Q: Wouldn’t you want to know how to fine-tune your marketing campaigns based on your customers’ actions?
Traditionally, coupons have been tools to drive sales and gain market share. However, the advent of digital coupons and digital technology has made more than one path available for vendors to innovate, and create additional value-adds.
One of these paths is data acquisition. In addition to driving sales and market share, coupon campaigns can be used to acquire more consumer data. This acquired data can encourage repeat purchases through remarketing campaigns, and more loyalty, through data analysis.
Data can be filtered into three broad types for marketing departments: they are customer, operational, or financial data. Customer data – behavioral, attitudinal, and transactional – fuels marketing teams’ decision-making based on customers’ actions, like redemptions, or claims.
In theory, the more quality data that you have, the better decisions you’ll make. Of course, that is not guaranteed - because a team has to execute – but it does offer potential benefits. For instance, data-driven coupon campaigns can provide or answer the following:
- Determine what really makes your customers tick.
- Set baseline metrics to measure or review your campaign’s results.
- Focus on the few points that truly matter.
- What is driving your customers’ behavior/actions?
- Target specific and highly relevant customer niches.
A third party vendor provides brand and retailers an experienced hand to help run data-driven campaigns that provide positive ROI.
Data collected from a recent campaign will be relevant and accurate. Data that provides depth will include demographic and psychographic (likes and interests) information for deeper analysis and detailed context for remarketing campaigns.
For example, if you could identify the the Top 5 geographies that gave you the highest V2C conversion rate, wouldn’t you want to target more of your marketing dollars to that segment during the next campaign? Or, for instance, would you want to know customers’ campaign activity (view-to-claim rate) based on their likes and interests? The following chart details an ecommerce client’s customers’ view-to-claim (V2C) ratios based on their Likes and interests.
Any good marketer can figure out how to productively re-purpose this vital information somewhere in their marketing strategy.
It is imperative that your data is accurate and actionable. Are you acquiring your data from an active campaign? And can that data be used to support long-term sales gains? Send us a message to find out.
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