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MKT700_Week_1.docx

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Department
Marketing
Course
MKT 700
Professor
Richard Michon
Semester
Fall

Description
WEEK ONE OVERVIEW OF BUSINESS INTELLIGENCE AND DATABASE MARKETINGCHAPTER ONEHow Database Marketing Has Changed Today we use direct mail catalogs phone calls emails web sites cell phone text voice msgs and social mediaThese new developments make communication much less expensive and more frequent but they are also much more complexEmail has become the primary way for companies to cummicate with their custmersDirect mail is still alive and well but email is gaining on itthird communication methodmobile use exploding in all directionsSubscriber inboxes are overflowingBIG problem the msgs can be and sometimes are personalized but they are seldom filled with dynamic conent based on what we know about each customersWe have rich databases but we do not use the rich data that they holdit requiresmany creative staff memebers who dream up dynamic contentThe problem boils down to one simple fact the lift we get from dynamic content does not seem to be as great as the lift we get from frequent communications o Cant afford to do both chose the most profitableCustomers have become dominantcant fool them no moreWhat Customers Want Companies are discovering what their customers want and selling them thatits customerbased marketingWhat do customers want o Recognition o Service o Convenience o Helpfulness o Information o IdentificationWhom Do They Listen To Customers listen to other customersYoung people particiapte in Facebook and Tiwtter exchanging information that suppliers of products and services cannot controlDatabases retain email adressess complete purchase historyCS calls complaints returns inquiries promotions results of surveys household demographics age incomeof children the profitability RFMRecency Frequency Monetary Analysis code and lifetime valueTwo Kinds of DatabasesTwo diff kinds of databases in any company engaged in direct marketing of products and services
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