How Can You Grow Now?
Heraclitus of Ephesus coined the phrase, “The only constant is change.” The Covid-19 pandemic has ushered in a new level of habit formation, changing customer behavior in ways not seen since the Y2K circumstances of the late 1990s. Today’s uncertain environment has forced consumers to function increasingly at home where they have had to quickly adapt to new technologies for content, communication and commerce – the 3-Cs. In many ways, it’s as if several years of changed future consumer behavior has been pulled forward into the present. As a marketer, effectively adapting marketing strategy in response to change, and developing audiences accordingly, ensures for subsequent growth and success.
Infinity Direct utilizes a data-driven process to help our clients adapt and grow their programs within this rapidly changing environment. The hallmark of this process involves the use and application of lifestyle, demographic, behavioral and profiling data. ID’s data “secret sauce” is layered on to illuminate and breathe life into the client’s target audiences. Seeing the client’s program through this lens reveals insights that inform both new customer acquisition as well as post-acquisition cultivation audience development strategy.
However, just being able to see audience insights isn’t enough. For the audience insights to be effective they have to be truly actionable. Actionable means the audience insights inform program strategy, and that strategy is brought to life within the campaign management cycle – planning, executing, measuring and reporting results, all of which are driven by the client’s P&L-based established Key Performance Indicators (KPIs).
From one campaign to the next, data is leveraged in a disciplined way to inform 1) who from which audience is selected for a given marketing exposure (promotion file), 2) who responded and who didn’t (customer & transaction file) and 3) who remains to be targeted (market file). Establishing “time frame” comparisons of program audience KPI performance reveals the trends and flags the opportunities to optimize ROI by expanding, refining, rolling out and possibly testing into new and emerging audiences – audience development.
The only constant is change. How have your marketing strategies changed in light of today’s rapidly changing environment? Do you need help with change management? If so, let’s talk.
VP, Business Development
Read our 2021 Marketing Playbook for more on this topic.