Five factors to help prioritize the opportunities to expose each brand to new, known audiences.
Too much candy is just not good for you. As appealing as that big bowl of M&M'S looks right now, you know that if you get even an inch into it, you're going to regret it.
The same can be true in marketing. Working with a marketer who is merging three email programs onto one campaign management application, we realized very early that there was huge opportunity for synergy of content as well as cross-selling and promotion between the three brands. We were very excited about the possibility of managing the programs in a true CRM-driven fashion - only possible once the programs were generated off the same database and integrated at the subscriber level. Until now, the best this marketer could do is run separate promotions with similar offers and try to compare the impact on revenue and unsubscribes after the fact. Never were there very promising results.
With everything managed in one solution, the field is open for new approaches. A quick diagram of the combined customer base by brand showed a very slim overlap between them. At first glance, that feels like an upside - what a great opportunity to expose each brand to new, known audiences! It's a big bowl of untouched, delicious chocolate!
Synergy situations like this do create opportunity. That can be very exciting. Before you get too swept up in dreaming big, however, consider how important it is to prioritize those opportunities. In marketing - as in candy bowls - chasing too much opportunity can produce nothing more than paralysis, or at best, a dilution of the effort when it's spread too thinly.
Consider these factors to help prioritize the opportunities before you:
What have you learned from your efforts to create new revenue and customer satisfaction opportunities through data integration? Please share ideas in the comments section below.
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Stephanie Miller is a relentless customer advocate and a champion for marketers creating memorable online experiences. A digital marketing expert, she helps responsible data-driven marketers connect with the people, resources, and ideas they need to optimize response and revenue. She speaks and writes regularly and leads many industry initiatives as VP, Member Relations and Chief Listening Officer at the Direct Marketing Association (www.the-dma.org). Feedback and column ideas most welcome, to smiller AT the-dma DOT org or @stephanieSAM.
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Wednesday, July 23, 2014