What Makes Data Good Data
We always, always appreciate conversations with customers. Especially those that make us think more thoroughly about our services. We’re constantly open to changing and evolving to provide the best offerings possible for loyal and new customers alike. Recently, we’ve had quite a few conversations about data, and have realized that it’s important for us to provide some insight into our somewhat unique data philosophy, specifically as it relates to direct mail. We’re all about the best data – not always (and not usually) the most data.
Our Direct Mail Data Philosophy
Direct mail may not be the cheapest form of marketing – but it’s often one of the most effective. In fact, 61% of customers find direct mail influential in making purchasing decisions. Compared to email’s average lifespan of 17 seconds, direct mail can last 17 days. We could go on and on about why we love direct mail, which is why we made a complete blog with tons of other eye-popping stats.
While direct mail is very effective – it’s only as effective as the data behind it. We believe it’s important to reach the right people, which is not usually all the people, and this can sometimes be puzzling to our customers. Our philosophy? We’re more worried about and interested in the success of your campaign rather than the number of people we send to. Plus, while we appreciate business income, we more highly value long-lasting business relationships built on trust (which primarily comes from a good track-record). In short – quality over quantity, always.
When we pull our data, you’ll notice that compared to others in the industry, we don’t always end up providing as many contacts. This may look and seem like “less”, but it’s really providing you with “more”. We won’t give you more contacts than necessary, we won’t waste your time with leads that are dead on arrival, we won’t waste your money on mail that ends up in the trash, and we will deliver higher ROI. Many others in the industry will provide you with a bigger list, but one with a portion of people who will trash your direct mail – wasting your time and budget. So, next time you see a long list of “prospects”, don’t let it knock your socks off before diving into who those people really are, what they want, and whether or not they’ll actually respond to you, and, more importantly – become a customer.
Why Our Data is Strong
Strata has years of experience as well as many great connections within the industry. Our data compilation process is rigorous, and one that we’ve worked on for years to define and strengthen. To ensure it’s effective and valuable, we continually evaluate our data sources time and again, never assuming they’re “good as they are”. And similar to how open we are to customer feedback, innovation, and change, we’re always open to changing and improving our data sources so that data we provide, again, will actually return ROI.
Interested in working with Strata to get the most out of good data? Contact us.
A Strata YouTube Channel Original
In this ever-changing market, not even a marketing genius can accurately gauge performance of a multichannel campaign without organized, analyzed data across channels. That is why setting and tracking key performance indicators (KPIs) is very important. Follow along as we walk you through a few things to keep in mind when establishing and understanding KPI’s for your multichannel campaign.
What’s a KPI?
Like we said above, KPI stands for key performance indicator. It’s a quantifiable measure of performance over time for a specific goal. In this case – that goal is multichannel marketing success. KPIs lay out marketing goals in the form of specific milestones to calculate progress and insights, and these insights help marketers make better decisions. In order for KPIs to be successful and helpful, a marketer or team of marketers needs to handle and record analytics from several touch-points. Without KPIs there’s no way to accurately and effectively measure the efficiency of your multichannel performance.
KPIs at Their Core: Layer One
There are two levels of KPIs for multichannel campaigns. The first layer is the component layer, and it’s used to analyze the individual components of a campaign. This layer helps establish realistic goals for the campaign and provides low level insight to analyze and optimize as your campaign progresses. Conversion rates vary by standards like industry and medium, which are easily researchable.
Yet, actual conversion rates have huge ranges based on the nature of your call to action – like your messaging, imagery, and your audience, and which segment of the funnel they’re in. If your campaign’s messaging can be considered “industry standard”, save yourself some time and use an average conversion rate, even if it looks low.
Further into KPIs: Layer Two
Want to learn about the second layer of KPIs, and how to establish them for your next multichannel campaign? Click on the video below and hear more from our Director of R&D, Harrison. Or, if you’d like to discuss this concept with one of our multichannel experts, contact us today to get your next (or maybe your first) multichannel campaign started.