Using the Value Map and calculating Marketing Allowable puts you in good stead as you manage your customer relationships. But, if you don’t know where you are going, any road will get you there – so we need to have some way of determining when the right messages will be sent to each customer – we basically need a traffic cop to make sure that the right message gets sent at the right time. [Read more…]
I recently read an article called “7 Prospecting Rules that produce Leads” by Brian Carroll who is the founder and CEO of In Touch, a B2B marketing firm in the US.
In this article he discusses a number of best practice tips for Marketers to get the maximum results from their telemarketing campaigns. [Read more…]
We talked previously about using value maps as a guide to treating different customers differently as you market to them. Now it’s time to take a look at the idea of Marketing Allowable and how to not spend more communicating to a group of customers than they are worth (to you).
The tool we use to do this is the “Marketing Allowable“.
In essence the marketing allowable allows you to determine how to invest your budget and limited staff resources to gain the biggest impact. [Read more…]
When casting around for ways to increase sales there are really only two options you can take: find new customers or sell more to the existing customers. Of these two the second, sell more to existing customers, is often the easiest and the one with the highest ROI. Today we’ll talk about why you should be focusing more efforts in this area and how you can improve your success rate. [Read more…]
We prefer to use the concept of a 3 x 3 ‘Value Map’ to guide our marketing strategy and execution, as we discussed in this previous post on customer value . The concept of ‘captured customer value’ is pretty straightforward for most clients, but the ‘uncaptured value’ can get people to scratching their heads.
So before we move onto the promised discussion of ‘marketing allowable’ for each Value Map cell, I’d like to briefly discuss how to calculate ‘Uncaptured customer value’.
In financial services markets, the example given in the initial post is a good approach. With (typically) contract based products and services, comparing the product holdings (and therefore typical income) of a customer with ‘best customers’ like her, allows you to determine what products she could reasonably buy from you. She either does not have these accounts (for example) or has them with a competitor, but these are uncaptured potential value for you for this customer. [Read more…]