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GoldMine is a terrific solution for consolidating all your customer information into one centralized database. This enables all your customerfacing employees to quickly see information and histories on any given customer. Yet GoldMine and its marketing modules can also be a powerful tool for generating more revenue with targeted marketing campaigns.
The secret is dividing customers and prospects into small segments, rather than marketing to your entire customer base. Companies that segment customers and prospects for different campaigns and offers generate substantially higher results from their marketing efforts. What are the secrets to successful segmentation? Follow these tips to better results:
1. Identify the characteristics of your most profitable customers.
The fundamental understanding you need to start is which customers are most profitable. Some customers may spend more, but the products and services they buy may have lower margins or require more support to maintain the relationship. Other customers may purchase less often, but may purchase higher margin products and contribute more to your bottom line.
2. Identify your different customer buying motivations.
Not every customer acts out of the same buying motivations. Identifying those motivations – and the customer attributes that may reflect those motivations – is essential to developing appropriate customer segments. A 40-ish couple with four children will often have different motivations than a 40-ish couple with no children – and that’s why demographics alone aren’t enough to segment customers.
3. Segment customers based on profitability
and motivations.
It may seem obvious, yet many companies still do blitz campaigns to their full customer base, rather than developing specific messages toward specific groups of customers. Yet segmentation and customized offers have the greatest likelihood of improving results. If a travel agency wanted to increase bookings, a special price for a Disney World vacation is more likely to appeal to families, while an upscale European tour is more likely to appeal to a different segment of customers.
4. Use GoldMine Marketing Modules to
close the loop on campaign results.
Effective marketing is a continual process of learning and refinement. GoldMine allows you to track results, measure metrics, and identify which segments and campaigns were most effective in generating response and revenue. You can then refine and improve future marketing plans.