Using an Analytical Approach to Ride Out the Economy

We talk a lot about using an analytical approach in your direct marketing efforts.  And, it’s only because we are passionate about it!  We know that by using statistics and sound business knowledge, you can become an effective direct marketing machine.  Better yet, you can add profitability to your company’s bottom line — and you can prove your contribution.

We wanted to bring up another way that you can utilize an analytical approach.  In a faltering economy, you can use analytics to measure if what you are doing today still makes sense — and how you should be planning for the future.

We’ll present a couple of ideas on today’s post and continue to give you more food for thought as the week wears on.

First, take a solid look at your current marketing plan and how well it is lined up with what your company is attempting to accomplish — i.e., your company goals.  Traditionally, we set up our marketing objectives and then re-visit them at year-end.  Right now, that probably isn’t going to cut it.  You may want to consider performing an analysis of how you are currently quantifying your objectives and how those objectives are assisting your overall company bottom line.  As part of the analysis, take a close look at what you are currently measuring and why?  Does it still make sense?  What you may determine is that you need to add in other elements to track and measure — or that some of the things that you are measuring today are no longer relevant to your business.

A second key area where your analytical approach will really help you is in looking at your internal data stores.  We’ve performed data assessments for some of our clients and let us tell you . . . it is an excellent exercise.  Take stock of what data you are collecting today and what is missing.  Also, take a look at the data that you purchase.  We’ve found in more cases than not, that large organizations sometimes don’t have a good handle on all of the data purchases.  This results in lots of data being purchased — some of it redundant — and at a price-point much higher than if it was comprehensively purchased for the organization as a whole.   This analytical exercise also will give you a succinct idea of where your data is located between and across divisions company-wide.

Look for more of our economy-friendly analytical ideas coming right up!