2. Choose a company you work for or are familiar with and complete the following
ID: 369260 • Letter: 2
Question
2. Choose a company you work for or are familiar with and complete the following: o Describe in detail the predictive marketing campaign your selected company has in place. o Analyze the positive and negative features of the predictive marketing campaign of your selected company. o Recommend the changes you would make in the predictive marketing campaigns of your selected company. Explain the rational for making these recommendations. 3. Requirements o Three to four-page strategic plan in APA format.Explanation / Answer
Predictive Marketing Campaign with positive and negatives and changes recommended
1-Select the right customer- The company I am working with deals in apparels. We conduct many events to choose right customer segment for our apparels as we manufacture apparels normally for young ones. First, we selects an appropriate predictive model from Predictive Marketing’s repository and uses it to determine which customers or customer segments to target. These predictive models often significantly reduces the number of customers contacted, results to measurable cost reductions. It reduces campaign costs by 25 to 40 percent, while maintaining or even increasing response rates.
2-Select the right channel- We assume and calculate the time when to contact and how best to contact each customer. By using each customer’s preferred channel, we increase response rates. Predictive Marketing enables marketing departments to optimize their outbound campaigns across channels, by selecting the best channel for each customer (based on channel preferences and predicted response), balancing expected profits with the cost of the channel, and taking channel constraints into account.
3-Select the right time- In apparels, Consumers today have many choices. So it is important to reach customers in a timely manner when their behavior indicates a real need of our product. Predictive Marketing continually scans customer data bases for just such events, and triggers specific campaigns when a need or risk is detected. This kind of approach can result in as much as double the typical response rate. We increase the frequency of campaigns to improve the chances of reaching customers at an ideal time. Rather than offering a certain product once each year, they run campaigns for that product every month or week. These campaigns target fewer customers, but the customers they do target have a high likelihood of response. Predictive Marketing enables marketers to schedule recurring campaigns, and to use predictive models and event triggers to select the appropriate customer targets. PredictiveMarketing scales to run hundreds or even thousands of campaigns each year.
As per me the biggest change required is the price reduction as while marleting many people already knew the price of particular product some while ago and they can compare the old price with new one. So reduction from that old price is important.
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