Author: Hollie Fearer, Sr. Account Manager
I think I speak for all of us when I say… it’s been a year. We've all faced challenges, both personally and professionally. When the ball dropped on January 1, 2020, no one knew the challenges they would face in the upcoming year, besides keeping their new year’s resolution. With the days counting down and 2021 quickly approaching, let’s close out this year with some easy wins and prepare for a strong start to the new year.
- Data Hygiene
What does the quality of your customer data look like? On average, 10% of the population moves per year (1) and depending on where the majority of your customers are located, this percentage could be even higher. This does not include the 3% average data decay rate that occurs on customer files. Without consistent data hygiene maintenance on your customer file you run the risk of diminishing customer engagement and ultimately run the risk of decreasing customer retention and lifetime value. Speedeon provides data hygiene services for our clients and we can gather insights into the quality of your customer file. A customized data hygiene program can help build upon your 2021 tactics and get you ready for your 2021 marketing efforts.
- Data Appends
Generally speaking, the more information you have on your customer the better. Additional customer information can help with direct marketing, digital targeting, multi-channel engagement or retention efforts. Whether it’s appending emails, phone numbers or addresses, Speedeon can help provide the additional information you need on your customer file.
It is also important to understand your customers at a demographic and psychographic level. This information can help refine both internal analyses and content creation. Speedeon is also able to append consumer demographic or psychographic information onto your customer file. By appending this information onto your customer file, you can perform analyses that will help your 2021 marketing efforts reach new heights.
- Analyze 2020
As with every year, it is important to look back and understand what marketing efforts worked well and what did not. 2020 is no different. While the environment we faced in 2020 will hopefully not be seen again, it is almost a certainty that the challenges we have faced in 2020 will not go away on January 1st, 2021. Matchback reporting, transactional analysis, and response modeling are some examples of the types of analysis that can be completed prior to next year. Understanding how your 2020 campaigns performed will lead to a more successful 2021.
If you have already decided to incorporate data modeling in 2021, it does not hurt to get a head start with this analysis. This way you can begin marketing to potential customers at the beginning of next year versus delaying the timing of a campaign because the model has not yet been created.
- Map Out 2021 Plans
What do your overall goals look like for 2021 and how will you support them from a marketing perspective? Is next year’s focus on acquiring new customers or maintaining current customers? Likely it’s a mix of both. Determining how the marketing budget will be allocated to customer retention efforts versus acquisition efforts is an important step at the beginning of the year. Preparing a plan for the entire year will help you gather valuable insights and implement successes quicker versus executing each campaign ad hoc. If you need help on planning direct marketing campaigns Speedeon is here!
- Take time for yourself
2020 has been an unpredictable and stressful year for everyone. We’ve learned just how flexible we can be and we’ve all navigated this ever-changing environment to the best of our ability. Unfortunately, this unpredictable environment will still be a challenge at least for part of 2021. The most important thing we can do in 2020 is to take time for ourselves. Now more than ever, self-care is important, whether that be enjoying the outdoors, reading a book or spending time with the most important people in your life. End this year how it started, with optimism and excitement for the year to come. A mentally stronger you will make 2021 your best year yet!