Data mining is a key area where marketers can enhance their data and increase revenue, according to a panel of experts.

Speaking at a Direct Marketing Association conference, the panel of marketing and list experts highlighted a number of areas where marketers can increase ROI.

In addition to mining internal data, key areas mentioned included evaluating data for development, minimising risks with promotions, selecting the right data to collect in enrolment and identifying new sources of mailable names.

“We recommend for our clients to use third-party data, data mining and to make sure that metrics are available to evaluate and test these analytic tools,” said Don Austin, director of client strategy at May Development Services.

He added that tracking transactions is crucial to determine which clients will become inactive, but for online transactions marketers should monitor long-term value.

However, online consumers are less loyal and likely to shop around, so marketers should maintain high levels of testing.

“Every mailer needs to do their own testing to determine their score group,” said Marijke Bekaert, director at HCI Direct, as reported by DMNews.

“This is especially true when you have to decide whether or not to reactivate a failed group.”

Meanwhile, another panellist said companies could improve list rental revenue by incorporating firmagraphics such as staff headcount, sales volume and industry, and also by adding demographics such as gender and job function.

“We will be able to mail deeper into our score classes while maintaining our profit levels,” said Johanna Rivard, managing director at Ziff Davis Internet Group.

The DMA’s List Vision conference took place in Las Vegas on Wednesday.


Related Topics: General Marketing