The Organ Grinder’s Monkey

A lot of businesses focus on finding customers by directing traffic to their site, investing in lead generating services, building lists and so on. And they fiercely guard access to this list of potential customers as the key to their success.

But did you know that a veritable buried treasure of sales could be your hiding in your list of existing customers? And that the map that leads to this hidden wealth is in your hands already?

In a recent article for Early To Rise, Wendy Montes de Oca shows you how to use the RFM model to slice and dice your list into finely-targeted segments that you can use to optimize your sales pitches, your marketing strategy and your customer communications.

Montes notes:

By using the RFM model and other data-mining techniques, I’ve seen conversion rates double and triple. I’ve also seen inactive subscribers’ open rates surge from 0 percent to more than 30 percent. That’s quite an accomplishment, considering that the average open rate for the industry is about 20 percent.

Her success is no accident. By quantifying the details of her customers’ interactions and creating a system that allows her to call up very narrow, specific lists based on past behavior, she can customize offers and send them only to those customers most likely to buy.

“Know thy customer” is the prime commandment for optimized sales and marketing strategies. Montes’ technique offers an easy and powerful way for you to get to improve sales and maximize your time and effort.

conversation economy, conversion, customer, customer retention, data mining, marketing, sales

Tags: Business //