identify and predict customer behaviors. It is simulated utilizing information from your customer database.  It helps determine how customers interact based on marketing materials.  Some of the things that predictive modeling can help you achieve include:

-          Identifying your “Best Customer”

  • Optimize your marketing efforts by defining the traits of and target marketing to your “best customers.”  Make sure that you maximize client satisfaction and value for the clients who yield your highest ROI.

-          Customer Cloning

  • By identifying the traits of your best customers across all of your demographics, you can clearly define your ideal client profile. Prospecting for these specific types of clients who share similar qualities always yields the best return.

-          Lost Customers

  • All too often, valuable customers can fall off without notice. Through this analysis, you can target them and work to bring them back as active clients.

As a data company, we recognize the power of analytics.  Harness predictive modeling that allows you to work smarter and target customers in a way that is relevant to their traits and behaviors.  Studies have shown that with the information overload that exists in today’s society, people will pass over marketing materials that aren’t directly relevant to them. By engaging in customer analytics, you are able to profile your client base as well as prospects and create targeted efforts that will speak to the customer’s behavior and needs.  Engaged customers result in more positive outcomes for your marketing and sales initiatives.

We offer a host of analytics programs – contact us today to find out more!

Increasing Your Opt-Ins

Purchasing a data list of prospective clients is a great way to expand your reach!  While we can provide you with the names, we can’t guarantee they will opt-in once you reach out.  Our lists are targeted and can be sliced and diced by key metrics like age, nationality, income, etc.  This allows you to make sure that the way you reach out to the potential customers is relevant.

We have been in the field a long time and wanted to share with you some of our recommendations for improving your opt-ins when you’re reaching out to prospective customers.

Make it Relevant:  Don’t send people campaigns that don’t matter to them.  In this day and age, people are inundated with communications and they’ll ignore anything that doesn’t pertain directly to them.  One size fits all marketing and communications are no longer effective.  Tailor your content to their needs, wants and demographics!

Make it Valuable:  The internet has created a giant library for people to use at the touch of a button.  If you’re giving them something, give them something that is of value that they can’t get anywhere else.  Whether you’re sharing a free sample, some crucial information or any interesting content that’s not readily accessible, it will catch their eye quicker than something they can get on their own.

Make it Fun:  People absolutely love to be entertained.  You can log in to any social media site and within a few clicks or a scroll of the newsfeed find something that is engaging and fun to consume.  If they can bank on you for interesting, fun content, you can bet that they will become a loyal follower.  Entertaining people is a great way to get them in your corner!

Do you need help identifying your target clients and sourcing their contact information? We specialize in creating custom lists that hit all of your demographic needs.

Contact us today!

 

How Do You Measure Marketing Success?

Investing in marketing strategies can be one of the best ways to grow your business.  Intelligent investments can pay dividends well beyond the initial investment.  How do you, as a business owner, measure this success?

When we look at simple metrics like the number of likes on a Facebook, an Instagram post or on the total retweets we may overstate or understate our success.  Likes and retweets don’t always translate to revenue. We aren’t saying that these simple things aren’t important, but at the end of the day, you need to look at your marketing efforts holistically and use several metrics to truly determine the ROI on your investments.

User Engagement.

Sure you have 100,000 Facebook fans but do you post a status and get only 10 likes?  Perhaps you post a picture and say “comment with your favorite product” and only three people reply.  This means that your community is disengaged.  While social algorithms can have an impact, ultimately the likely culprit is that you don’t have quality followers.  Know your audience – understand your demographic and target them.  This will improve the community you develop and offer the opportunity to reach potential new customers.  We can help you map your customers to help you understand where you have strength and opportunities for growth.

Click-Thru Rates  

Do you regularly post campaigns on social media?  What about e-mail campaigns?  Do you use open rates as a measure of success?  What truly matters is not how many people opened it but really if they did anything with the content.  Click thru rates allow you to measure the success of direct marketing campaigns.  Some ways to improve these numbers is to send out links to relevant content, like podcasts, infographics, white papers and other material that has true value and isn’t just marketing content.  Engaging customers with meaningful content can help to generate leads or sales.

Conversion.  

Conversion is the step beyond click-thru rates.  It measures the outcomes of the clicks.  Converting a click to a revenue generating event is the ultimate goal for any type of marketing campaign.  Are they signing up for your service?  Did they buy a product?  This is the ultimate measure of ROI for your campaigns and efforts.

Natimark can help you understand your marketing landscape, customer profiles and reach, which allows you to create more informed and effective marketing plans.

Contact us today for a consultation!

Market Penetration: Penetration Rate

Market Penetration is a phrase that we hear quite often in the direct marketing world.  So what exactly does it mean and how do you measure it?

Let’s start by discussing what market penetration is the depth with which you have penetrated the market.  Analyzing your market penetration affords you the knowledge of where you stand relative to your competitors as it relates market dominance and market share.

Of course there are various levels of penetration as you might imagine – aware, engaged, consumer, etc.  So how do you measure that?  What is the process for understanding these metrics?

Market penetration analysis is extremely complex and relies on many factors to be able to come up with a true value.  Through an analysis of varying demographics, zip codes and other identifying factors, we can come up with your penetration numbers and segment them by groups and other demographic criteria.

At Natimark, we have developed a process that allows us to pull in all of these data points and create a market penetration report for you.  These reports help you understand where and how you can effectively target your ideal consumers.  We help you understand the various ranges of consumers and your ability to target based on selected criteria.

Let us help you win more market share through market penetration analysis!  Contact us today to find out how!

The Importance of Marketing to Hispanic Consumers

Earlier this year we posted about the importance of truly knowing your customer base and the ROI on spending the time to understand who you are looking to target.  Since then we have done numerous posts on various market segmentations and why and how to enter into these areas.

Today we will be discussing the importance of marketing directly to Hispanic consumers.  This is a unique group because of the bilingual nature of the demographic as well as the recent increase in their consumption of goods and services.  For instance, in Q1 of 2014, Hispanic consumers’ new vehicle sales growth was up 13% which is more than 3 times the total growth of the market.

According to Forbes, the purchasing power of the Hispanic market is estimated to reach 1.5 trillion dollars by 2015.  So how are businesses addressing this market?  Carefully but conscientiously.  Businesses are identifying ways to market to and address the needs of the Hispanic consumers by considering their cultural desires and needs.  It is being referred to as “cultural intelligence”.

Understanding how to adapt products, marketing efforts and sales strategies to be culturally relevant is the latest trend.  No longer is a translation enough – businesses need to take it one step further to market directly to the Hispanic consumer.

So how do you identify and connect to these consumers?  Reach out directly – Natimark has a database of over 12.5 million Hispanic Households.  Of this, 9 million identify Spanish as their first language.  Contact us today to find out how you get engaged with this important demographic.

What is a Reverse Append?

Do you have a list of contacts with phone numbers but no names?  Here’s some great news: you aren’t in a hopeless situation; you can consider updating your database using a reverse append!

Essentially, a reverse append is used to add names and addresses to existing phone numbers.  Natimark can link your consumer or prospect list with accurate, updated address information so you can leverage the full channel.

Truly penetrating your customer base requires a multi-channel marketing effort.  In order to do this you need to make sure you have appropriate contact details to support a multi-channel effort.  We find reverse appends to be particularly helpful in this area.  Did you purchase a list that simply contains phone numbers?  We all know that in the digital age most people screen their calls and have a low tolerance for telemarketing.

In completing a reverse append, you open up the channels in which you can communicate with your clients.  Direct mail is a great way to stand out as an organization – as the world relies predominantly on digital services, receiving a piece of mail that isn’t a bill has become quite rare.

Contact Natimark today to find out how we can help you update your list!

Failure to Plan is a Plan to Fail

Most businesses are entering the planning season for the 2015 year – are you?  As you develop your marketing strategy for the year to come, there are a few considerations we recommend that you make.  As a leader in the direct marketing space, we have insights into not only the trends for 2014 but also how getting back to basics can help drive lead generation from your marketing efforts.

Recommendation #1 – Evaluate Your Market Penetration

It is always beneficial to take a step back and do some research and analysis prior to developing your strategy.  We suggest obtaining a market penetration report which will show you how effectively you are tapping into your designated markets.  This will show you customers vs non-customers.  Understanding your reach and who is in the prospect market will allow you to better strategize how to tap into those demographics.

Recommendation #2 – Understand Your Customers

As businesses grow and evolve so do their customers.  Developing customer profiles will help you create plans to engage, upsell and retain these individuals.  Through identifying customer profiles, you can develop segments which will guide your direct marketing efforts.

Recommendation #3 – Manage Your Communications

As consumers, we are inundated with information, particularly targeted sales and advertisements.  Being strategic in the way you communicate with your prospects and customers can have a more successful outcome than drowning them in information!

Contact us today to find out how we can help you leverage these three strategies to make 2015 your best year yet!

Data Quality Best Practices

Corporate decisions and streamlined operations rely greatly on data quality, as well as proper data management. In fact, to some, high-level data may be one of their most valuable assets. A vital step in maintaining accurate data is ongoing data “cleansing.” By providing “clean” data your company and/or your clients will be better informed and will be able to gather more accurate analytics, allowing for a more seamless decision-making process. The following are a few best practice tips to ensure data accuracy:

  1. Implement a successful management system in which you can easily manage, find and disperse data.
  2. Check for duplicates.
  3. Separate your data into multiple fields so it can be found easily, with practically any relevant criteria (name, company, phone number, email, location, project name, etc.).
  4. Check content fields to ensure that all information is needed and accurate.
  5. Always use full, proper names of companies, people, etc. Data should be easily accessed by anyone within your company, even a new employee or someone new to an account.

High-level data adds priceless value to any business. Contact us today to learn more about data quality best practices. We are here to help!

What is a Lift Chart?

Have you ever looked at customer data or various forms of predictive modeling and felt as if your first assignment should be going back to school and getting a degree in statistics? Although intimidating at first, data is something we’ve all got to get comfortable with at some point in time. After all, understanding it and utilizing it results in smarter business decisions, improved targeting, increased conversions and reduced marketing costs.

So, what is a lift chart, aside from a common tool used within our industry?

A lift chart graphically represents the expected penetration of using a ranked list in comparison to the expected penetration of “business-as-usual” (“business-as-usual” utilizes a random data set).  The ranked list represents various portions of your data set and shows which models work best.

This is very important data to uncover, especially when utilizing direct mail campaigns to market your company. If you can determine which portions of your data set get the best response rates, you can mail fewer pieces to achieve a new number of customers. This data could also be used to acquire new customers within a particular budget. By utilizing the ranked list, you are not wasting money on very large data sets with an overall low response rate.  You identify who the “worst” customers are, or the prospects that are unlikely to respond, and you no longer need to spend money on postage and printing for these contacts each month.

Lift charts are often linked to profit charts because profit charts display all of the same information, but also display the projected increase or decrease in profit by utilizing each model. In the perfect scenario, the ideal line in the lift chart represents a prediction that is never wrong. The reality however is that the model will likely fall between a random guess (utilizing a random data set) and a perfect prediction. Any improvement over the random guess is considered to be a lift – where your company loses less money and does not waste funds targeting individuals or companies that will never become your customers.

Does your marketing department need to get better control of its spending? At Natimark, we have been providing better data and better results for over 20 years. If you want to acquire more customers while spending less, contact our team today:  (866) 923-3403.

How Can Your Current Customer Profiles Help You Gain New Customers?

Your current customers are the best source of marketing intelligence. Get to know them, their preferences and their expectations and you can:

  • Measure more closely the success of your products and services
  • Identify new opportunities within your customer base
  • Identify new products or services for your customer base
  • Identify new potential customers

Knowing your customer base will enable you to divide the market into segments and tailor your marketing communication programs to the needs and expectations of each of your segments. You will be able to identify the most profitable customers and the ones with the greatest potential, while separating the least profitable customers from the rest.

Customer profiling is all about getting to know your existing customers to identify new customers

Gather information on your existing customer base, and profile these customers to establish clear segments or customer types and identify what attracts them to your product or service and why.  Customer profiling identifies relevant marketing activities to develop these customers, identifies potential new customers within specific segments, new prospects are targeted with specific and relevant campaigns that generate sales.

Attract the prospect – knowing who to attract, where they are and what they will respond to is essential

Engage with the prospect – identifying their requirements enables you to match your offer to their needs

Present the offer – Identify the approach,  email campaign, direct mail campaign or a telemarketing campaign.

Convert the prospect – the right sales tactics need to be in place in order for this to happen. There is no point in generating new business enquiries if you don’t have the resource or mechanism to close the sale.

You can implement the most effective new business lead generation activity for your resources by, developing a marketing strategy that works within your resources, selecting and designing the right lead generation sales and marketing activities, testing and fine tuning these activities, providing or developing a mechanism for measuring your return on investment and identifying those sales and marketing activities that aren’t performing and acting accordingly.

Through customer profiling you will be able to understand your existing customer base and identify potential new business opportunities. Through lead generation activity you will be able to create marketing communication campaigns that can target specific groups of new prospects.

Once you have presented your offer and converted the sale you need to use measurement tools that will then enable you to work out your return on investment or ROI. This will enable you to benchmark your performance and plan for future marketing campaigns.

Natimark uses critical targeted data to effectively measure, predict and optimize your results to increase your ROI. Call us today to find out how we can customize a strategic targeted marketing plan based on accurate, real-time predictive data that is relevant to your business. Visit Natimark.com.