Dennis Armbruster, Chief Revenue Officer
If you’ve been running your promotions the same way for years, you might want to consider taking a step back and asking a few important questions. Are you looking at each promotion as a unique effort to drive sales and customer engagement? Are you leveraging data and insight from one promotion to inform the next best engagement action with your customers? Are you utilizing these critical touchpoints with your customers to extract precious competitive intelligence and market knowledge? If your answer is “I have no idea,” then it may be time for some fresh thinking that challenges the status quo.
Make the most of incoming data
With most promotional marketing now occurring almost exclusively in digital formats, you’re receiving enormous amounts of incoming data every time consumers participate in one of your brand’s promotions. The key question is, what are you doing with that data? If the answer is “not much,” then you should be asking yourself what else you could do with the information.
All too often, promotion managers are tasked with driving traffic and/or sales for a peak period. They work with their partners to create and implement solutions that are designed to achieve this point-in-time goal, and they often achieve it.
But is this the end of the story? If it is, it likely shouldn’t be. The data and potential information you are collecting via various promotional programs can and should yield a “next best action.” Some promotional agencies simply execute, but those with your best interests in mind use in-house tools to drive enhanced customer engagement and increased market share over time. The right agency can help you address the lifecycle of customer engagement, including acquisition, engagement, retention and winback.
Rich insights for the taking
You can begin to go deeper from there by capturing competitive intelligence through promotion or rebate processing, which allows you to gather actionable, rich insights that can inform brand strategy, customer segmentation and future promotional concepts and tactics. Simply stated, if you aren’t making good use of information that consumers are willingly providing, you’re losing out on the opportunity to use that first interaction as the beginning of a strong consumer relationship.
The good news: it’s easier than you think
When I talk with clients about the way they’re using data collected via promotions, I’m often met with concerns that actively mining the data necessitates a major project, a new budget line item or the involvement of their lifecycle management or CRM teams.
They’re relieved when I tell them that YA can provide actionable data and long-term customer engagement solutions much more easily than that. Our analytics team uses our dynamic and digitally enabled promotion platform for a lean and responsive process that’s a natural outgrowth of the promotional communications stream. We use data to trigger recommendations for the “next best action” desired from consumers, and we do it in ways that drive deeper engagement, improve retention and encourage advocacy of your brand.
If this sounds intriguing, I encourage you ask more questions of your promotional marketing partners. And if you’d like to learn more about YA, we’d love to talk with you. If you’re interested in hearing more about how YA can help you acquire new customers, retain the ones you have and encourage everyone to spread the word about your brand, please contact me to begin the conversation.