One may ask “Why is it necessary to do targeted marketing, when I can target every Tom, Dick, Harry with what I have to offer?”. I could easily assume that longer my target list, more are the conversions…Right?. Well, does it really work that way? Marketing Gurus do not agree. It is a widely accepted fact that Target Marketing helps you reduce marketing expenditures and increase response rates as your products are pitched only to customers who are likely to buy.
Some of the benefits of Target Marketing are:
- Higher response rate that is encouraging for marketing executives.
- Respect for the brand and positive marketer-customer relationship as disinterested/irrelevant customers are not constantly bombarded with your offerings.
- Better use of your most valuable resources i.e. time and money to generate additional revenue.
- You can easily drill down to the features and benefits of your services and products that are most important to your target market. For example, as a Banking service provider, everyone who wants to perform financial transactions can benefit from your services. But the benefits and features most important to someone wanting a loan versus someone wanting a facility for international wire transfer will be very different.
How can MS CRM help you do Target Marketing?
Microsoft CRM provides marketing professionals with the ability to perform segmentation with the use of Marketing Lists. These marketing lists are of two types:
a. Static: Here we need to add the customers manually.
b. Dynamic: Here we need to define rules and then CRM automatically adds the customers to the list whenever the criteria is met. So when a new or an existing customer matches these set criteria, CRM will auto-update the marketing list with this customer. Isn’t that awesome. No more manual addition needed!!!
The above snapshot shows a Dynamic Marketing List which segments customer’s whose Correspondence City is “Dubai” and Net Worth is more than $1,000,000.
This way Microsoft CRM makes it very easy to slice huge lists of data into segments based on various aspects like Demographic details, Geographic locations, behavioral patterns or any other custom criteria.
Now you can run highly Targeted Marketing Campaigns against these Marketing lists
CRM Dynamics is a great platform to build CRM solutions for small business to the enterprise organization. However, to enhance the platform, add-ons from different partners provide a great way to improve the user experience and improve productivity.