The following definitions are key marketing concepts that are essential to implementing the iMIS Marketing Suite.
The closed-loop marketing approach measures the results of marketing and communication initiatives by tracking the response of targeted groups. The results of responses, such as completed surveys, promotional entries, coupon redemptions, and purchase behavior, are added to a database for tracking and evaluation to improve future marketing decisions. Marketing campaigns can then continuously adapt to the customers' wants and needs, creating a true relationship. Closed-loop marketing allows marketers to develop, and monitor highly targeted strategic campaigns based on a wide variety of customer histories and behaviors.
Demographic data helps identify groups of customers based on information like age, gender, geographic location, and marital status. Demographic data is core to understanding how groups may be likely to respond.
Analyzing transactional data is critical to measuring customer loyalty and satisfaction. RFM analysis is a common way of scoring transactions and determining loyalty and value. By establishing a matrix of values, you can measure where a contact ranks within your matrix and to where they are migrating. Because the rankings are standardized, it is a statistically valid way of building a standardized segmentation model.
Segmentation is the science of dividing up all of the records in an organization's database into small groups that can be marketed and measured over time. By organizing contacts into segments according to demographic and behavioral patterns, your organization can target messages and track responses by these segments.
Source codes are assigned to outgoing marketing efforts so your organization can track how contacts respond to the message. A source code is assigned to each segment within an outgoing marketing effort. This facilitates quick and accurate acknowledgements to be sent to the contact.
10.6 Production Release. Updated 11/22/2005 1:41:05 PM
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