How a strategic measurement partner can enhance your targeting and segmentation
It’s time to remove “spray and pray” from your marketing vocabulary once and for all.
In a marketing landscape where personalization is king and data reigns supreme, a “one size fits all” approach to targeting no longer makes the grade. Customers expect relevant content and messaging at
every stage in their journey, and marketers are listening: in one study, 33% said personalization is the most important marketing skill to cultivate for future success. But to lay the groundwork for that coveted MCM personalization, brands must be able to identify opportunistic targets and segment them based on their unique needs and preferences. This requires immense data expertise.
Here’s the good news: With more data and touchpoints than ever before, marketers have countless ways to derive insights that enhance their customer identification and segmentation. A strategic measurement partner can help marketers transform data into results by identifying the most opportunistic targets and the most effective segmentation.
The challenges of identifying and segmenting customers
Identify more opportunistic targets and segment them effectively. This sounds straightforward enough, doesn’t it? You might even be thinking, “My brand already does that.” It’s true that the vast majority of brand teams come to Mojo with some degree of segmentation in place. However, this is often based on past sales data, which means that targets with no sales data are left out of the mix. Brands might also consider total prescriber share, which assumes it has competitive share data available and knows if it has 10 of 100 scripts written in class, or 90. In our experience, this one-dimensional view typically leads to missed opportunities and poor campaign performance.
Most segmentation today is designed to serve the field force’s reach and capacity. However, to gain the competitive edge, brands must adjust their thinking and embrace an expanded strategy that considers the breadth and depth of additional personal and non-personal channels. Expanded segmentation should also incorporate each target’s nuanced engagement habits—data that many say they either don’t have, or receive from their vendors in a fragmented, inconsistent manner.
Effective MCM campaigns require a multi-dimensional view of targets and a granular approach to segmentation. However, it’s often difficult for busy, in-house BI teams to set aside the time and resources that this process requires. To bridge this gap, Mojo created IntelliScore® Engagement Score, one tool that our data scientists use to help brands identify, prioritize and segment a wide range of targets based on past sales and MCM engagement.
A multi-dimensional strategy
Through our decades in marketing and data science, we’ve seen countless brands overlook targets simply because their data didn’t illustrate their true value. We leverage a multitude of data points to help brands identify exponentially more targets with greater precision. A key part of our process is IntellScore®, which uses data compiled during Year 1 of our partnership with each brand.
IntelliScore’s multi-dimensional view goes well beyond what most brands have the bandwidth to measure internally. Our goal is to help marketers identify the most opportunistic targets, and we do so by ranking each target based on a range of data points: multi-year sales data, channel preference, promotional responsiveness, share, recency, competitive use and duration, to name a few. Through this granular approach and in-depth insights, we uncover valuable new segments, and the optimal multichannel mix and messaging for each. For one brand, IntellScore® identified targets that delivered a TRx three times higher than in previous years.
But our data-driven approach does much more than simply identify more and better targets. These insights empower brand teams to measure each target’s degree of brand loyalty and actively monitor target actions from trial to loyalty and advocacy. Using IntellScore® targets, one brand increased its email and direct mail response rates 40% and 60% above its demand model targets, respectively.
This is just one example of how a strategic measurement partner can help brands transform data into their competitive edge. Learn more about Mojo’s customer identification solutions, and dive deeper into IntellScore® by reading our latest whitepaper.