Personalized content is the missing link between propensity scores and executing successful marketing campaigns. As discussed in the first 3 parts of our Propensity Series, the use of Propensity Scores is a marketer’s golden ticket to paradise because it has proven to increase an organization’s bottom line in two ways:
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Organizations always dream of doing “more with less”, especially when focusing on improving customer profitability. But they can’t seem to turn that dream into reality. One of the main reasons why is that they are spending just as much time and energy marketing to customers who are least likely to respond as they do on those who are most likely to respond. This is a HUGE problem because organizations could substantially reduce marketing costs by focusing exclusively on 1) those already in their system who have a high likelihood of responding and 2) like-minded prospects outside of their current database. We at Arjuna have a solution to this problem - PROPENSITY SCORES. Let me explain further.
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Propensity Scores should be your breakthrough marketing technology. Why? Well, your ability as a marketer to understand your customer’s behavior before he or she makes an online purchasing decision puts the ball back in your court. The problem is customers have total control over their purchasing decision by using the web to research, compare and interact with others. And as marketers, we haven’t had the capability to connect the dots from all of the customer data being collected across disparate sources; therefore, we haven’t been able to effectively respond to customers as unique individuals. However, propensity scores help you solve this problem by identifying why each of your customers purchases your product or not. As a result, you can take back control and increase revenues by implementing the propensity scores below into your marketing analytics program:
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As executives, entrepreneurs and marketers, we’re constantly trying to find innovative ways to increase revenues, cut costs, and increase customer profitability. And with so much information rushing in from CRM systems, email marketing, call centers, web analytics, and more, a lot of marketers are looking to cash in using predictive analytics and big data.