Does you marketing deliver incremental customer demand?
13th January 2016
“If you want to know what credit card companies think of you, look at your mail”
This was one piece of salient advice given to consumers by The Independent newspaper over Christmas. You can determine whether you are considered rich or poor by the offers sent to you by credit card providers. If you are offered high APRs and air miles you are rich, but low introductory rates signifies a lower income household.
Undoubtedly the article was not designed to be an endorsement of the data industry, instead its purpose was more likely to ignite consumer fury over the evil targeting practices of the credit card industry – but in actuality reading between the lines it provided a great example of the power of good, old fashioned database marketing.
As we all know the primary purpose of marketing is to build incremental customer demand. If it doesn’t do this it’s a waste of money. Unlike advertising, sales promotion, sponsorship and many other disciplines database marketing accountably delivers revenue by understanding what offers are right for what customers and ensuring that they are delivered at the right time, through the right channel at the right place. Underpinning this is a clean database – data that is regularly checked for inaccuracies such as spelling mistakes, or removing people that have moved house or passed away.
Is it a bad thing that your mail can tell you who you are? Certainly not! It would be far more worrying if it didn’t as otherwise thousands of marketing pounds are being wasted every year!