Improving Marketing ROI Through Data Analysis

* Acquire relevant data. Data needs to be mined according to your customer-base. “Know who you’re speaking to,” Findeisen said. He advised this can be done through several methods, including: demographic studies (age, gender, income, marital status, etc...); transactional (RFM data, transactional purchases), which he feels drives success in modeling elements; lifecycle (new homeowners, marriages, birth); psychographic; attitudinal, why would the customer be interested in your products or services over another?; and ethnic, highlighting the need to pay close attention to the rapidly-growing Hispanic market.