Who To Contact Is Just the Start
- In today’s complex marketing environment, finding your targets and providing the most enticing message to each will provide tremendous ROI for your marketing budget. This is the classic marketing optimization challenge. It has historically been very difficult to get right and perform efficiently, but with the advent of big data and efficient analytic tools like LityxIQ, it is now within reach.
There are many dimensions along which to optimize customer communications, channels, and budget decisions. For example:
- Cross-channel optimization. Most organizations have a segmented customer or prospect base with regard to preferred communication channels. Being efficient requires reaching your targets through their preferred channel or channels.
- Media mix optimization. The number of marketing channels is continually growing and the landscape is becoming more complex. It is important for a marketing organization to allocation budget optimally across channels in a way that accounts for both within channel performance, and cross-channel interactions.
- Offer and message optimization. Individual customers have individual preferences, and those preferences determine how they will react to the offer or message presented. Are they price sensitive? Offer sensitive? Have certain product affinities? Predicting and understanding their preferences and delivering tailored communication will lead to maximizing their response likelihood and long-term value.
- Data collection and experimental design. These approaches require a wealth of data… data that many organizations often do not have. For example, how do you know if a customer is price sensitive or not unless they have been offered multiple options in the past? Or which channel they prefer if they have only ever been targeted through one channel? While challenging, we provide techniques such as experimental design and uplift modeling to help provide the data resources to optimize channels and communications.
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