With July in full swing and budgets for 2012/13 handed down, I would say to avoid the temptation of getting back and ‘stuck into it’. Don’t just do something, stand there. At least for a minute to consider, take stock, regroup and then deploy with effectiveness.
Not all activity is good activity - that is a given. What that means in this ‘do more with less’ economic climate, is that we must find creativity and innovation in the things we traditionally take for granted.
Communications is the most obvious example where most businesses seek to market to the masses, be it through traditional radio, print and television media or more recently through online affiliate marketing. In either instance this shotgun approach of ‘spray and pray’ is terribly expensive and ineffective. With a return rate of less than 10% ROI, it’s a wonder that many businesses still bother.
There is a much better way, its the sniper style of communication where a highly relevant message is delivered to a smaller group with almost certain results. What is commonly called, DNA Marketing, refers to a smaller investment in targeting a handful of customers with a strategic message and a success rate of 90% or greater.
Think for a moment to your own customer base and segment some of the big picture diversity in the group:
- new to workforce
- socio-economic strata
There are of course dozens more but more importantly, once segmented, determine the DNA of this group. If, for example, you chose ethnicity as a segment and Chinese for a niche, consider the Chinese customers already in your CRM, their purchasing and engagement habits. It doesn’t take much research to start to identify patterns in behaviour.
With this information you can approach this niche segment, with a highly relevant offering that will enjoy a high adoption rate. It is doing less work for more results. Less work, for more money.
So before you launch in budgeting your 2012/13 spend, consider DNA segmentation which will make you not only more effective and efficient, but profitable too.