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| Acquiring
New Customers |
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| Until recently, of the
three great mandates of strategic marketing (acquisition, growth,
and retention) acquisition was the one least influenced by marketing
science approaches. One reason for this is that acquisition has historically
resided within the domain of advertising and sales. The prevailing
wisdom was that a well-designed advertising campaign using current
generation targeting techniques will get the job done. However, conventional
approaches that have worked well for many years, are now being challenged
by new competitive realities. In many industries, for instance, mature
market dynamics now prevail. In a mature market, increased competition,
low-priced alternatives, and evolving niche marketing strategies have
raised the bar. Gone are the days when a well conceived, demographically
targeted advertising campaign virtually guaranteed success. |
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| In the last decade, however,
new tools such as value-based segmentation, niche marketing, and pitch
customization have been added to the arsenal of the marketing scientist.
These tools help the practitioners compete and win in markets that
previously required them to reduce margins or coverage, or both. They
have markedly improved the targeting accuracy of advertising and direct
marketing. We will discuss here two advanced acquisition approaches:
value-based customization of advertising messages, and targeting of
high likelihood prospects using advanced data mining techniques. To
find out more, click on the links at the left. |
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