Synopsis: Learn the basics, and the competitive edge that marketing databases provide to businesses.
Marketing Databases – Unlocking the Power of Your Customer Data
WHAT IS A MARKETING DATABASE?
A “vessel” containing all customer attributes, touchpoints, transactions and behavior.
A marketing database is a centralized repository of all customer attributes, touch points, transactions and behavior. Constructed properly, it can significantly enhance marketing campaign performance.
A marketing database differs from the discipline of “database marketing” – where Verdi combines info from the database with statistical and modeling techniques to analyze customer behavior. (And then use this intel to target the best-qualified prospects with marketing communications.)
WHY INVEST? WITH A MARKETING DATBASE, YOU CAN…
- Treat each customer like you know them.
- Delight them and create loyalty.
- Understand your most valuable customers.
- Find more prospects who behave just like them.
- Communicate with them on a personal level.
Marketing Databases Make it Easier to…
- Identify better-qualified prospects.
- More precisely target marketing efforts.
- Reduce new customer acquisition costs.
- Improve forecasting, increase marketing ROI.
- Maximize customer lifetime value.
- Curtail customer attrition.
- Uncover new insights and sales opportunities.
These are just some of the benefits of a Marketing Database.
The database is a key tool that helps clients better capitalize on their data, letting them extract more value from their existing customers. A marketing database also enables quantitative measurement of customer value – often defined by store traffic, recency, products bought, average or cumulative spend, purchase frequency, etc.
Armed with these insights, businesses can more effectively target each prospect with offers that are most relevant to them.
It is said that “Success comes from the right offer…sent to the right prospect…via the right marketing channel…at the right time.”
This, in turn, increases engagement, response and sales conversion. Over time, a properly-built marketing database enables companies to redirect their marketing spend from lower-value to higher-value prospects – which increases overall profitability.