Drilling Down

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Monthly "How to" advice on using customer data to keep your best customers and increase sales and visits from all your customers - profitably.

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Drilling Down Newsletter Welcome

Hi there!  Jim Novo here.  Thanks for subscribing to the Drilling Down newsletter, delivered by e-mail every four weeks.   Designing and executing High ROI Customer Marketing programs using customer data analysis is the focus of each issue.  I promise not to abuse your trust - I never sell or rent this list.  See privacy for any questions.

I will show you how to go beyond using simple customer demographics to start looking at past customer behavior, the most reliable source of data for predicting the potential value of a customer and their likelihood to remain a customer. When you nail down these behavioral metrics and start measuring their trends, you will be able to:

• Identify customer segments with the highest future potential
  
• Focus on growing the profitability of middle potential customers
  
• Stop wasting resources acquiring and marketing 
  to low potential customers

Once you identify these groups, you can manage their value by:

• Emphasizing the ads, media, and products creating long term high potential value customers and downplaying any options that don't create high value
  
• Creating High ROI marketing programs that maximize customer value by increasing sales while lowering expenses
  
• Predicting when best customers are about to leave you and reacting with High ROI customer retention programs
  
• Quantifying the profitability of marketing and operational initiatives by linking them to potential customer value

The newsletter will provide background and descriptions of techniques usable by both small and large businesses - it's the thought process that's important, not whether you use a spreadsheet or a rules-based CRM engine to manage your customer data. The newsletter and the web site together will provide you a roadmap for implementing some of the best techniques CRM has to offer - without all the costs. This "CRM- Lite" approach allows you to test out the most powerful CRM and database marketing ideas using existing resources - low hanging fruit; High ROI.

These techniques are based on the work I have been doing for over 15 years for clients like Media One (cable), MBNA (credit cards), Home Shopping Network (TV shopping / catalog, CBS/SportsLine (web), Cellular One / Cingular (cellular), Barnes & Noble (on and offline), Tupperware (consumer), SteelTorch Software (retail customer analytics) and Retek Direct (multi-channel retail order management and distribution systems).

I'll also be including questions and answers on customer retention, loyalty, and promotional techniques I get from visitors to the Drilling Down web site and any questions newsletter readers may have, as well as links to important articles on retention marketing written elsewhere. So get more value out of your subscription and increase the value for others by asking some questions! You can e-mail me directly here. Previous editions of the newsletter on the Drilling Down web site can be found by following this link.

To get a head start on your High ROI Customer Marketing journey, you may want to download the first 5 chapters of my book. "Drilling Down: Turning Customer Data into Profits with a Spreadsheet" is a book detailing simple customer models you can use to implement and follow the two fundamental rules of High ROI Customer Marketing:

1. Don't spend until you have to, and

2. When you spend, spend at
    the point of maximum impact.

Reading these chapters will help you "get up to speed" on some of the material we will be discussing in the newsletter and on the web site. To download the first 5 chapters of the Drilling Down book, go here. 

Thanks again for taking the time to subscribe to the newsletter.  My promise: I will to do everything I can to make it worth your time.

Regards,

Jim Novo

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