Marketing Management 5. Marketing, Market Research, and Profits.

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Marketing Management 5. Marketing, Market Research, and Profits

GEN Y: Do We Know Our Customers? Generational Marketing: targeting age cohorts Formative Experiences in a generation

Linking Marketing with Profits Questions about Customers & Competitors 1. How profitable are our customer relationships and what can we do to improve those relationships? 2. How profitable is our competitive strategy and what our options to improve our strategic position? First, to know our customers better, we focus on currently targeted segments or customer groups, or, if data permits, on individual customers

Segments and Individual Customers: Accessing External Customer Data External sources of information are always an option Their price is typically the key decision making factor Ex: Syndicated services (ex: AC Nielsen, Maxxcom in Toronto) Strategis by Industry Canada: Canadian Institute of Marketing: Youthography, Toronto:

The best features: current and problem-specific How much money can we spend? Often predetermined by fixed budgets However, when is it worthwhile to conduct market research? When it measurably contributes to the bottom line: Value of a decision with research minus Value of a decision without research Value of a decision with research minus Value of a decision without research > Cost of research Cost of research Internal Market Research

Jim Novo: Drilling-Down Motto: Turning Customer Data Into Profits with a Spreadsheet Jim Novo is a customer retention / defection expert Home Shopping Network: VP of Marketing Managed customer communications and marketing across all the distribution channels Linked TV to Internet and to Catalog, extending customer lifetime value (CLV)

Focus on behavioral segmentation Past and current customer behavior is the best predictor of future customer behavior Analyze action-oriented customer activities Ex: making purchases, visiting web sites

Retain Your Customers, 1 Active customers are happy and will be retained In general, Customers like to play and they like to "win" Customers like to feel that:

Retain Your Customers, 2 Marketing is a conversation: Listen to what the customers say Latency: the number of days between two customer events. Ex: Check every customer who made at least 2 purchases, and calculate the average # of days between the 1st & 2nd purchases E.g., the average latency is 30 days When a customer has not made a 2nd purchase in 30 days after the 1st purchase, that customer is not an "average" multi-purchaser. Something is wrong there, and you should react (maybe with a promotion?)

The RFM Model

Steps: Jim Novo: Drilling-Down