DM Diagnostic™ is a comprehensive review of your current processes, assumptions, costs, and overall approach to direct marketing.
It is an informative, objective review that will lead to the identification of improvement opportunities for your consideration. Essentially, by establishing a baseline picture of current state activities and results, you will be given the information to identify immediate, current year, and strategic initiatives to improve your return on direct marketing investment. The process below is our approach to completing a focused direct marketing diagnostic and opportunity assessment.
Having served over 200 direct marketers in the non-profit, travel, renewable energy, banking, insurance, publishing and retail furniture industries, VeraData is ideally suited to applying cross-industry direct marketing best practices to identify areas and ideas for performance improvement. Your DMD team will consist of senior direct marketers who understand marketing strategy, analytics, back office infrastructure, and campaign management. It is no secret that best in class direct marketers are implementing fully integrated campaign support processes that support efficient testing, tight campaign cycles, information access, multi-channel execution and measurement to mention a few….however, no company can flip a switch and achieve this desired state.
DMD is designed to identify the “twenty percent” that will make a measurable impact in the short term while simultaneously planning for an effective campaign support foundation for the future. The impetus for conducting this direct marketing diagnostic and opportunity assessment is driven in varying degrees by the following (partial list) contributing factors:
- Blurring products leads to greater competition and inhibits differentiation
- New product introductions have considerable process and marketing implications
- Response rates trending down
- Privacy legislation generating legal exposure, limiting channel decisions, and shrinking prospect universe.
- Prolonged campaign refresh cycles impacting lead quality and ability to test effectively
- Aging prospect/conversion models exhibiting declines across even top deciles
- Rising costs per sale
- Rapidly changing socio-economic and ethnic distributions
To address these and other issues, VeraData would work closely with you and your staff to structure the analysis across four key dimensions:
CORE MARKETING STRATEGY AND RESOURCES
- Channels (internet, mail, telephone)
- Campaign Cycles
- Lead Sourcing
- Prospect profile assumptions
- Model review (s)
- Universe assumptions
- Segment assumptions
- Response curves
- Current performance metrics
- Marketing applications
- Data capture
- Lead handling
- Branch/Loan office data capture
- Channel Coordination
- Data enhancement and scoring
- Source coding
- Resting rules
- Address Hygiene
- Privacy compliance
- Letter shop/postal services
- Process flow
DMD typically includes a review of the following major tasks over a span of four weeks:
- Onsite discovery session with corporate sales and marketing staff
- Branch office visit/interviews
- Call Center visit/interviews
- Interview with IT representative versed in your data capture processes/systems
- Offsite information assimilation
- Report preparation
- Executive presentation at your location
DMD reporting (and presentation) delineates deliverables into multiple dimensions:
- Current direct marketing processes, approach, policies, and metrics.
- “Grade” current processes in relation to generally accepted best practices or other benchmarks
- Identify opportunities for improvement in terms of speed, cost, information leverage, ROI, and general campaign effectiveness.
- Indicate degree of effort and/or budget required to pursue opportunities.
- Organize potential projects and opportunities into three categories:
- Current Budget Year
DM Diagnostic™ - it’s the simplest path to generating the highest volume of quality leads in the most cost efficient manner.
Call us today for your free evaluation. 1-800-561-9927