June 11, 2020

How Can Data Guide Marketing and Communications Strategy?

Data is everywhere nowadays. Continued improvements in computing technology have empowered individuals and organisations to create diverse data (e.g. online content, time-stamped and machine data etc.) on a mass scale. Becoming increasingly aware about the benefits of data-driven decision making, businesses are finding more efficient ways to extract insights.

In marketing and communication initiatives, there are various sources of data that are integral in addressing questions such as:

  • What aspects of a product or service do customers find valuable?
  • Is there a need that is currently not met by the market?
  • What drives customers towards certain actions?
  • How should content be crafted to make it relevant and grounded in user experience?

Without continued efforts to collect and analyse data that helps answers these questions, competitors who are more data savvy can take the upper hand and leave you behind.

Patterns are embedded in data

Data management companies like Romax enable businesses to be strategic when implementing marketing and communication efforts.

In order to be strategic, seemingly disparate sets of information are rigorously examined for recurring patterns. These patterns exist across a range of data types, from demography and purchase locations to survey responses and user feedback.

From these patterns, insights are derived about the ideal audience and user preference. All of these feed into the overall strategy that helps craft relevant messages. Ones that truly engage people and spur them to action.

From a larger perspective, it’s about transforming complex data into simple actionable insights.

The process is crucial

However, data by itself won’t impact an organisation or strategy overnight. The process of managing (collecting and analysing) the data plays a central role in providing a comprehensive narrative of what’s really happening.

According to PricewaterhouseCoopers’ Data & Analytics team, problems start to arise when the handling of data causes quality issues down the line. The IT department may be tasked with building the necessary systems to store and process data, but various departments or teams are the ones that will directly use the data.

Without the right processes and expert advice, data inaccuracies and misinterpretation are extremely difficult to resolve.

Where do you start?

Any business that is serious about harnessing data should first identify where it should be collected. How you go about this will largely depend on the specific industry or area where you operate.

Next, businesses must make the proper investments, with the following goals in mind:

  • Orient the entire organisation about the importance of finding data and the process of managing it;
  • Equip staff with data literacy skills that enable them to incorporate key information into marketing messages and campaigns; and
  • Tap the expertise of data management specialists, if need be, to analyse more complex data sets.

Effectively manage your data with Romax

As one of the leading data management companies in the UK, Romax specialises in a range of data management services like data profiling, acquisition, cleansing, mining and more. Through our services, we help you avoid unnecessary losses and ultimately improve targeting across your campaigns.

If you’re interested in working together, call us on +44 (0)20 8293 8550 or email us at hello@romax.co.uk

November 6, 2019

Customer Data: Using Available Information to Drive Business Revenue

Data is increasingly a vital factor in today’s businesses. With the sheer amount and complexity of data, some businesses hire data management services to help then make sense of available information in efforts to drive revenue. The smart use of data is the key to succeeding in today’s increasingly competitive market.

Here are three ways to use data to effectively engage customers at each stage of their purchasing journey.

Improving Customer Acquisition

One of the advantages of online retail is that brands gather a considerable amount of information about how consumers live, shop and buy. This allows marketers to target potential customers based on factors such as demographics, product usage and socioeconomic status instead of simply taking a mass-market approach.

Armed with behavioural insights, marketers can group purchasers according to distinct consumer profiles; in turn, they can now come up with marketing segments that match the demographic they are trying to reach. This enables their clients to target their advertising budget more accurately and efficiently. For you, as the business owner, that’s great news – after all, spending your advertising and marketing budget on individuals who are more likely to buy your product or service is an excellent way to increase sales. When you concentrate your efforts on reaching individuals who have already shown an inclination to buy your product, you are one step closer to boosting your ROI – and consumer data gives you the power to do exactly that.

Optimising Pricing

Pricing is one of the challenges of introducing a new product. Pricing too high drives away potential customers, and pricing too low affects profit margins and customer perception. Aside from research on the competition and market opportunities, data such as behaviour, demand, past transactions and customer demographics helps you determine an ideal price range for your products or services.

Increasing Customer Retention

Although attracting new customers is important, retaining them is just as important. According to a study by The Boston Consulting Group in 2017, retailers who create curated consumer experiences for shoppers see an increase in revenues between six to 10 per cent. Customers who are happy with their purchasing experience are more likely to become loyal consumers of your product or service. What’s more, satisfied, loyal customers are more likely to refer your brand to others, thereby boosting your sales even more.

Approaches such as personalised discount offers and product recommendations help drive customer loyalty and repeat business. Data points like demographics, lifestyle and prior purchases are pieces of information that are vital to the success of your curated customer experience. This is an ongoing process, so you must regularly refine your offerings based on every interaction made with your customer.

Data plays an important role in all parts of the customer journey, from identifying new customers to building loyalty with existing ones. By knowing how to use customer data, you can target the right market and improve your relationships with current customers, ensuring that your business is set for financial success.

Learn How to Maximise Data with Romax’s Data Management Services

Since 1997, Romax has been a trusted supplier of direct marketing and data management services to organisations like BBC, the NHS and Reed Exhibitions. We are passionate about providing the best client service, so we take the time to get to know our client to find the best solutions and deliver winning results.

As one of the data management specialists in the UK, we conduct an exclusive 22-point check on all data that arrives. We then advise you on how to improve data accuracy and reliability to enhance your marketing campaign.

With Romax, your campaigns and data are in safe hands. Enquire today by filling out our contact form or calling us on 020 8293 8550.

August 16, 2016

Data, Data everywhere….

But how to get it?

We here at Romax HQ like to dig deep into data – finding new ways to enhance our clients marketing prowess gets us all excited. So it was with interest that we recently were approached by a well known Telecoms company to produce their welcome packs.

Initially, we were sceptical as to how much variability would be contained within the data set given but we were pleasantly surprised the reverse was true. Due to this, we are able to produce relevant, timely, tailored and therefore ultimately useful communications to their client base that enhanced their brand whilst at the same time driving down calls to the call centre with questions already answered.

So this got me thinking. How can we educate our other clients in the value of data within their organisation and how best to collect it?

Why the value exchange matters

Consumers have not been offering their data to business because rather than feeling that they want to, they feel obliged to, therefore the trend is not to share. Ad Blocking on the web grew 90% between 2015 and 2016 alongside preferences being enacted on Chrome and Gmail is an indication that consumers are becoming more protective of their personal data. Recent research has indicated that 4 out of 5 have concerns about the way their data is sourced, captured and sold.

If we are to enhance our industry with valued and relevant communications in a post-GDPR world (even leaving the EU will mean laws in accordance with GDPR) we need consumers to give brands permission to engage so, therefore, we need to give them a reason for doing so.

The exchange

How do brands encourage consumers to part with more and better information willingly?

  1.  Trust

Best practice in data collection is crucial so as to not damage the brand that you are trying to promote in the first place! Ensure email communications have opt ins, permissions are clear and that any unsubscribes are removed from future blasts. Run the Mailing Preference Service (MPS) against any cold data if mailing is part of the campaign mix.

  1. Treat data as a privilege, not a right

Once permission to engage has been given, brands should listen to what the consumer has said, and give them what they have asked /signed up for. Ensure the campaign execution contains content relevant to the consumer using the media channels requested. Build the trust to then enhance the knowledge you have of that consumer

  1. One size does not fit all

Be careful in what you offer in return – take into account age, sex and lifestyle

  1. Avoid appearing mechanical or cynical

Every communication should relevant and timely so as to implicitly demonstrate your understanding of them as a consumer, not exploiting, their permission to engage.

Data gathering strategies

3 simple data gathering strategies that can create a better value exchange for the consumer:

  1. Make opt-ins and permissions big, bold and obvious: Transparent opt-ins build trust and enhance feelings of control. Don’t hide them in the small print. Make them a feature, not an afterthought.
  1. Only ask for what you need: Consumers can’t feel in control of a relationship where they’re asked for large amounts of seemingly unrelated and irrelevant information. Relevance helps build trust.
  1. Make it progressive: Build your data capture strategy in proportion to your developing relationship. So instead of asking for everything up front in a move perceived as a cynical data grab, start with the bare minimum, and build the data pool over time.

 

romax_logo_tag_blueRomax Marketing & Distribution, a Greenwich-London based company, provides a wide range of services in Direct Marketing for B2B and B2CDirect Mail, Data Management, Printing, Discount Postage and Membership Communication Services and Consultancy. Contact us: hello@romax.co.uk +44 (0) 20 8293 8550

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August 28, 2015

Doing the Data Hokey-Cokey

Are you Doing the Data Hokey-Cokey?

 

You put your tick box in;

You take your tick box out;

In Out, In Out – Shake it all about;

You do the Data Hokey-Cokey;

And you turn yourself around;

That’s what it’s all about….

OOOOOOoooo The Hokey Cokey  

 

Although you’re now humming what has to be one of the life’s most annoying songs, it does raise a serious question around data; the use and storage of data and how to use data successfully to improve your business.

At every point of customer interaction there are questions asked of clients and data to capture: Opt-in  Opt-Out, Cookies On – Cookies Off, Contact me via email, telephone, mail, text, ALL or none of the above. How far and how much should you push it when seeking to obtain client information to avoid a backlash – it is a legal and moral minefield – but one that when managed correctly is a route to wealth and income generation for any organisation and a way to actually engage your clients with a positive brand experience.

What is the answer? Well how long is a piece of string, it depends on the organisation, the product and service of course, but here are a few pointers:

  • Slowly – Slowly A little bit at a time. There is nothing more off-putting for a new client particularly in a Retail/Consumer environment to have to complete metaphorical ‘reams’ of forms in order to buy a basic product or gift. Payment details and an autofilled delivery address (using a PAF based product)  is quick, easy and less likely to frustrate approach. Leave it there – get the product out get it delivered then send a thank you. Certainly, do NOT start bombarding the client with daily emails. Let them get to know you first before you start phase 2 of customer engagement. Accurate and
  • Accessible Data: The accurate collation of data in a cross- organisational, structured manner allows for readily accessible data which allows for easy analysis. All too often organisations run multiple databases, managed departmentally under a bunker mentality. Remember, the organisation owns the data, not sales, or marketing or membership, or operations, or finance. Successful organisations have one goal in mind and understanding your data is the key to achieving it. A truly
  • client focused approach to the data management includes all of the touch points from marketing, sales interaction, delivery and returns and accounts as well as product feedback and client services. Allowing your client a clear flexible, easily accessible method of interacting with you, but above all provides them the media of their choice, to contact you. Your outbound marketing should follow that same media as a general rule. If I want email communication – send it to me. If I want a letter or statement – send it to me – don’t penalise me for it by charging me more, where’s the customer choice in that?
  • Keep it Fresh – Data Mining and Cleansing Be bold  – Your data is the profit creator as well not a drain on finance if not managed correctly. You invest in new products, new services, new equipment, upgrades to premises, but what investment do you make in your database, it is the critical tool which must be fully maintained cleaned and remain current.

 

At any one point your data is like an apple, the central core of data is solid it contains the seeds of growth for the next generation of business. The outer fruit is the current cash generator, but this largest mass of the fruit is the bit that is more fickle, they have tasted your product but have not fully bought into the core ideology and brand with total allegiance. This section of your client base can easily be bitten away by a competitor leaving a chunk missing. The skin of your apple is the shop front, a shiny fresh, polished and attractive exterior is the attraction for new business – “Come Take a Bite” taste the crisp, fresh and juicy brand; Ignore the other battered, bruised, dull and dated brands on the shelf. Refreshing your appeal is the challenge and managing your data and targeting the right message to the appropriate segment of your data at the right time is the key.

Of course, marketing above the line is driven from knowledge of your data too. Who are they, where are they, what are their patterns. Understanding this means you understand where future customers will come from. There’s that database again! Marketing is a science that drives art – Not art that drives science.

We love creative, we love the image, great content and copy, but messages must be sent to the appropriate audience based on analysis of the likes and patterns of those segmented groups. Creative that has the ability to provide one underlying message across a varied audience is a skill that pulls on data first, that drives the message that creates the copy. Otherwise, your dancing the hokey-cokey in the dark – and that’s risky!

So doing the data hokey-Cokey and managing your data can feel like a constant dance, and can often feel as tiresome as joining in the Hokey-Cokey at ‘that’ party – it requires massive effort but once you’re in it you have a good time. Don’t be an onlooker join in, it’s the cool crowd that don’t take part mocking but who will end up with egg on their face?

 

romax_logo_tag_blueRomax Marketing & Distribution, a Greenwich-London based company, provides a wide range of services in Direct Marketing for B2B and B2CDirect Mail, Data Management, Printing, Discount Postage and Membership Communication Services and Consultancy. Contact us: hello@romax.co.uk +44 (0) 20 8293 8550

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January 31, 2015

List Management How Ready are You for Your Campaigns?

List management how ready are you for your campaigns?

You may be wondering who some of the people on your database actually are, how they came to be there, whether they have changed their address – or name – have moved, and so on, when did they last purchase or donate, let alone interact with you an organistion. You might be curious whether they actually remember you, know much about you, recall how you came to be bound together.
Whenever your business period of trading is, your data is the most important asset, but unfortunately not the most cared for asset. It’s vital at any time, to be working  with and investing in your data lists, so that you can trust, that they will deliver the live prospects so vital to your success during your busy period. Now is the time to make your data the valuable asset it should be.

This is where our experienced and professional team here at Romax truly come into their own. For almost twenty years now, we have delivered the standard of data that makes a campaign, rather than leaving you with the kind that can simply break one. We know, that inaccurate data can be disastrous to the results.

We are committed to delivering the level of clean and accurate data that you should always demand. We look at key areas, such as ensuring the accuracy of both postcodes and address formats, considering movers and gone-aways, and of course, mortality registers. The Romax team uses our wide experience with data mining, manipulation and aggregation techniques to build and deliver clean and accurate data, which is reliable and ready-to-use; thanks in no small part to our unique 22-point check on all data that we receive.

Our aim is to help you gain the maximum return on investment during your key business season – and year round. This is done through the development of strategic direct marketing plans across all the media channels you choose to use, to support your carefully-crafted creative activities.

romax_logo_tag_blueRomax Marketing & Distribution, a Greenwich-London based company, provides a wide range of services in Direct Marketing for B2B and B2CDirect Mail, Data Management, Printing, Discount Postage and Membership Communication Services and Consultancy. Contact us: hello@romax.co.uk +44 (0) 20 8293 8550

Contact Us