Seeing The Value Of Insight

19/01/2010

By Daniel Church, Head of Analytics, LBM

The recession. It is undoubtedly the topic of the moment for marketers, and businesses in general. Budgets have been slashed and there is more pressure than ever before to deliver tangible results, positive ROI and make an impact on the bottom line. Gone are the days of never ending resource and carefree spending, and in its place an increased need to know who your business should target, how they should be communicated with and when they are most likely to engage.

Being able to execute this level of marketing requires insight into your...

...customers' behaviour, informing you of their habits and allowing you to understand the best way to effectively communicate with them. LBM has been working to these principles for years; promoting the benefits of data analysis and insight in effective marketing campaigns. Our business revolves around Intelligent Contact - using relevant information and intelligent communication - and it now seems like the change in economic circumstance means that more and more businesses are adopting a similar way of thinking to us.

It also seems like more companies are realising the potential of customer insight not as a tool to assist their marketing efforts, but as a new revenue stream and are looking to utilise the data they acquire through day to day business. American Express, for example, have just launched a new service selling their customer insight and trend analysis to businesses wishing to find out more about their customer base. They join corporate giants Tesco who have been using the data collected through their Clubcard loyalty scheme not only for their own marketing campaigns, but also to sell on to other companies wishing to benefit from the same level of customer insight as they did.

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