Boy, I hope this works...

Some very interesting research from the Chief Marketing Officer Council (CMO) regarding customer data and data analytics.

Among the findings of the CMO Council study, "Business Gain From How You Retain":

Over 50 percent of global marketers report that they have fair, little, or no knowledge of the customer demographic, behavioral, psychographic and transactional data. Just 6 percent say they have excellent knowledge of the customer.

My Take: Database management and CRM obviously has a long way to go, but the true strategic value is immense for organizations. If you think about the power of segmenting (and micro-segmenting) your customers and identifying those who are of the highest value and developing programs to retain and keep your high-value customers loyal, you will pay for any system or headcount required to do the analysis multiple times over. Retention will always be cheaper than acquisition. This is applicable for any and all markets globally.

Tactically speaking, you can target customer groups for marketing campaigns, loyalty, medication compliance, value-add programs. All reachable can be segmented and targeted through any number of channels (email, direct mail, both, etc).

In my experience, there is tremendous upside to incorporating database management and a data-driven culture to inform strategic marketing decisions. However, database marketing, segmentation and retention programs are not widespread in global markets outside of Germany and the UK, but it is expanding.
  • Digg
  • StumbleUpon
  • Yahoo! Buzz
  • Technorati
  • Facebook
  • TwitThis
  • MySpace
  • LinkedIn
  • Live
  • Google
  • Reddit
  • Sphinn
  • Propeller
  • Slashdot
  • Netvibes