Database Modeling: Maximizing the Benefits
Methodology and technical issues are important in modeling with database information, but the right decision-related issues must be addressed, and all available information must be considered as well. While companies often build only response models, other factors, including average sale, credit, and conversion rates, have profit implications of similar importance. Strategic uses of database modeling technologies relate to business growth opportunities, which can come from remails, new promotional media, or product introduction. There is no substitute for information collection. Common sources other than in-house customer records include: 1. transaction records, 2. application forms, 3. customer service reports, 4. questionnaires, and 5. overlay information. Management attention to the modeling methodology should focus on: 1. checking the data for error, 2. knowing when the analysis reaches a point of diminishing returns, and 3. determining whether there is a holdout or validation sample.
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Courtheoux, Richard J.
Full text: [Direct Marketing] Mar 1987
Creating a Better Continuity Model
Management at Time-Life Books Inc. (Alexandria, Virginia) believed that its segmentation approaches were sound but could be improved. The objective of an improvement project undertaken was that any change would have to demonstrate a better capability for isolating potential high-profit customers. Opportunities for fine-tuning were isolated, which would produce financial advantages through improved mailing efficiency and strategic advantage through elimination of extensive manual intervention. Kestnbaum & Co. (Chicago, Illinois) was retained to build new models, considering whether additional information could be useful and whether a different approach to sampling records would help results. Models were developed for test mailings of Great Meals in Minutes, and World War II. The new model predicted Meals and underpredicted Wars, while the old model overpredicted. It is believed that management intervention remains important.
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Hotchkiss, H. Stuart
Full text: [Direct Marketing] Mar 1987
Branchless Banking: TSO’s Direct Mail Marketing Success Story
TSO Financial Corp. (Horsham, Pennsylvania) has grown to become one of the leading credit card issuers in the US by using direct marketing techniques. It has focused on providing services that are readily available to consumers, easy to use, and require no direct confrontation with the institution. The company’s goal is to provide personalized nationwide service by mail and telephone, eliminating the need for consumers to visit a bank branch. TSO has invested millions of dollars in computer, telecommunications, payment processing, and record retention equipment. Database management has enabled the company to record the names and addresses of former and potential customers. TSO also uses census bureau data to more effectively target its market. The company uses the concept of ”lifestyle clustering” to determine the customers most likely to buy its products. Through analyzing this information, TSO has selected and markets to 10 million households periodically throughout the year.
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Jarvis, Kathleen M.
Full text: [Credit] Mar/Apr 1987
Making the Most of Traffic Analysis
Some companies are finding that computing based on artificial intelligence (AI) can be a helpful marketing tool. Expert systems, AI-based software designed for disciplines that rely heavily on reasoning and judgment, are particularly well-suited to marketing. These expert systems can integrate a subject area’s hard data with its rules-of-thumb, or heuristics. Currently, AI-based computing is being used in sales, pricing, direct mail, and telemarketing. Applications in development will assist marketers in the creation of advertising campaigns, design of promotions, and in understanding their products’ marketing mix. In evaluating this new technology, marketers should focus on benefits, not features. According to researchers at the University of Pennsylvania’s Wharton School of Business, marketers can use expert systems for consultancy, organization, hypothetical analysis, assistance in decision making, integration of expertise, and transfer of knowledge.
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Aaronson, Ed
Full text: [Cellular Business] Mar 1987
Computerized Consultants
Some companies are finding that computing based on artificial intelligence (AI) can be a helpful marketing tool. Expert systems, AI-based software designed for disciplines that rely heavily on reasoning and judgment, are particularly well-suited to marketing. These expert systems can integrate a subject area’s hard data with its rules-of-thumb, or heuristics. Currently, AI-based computing is being used in sales, pricing, direct mail, and telemarketing. Applications in development will assist marketers in the creation of advertising campaigns, design of promotions, and in understanding their products’ marketing mix. In evaluating this new technology, marketers should focus on benefits, not features. According to researchers at the University of Pennsylvania’s Wharton School of Business, marketers can use expert systems for consultancy, organization, hypothetical analysis, assistance in decision making, integration of expertise, and transfer of knowledge.
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Kastiel, Diane Lynn
Full text: [Business Marketing] Mar 1987
Award-Winning Marketing That Sells
Effie awards, presented annually by the American Marketing Association of New York, are based on the results achieved by an advertising-marketing campaign. Recent winners have included: 1. Garst Seed Co. and its agency, Valentine-Radford Inc., for a direct campaign that stresses customer benefits, 2. I-T-E Electrical Products Division of Siemens Corp. and its agency, Cargill, Wilson & Acree Inc., for a campaign that uses association with ”prestige” organizations to project a quality image, 3. Kimberly-Clark Corp. and its agency, Cargill, Wilson & Acree Inc., for a program illustrating superior product applications, and 4. NCR Corp. and its agency, Backer & Spielvogel Inc., for a slice-of-entrepreneurial-life message promoting NCR’s computer multiuser feature. The success of these diverse efforts appears to be based on an integrated advertising-marketing approach, creativity, a customer-oriented emphasis in product presentation, and a willingness to understand consumer needs.
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Perry, David
Full text: [Business Marketing] Mar 1987
Current bank advertising: ‘blank’ ad actually a request for input from potential customers
Two weeks before opening its doors, Gulf Bank of Dunedin (Dunedin, FL) ran a newspaper ad asking potential customers to write letters to the bank indicating the types of services they wanted. The ad contained a reply coupon of some 25 blank lines for customer correspondence. Similar pieces of direct mail were sent to affluent households near the bank. The direct mail response rate was 10%. Many customers brought the completed ad or direct mail piece to the bank in person.
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Lemke, Lizabeth
Full text: [Bank Marketing] Mar 1987
Current bank advertising: pay-by-phone service adds luster to N.Y. bank’s checking product
Rochester Community Savings Bank (Rochester, NY) marketed its tiered checking account by stressing an optional benefit of the account: a telephone bill paying service. Ads poked fun at the inconvenience of mailing payments in storms and remembering to send payments on time. The number of accounts opened during the campaign was significantly above the number normally opened each month; a larger number of customers also signed up for the pay-by- phone service. Payments can be made to 1400 businesses either by specific request or on an automatic basis.
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Anonymous
Full text: [Bank Marketing] Mar 1987
Consumer Dreams Propel Marketing Vision at Chase
In the aftermath of deregulation, banks have adapted and expanded their products and services successfully to respond to new competition. In addition, banks have been able to move beyond state boundaries through limited service offices, direct mail campaigns, and the development of full interstate banking on a state-by-state basis. However, the ability of banks to market effectively has fallen behind their ability to create and distribute products and services. In promoting a consumer business that has broadened in product scope and geographic reach in the 1980s, Chase Manhattan Bank uses a marketing approach that varies from market to market. For example, in Tampa, Florida, Chase specializes in sales of luxury automobile and boat loans. Rather than trying to be all things to all people, a financial service provider should narrow its focus by offering a few practical applications suitable to customer needs. Also, banks should convey their ability to help customers realize their dreams.
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McGinnis, Timothy
Full text: [Bank Marketing] Mar 1987
Campaigning to Win Friends, Influence Image
“The New Yorker” and “Sports Illustrated” are reconsidering their image campaigns in favor of more traditional direct-response circulation spots. Even the circulation-building ads are beginning to benefit from revamping, in part to complement image campaigns.
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Strazewski, Len
Full text: [Advertising Age] Mar 9, 1987
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