By Robert C. Blattberg
I train advertising and marketing spreadsheet types to MBA's at Indiana U's Kelley tuition. i like this booklet. hundreds invaluable info on purchaser price, pricing, optimizing unsolicited mail gains and lots of different subject matters. so that you can compensate for the various new advancements in "marketing engineering" you'll want to begin the following!
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Additional resources for Database Marketing: Analyzing and Managing Customers
It is sustainable because it would cost the competition too much to obtain the same information – they would have to buy the company. In fact, increasingly the value of a company is determined by the value of its customer ﬁle (Gupta et al. 2004a). This vision is compelling. Customer databases are proprietary and their advantage grows as the company learns from them and improves its customer oﬀerings even more. However, this does not consider competition. In particular, will each competitor assemble its own database and allow a “live and let live” customer information environment, or will they compete more intensely to acquire the competitor’s customers and retain their own customers?
Shows one example from Knott et al. (2002). A predictive model was used to prioritize customers according to their likelihood of purchasing a home equity loan. The top prospects were then targeted with a direct mail campaign. Note that this tests the ability of the predictive model predictions to hold up when the targeting actually occurs, subsequently to the modeling. 5 shows the targeted mailing generated revenues of $93 per mailed-to customer. However, customers could have obtained a loan through other means, for example, simply by walking up to the bank and applying.
This is a framework for implementing customer relationship management. The framework inter-twines data, data analysis, and relationship building, and consists of the following steps: 1. 2. 3. 4. 5. Creating a customer database Analyzing the data Selecting customers to target Targeting customers with the appropriate vehicle Developing relationship programs – reward programs, customized product, customer service, community building 6. Privacy considerations 7. Developing metrics to evaluate the process Steps 5–6 involve the harnessing of database marketing speciﬁcally to develop relationships.