Market Expansion and Product Development
Situation:
- Major historic brand needed to innovate product offerings in order to evolve with the changing economy and reach a broader audience.
Solution:
- Scope of services covered several market feasibility issues including competitive analysis, merger and acquisition analysis, market sizing and new product development strategy.
Customer Intelligence
Situation:
- Multi-national Service Organization needed to ensure market-driven product development and increase sales performance.
Solution:
- Create a unified, cross-company “marketing and sales philosophy” that leveraged customer information for product development and increase marketing performance, sales conversion and customer satisfaction.
- Develop a consumer insight process used to identify new markets, define product directions and optimize performance.
Results:
- Implemented a new way of thinking and methodology for an already successful company and leveraged the value of customer information by implementing a CRM and Business Intelligence infrastructure creating a proprietary data mart that captured 10% of the US population and significantly lowered cost-per-sale, increased sales velocity and dramatically improved ROI.
Opportunity Analysis
Situation:
- Client needed to optimize product offering and required insight into the size and demand of key international source markets. Differentiation was also analyzed through understanding the customer mindset and competitive market.
Approach:
- Situational Analysis: Analyze client’s current capabilities, reach and market positioning, profile existing customer base.
- Consumer Mindset: Identify and categorize values, outlook on domestic and global economy, viewpoint of market trends today and future.
- Competitive Analysis: Compare price points, feature sets, upgrades, value propositions, marketing/sales strategies, customer service.
- Statistical Demand Analysis: Calculate size and strength of demand based on socioeconomic trends and purchasing behaviors.
- Strategic Recommendations: Market/product positioning, market gaps, size and prioritization of target markets, communication plan.
Marketing Optimization
Situation:
- Services Company needed to optimize marketing efforts, show effectiveness of plan to their clients and ensure marketing campaigns were targeted, relevant, timely and effective.
Solution:
- Link multiple campaign channels to one aggregate campaign tracking system.
- Identify and control the frequency of communication to target groups while increasing response and conversion rates.
- Develop benchmark/best practices for key customer segments focusing on increasing sales velocity, lowering cost-per-sale and optimizing conversion.
Results:
- Designed/implemented campaign management and benchmark tool used to track marketing effectiveness and identify strongest customer segments.
- Implemented a customer intelligence infrastructure that can holistically show and forecast acquisition costs and total cost per sale for each customer.
Customer Retention
Situation:
- International operator needed to increase performance to reach sales targets in short amount of time with limited resources. Other projects were facing similar conditions and needed to create repricable process and best practices across network.
Solution:
- Deployed test offers and surveys identifying consumer’s category of interest and preferred timing of purchase.
- Weighted online and offline behavior with scoring methodology creating a rank order of importance and relevancy.
- Deployed contact strategy based on value of prospect (timing, motivation and life time value).
- Identified strongest customer segments and predicted probability of achieving desired ROI targets.
- Refined campaign offers and marketing tactics to increase marketing and sales effectiveness.
- Interviewed team members throughout campaign cycle documenting feedback and implemented campaign to other projects.
Results:
- Achieved 14,713% ROI on marketing campaign securing $3.9 million in revenue in 2 months, growing total sales 20%. Replicated process to 10+ other companies within network.
Customer Loyalty and Winback
Situation:
- Company needed to create awareness for under-served product lines and increase revenue by rewarding loyal customers and reengaging with lapsed customers.
Solution:
- Developed segmentation scheme identifying the characteristics of the most loyal and least loyal customer groups.
- Identified potential synergies between segments and scored individual records by most likely to convert and who is most likely to spend money.
- Utilized under-served products for promotional offers and ran test campaigns to identify most actionable/highest-converting programs.
- Rewarded loyal customer segments with more offers and lapsed customers with fewer offers.
Results:
- Grew revenue 19% by increasing customer loyalty 58% and reengaged with 11% of lapsed customers.
Next Steps...
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