In case you haven’t heard this lately, ROI is the not-so-new mantra. Click here to see the latest epiphany from eMarketer exclaiming ROI a must-have. Costs seem to be driving many decisions lately; this is no surprise because many of you are in survival mode right now. With all the channels / customer touchpoints now in play, it is more important than ever to understand the impact these have on your business and the revenue they generate (and yes…as well as the costs associated to them). We talked about matchbacks as being a key, but as you all know it’s not an exact science. Tim Perry from CWDKids recently stated his frustration about the lack of conclusive data in an article in MultiChannel Merchant. In my opinion, however, matchbacks do give you a very good handle on what is driving your business and as long as the business rules are constant, the information is extremely valuable and useful in analyzing current campaigns and in preparing future campaigns.The biggest constant resource in all of this is your database. It is also your biggest asset. Your database should accommodate all your marketing channels and any new ones that are being created this week. By accommodate I mean that each channel can be clearly viewed and measured in terms of your key needs. The database should also support outgoing information as well as incoming information.
Outgoing information includes; dates, costs and event codes for all campaigns; direct mail, retail, email, Twitter, text or even the ancient telephone campaign. It is critical that each time you touch a customer that information is maintained. With the cost of storage and data decreasing as I write this post, there is no reason not to. Detailed reporting can be derived from this information and you can determine the true value of your customers.
Incoming information includes; orders, returns, “take me off your list,” “do not email me,” “do not call me,” change of addresses, survey information, etc. Again the more you have and maintain, the better.
All this information, literally at your fingertips, gives you the knowledge to understand the what, why, who, when, and how much and makes marketing decisions easier. The key is to have a platform that allows you to do all of this. We will elaborate in later blogs.