Marketing Mix Modelling to better allocate advertising and promotional investments
To better allocate advertising and promotional investments between brands and between media, the company could use marketing mix modeling.
Context and Challenge:
The luxury and cosmetics sector is known for its high-end and exclusive products, with a target market of affluent and discerning consumers. As such, it is important for companies in this sector to have a strong and cohesive brand image, as well as a seamless and personalized customer experience across all channels.
However, with the increasing number of channels and platforms available for businesses to interact with customers, it can be challenging to maintain a consistent and effective customer relationship management (CRM) strategy. In particular, companies may struggle with collecting, organizing, and utilizing customer data across different channels and departments, leading to a fragmented and disjointed customer experience.
In order to set up an efficient CRM data architecture and have an omnichannel strategy, we suggest the following approach:
1. Centralize customer data: All customer data should be stored in a single, centralized location, such as a CRM system, to ensure that it is easily accessible and can be easily updated. This includes data from all channels, such as in-store purchases, online orders, and social media interactions.
2. Implement data governance policies: In order to maintain the integrity and security of customer data, it is important to establish clear policies and procedures for how data is collected, stored, and accessed. This includes setting up access controls, ensuring data is encrypted, and regularly reviewing and updating policies.
3. Establish a data-driven culture: In order to make the most of customer data, it is important to encourage a culture of data-driven decision making throughout the organization. This includes providing training and resources to employees, as well as establishing processes for regularly analyzing and utilizing customer data to inform business decisions and improve the customer experience.
4. Integrate CRM with other systems: To ensure that customer data is seamlessly integrated across all channels and departments, it is important to integrate the CRM system with other systems, such as email marketing platforms, social media platforms, and e-commerce platforms.
By implementing an efficient CRM data architecture and adopting an omnichannel strategy, our clients have the following results:
1. Improved customer experience: By centralizing customer data and integrating it across all channels, companies can provide a more personalized and seamless customer experience, with a consistent brand image and messaging.
2. Increased customer loyalty: By using customer data to personalize interactions and offer targeted promotions, companies can increase customer loyalty and retention.
3. Increased sales and revenue: By utilizing customer data to inform marketing and sales strategies, companies can increase conversion rates and drive sales.
4. Improved efficiency: By streamlining data collection and organization processes, companies can reduce costs and improve efficiency, freeing up resources to focus on other areas of the business.
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