What You Know, We Need to Know.

Posted by on Jul 5, 2017 in Journal

When developing strategy for our clients we make a point of requesting bit of intel they can provide.  Previous marketing efforts, results, financials, research – everything they have help us provide a foundation for strategic development.

Often, at first blush, the information we receive seems contradictory or illogical.

For instance, we might hear, “Our customer is a 35-45 year old, time-stressed female, with children living in affluent suburbs.”  But when we analyze their customer base we discover those customers make up only 5% of total sales and respond less frequently than other segments.

Should we build our strategy around ‘who we are’ OR ‘who we think we are?’  OR ‘who we want to be?”  The best demographic profile that emerges through customer analysis will certainly be easier to acquire and yield a better return on marketing investments.

Seems like a no brainer right?  Not so fast. We need to dig a little deeper.

First, it’s important for us to understand if our client understands this path of least resistance to customer acquisition.  If not, our recommendation would be to pursue this low hanging fruit.

Second, we need to understand the client’s market and brand dynamics.

  1. Is there a logical reason to migrate away from our core demographic? Maybe: less competition, higher per transaction value, better credit, more share available, etc.  There are a multitude of factors that could tip the scale in favor of focusing on a ‘harder-to-win’ customer segment.
  2. If we are indeed shifting our marketing focus, are there commensurate efforts to ensure the product or service becomes more appealing to our desired segment? New branding guidelines, expanded product offering, altered pricing strategy?

Part of what makes us a powerfully effective marketing resource for our clients is the ability to avoid making assumptions.  It’s data that enables us to make fact-based decisions on client strategy.  Not just historical data but information related our client’s strategic direction.

We are privileged to have earned this level of trust and transparency with many of our best clients.  And those clients benefit by receiving the kind of insightful, accurate and effective marketing counsel that just can’t be found anywhere else!