Moving the Needle

Jim Coogan, president of Sante Fe, NM-based consultancy Catalog Marketing Economics, defines “needle movers” as actions that increase either sales or profits. He cites a number of list- and database-related tactics as potential needle movers worth testing:

* Since e-mails are free are virtually free, e-mail a PDF of your current catalog to customers and prospects you wouldn’t spend money mailing a print book to.

* Mail fewer catalog pages to Web-only buyers. Sophisticated catalogers are shifting to more catalogs with fewer pages for their Web buyers.

* Segment your “holiday” buyers and cut the frequency of mailings to them during the first, second, and third quarters of the year.

* “Microsegmenting” within RFM (recency, frequency, monetary value) segments can yield big profit increases. For instance, break out your one-time, two-time, and at least three time buyers. Segment buyers by channel (Web, call center, multichannel). Break out more dollar-select segments. Use RFM plus multibuyers for “super buyers” and to reactivate old buyer file segments.

* Extend the time frame of your sale offers to the prospects in your mailings. If an offer expires in six weeks, for instance, extend it to 12 weeks for prospect names. Don’t shorten the life of your order curves for your rental circulation.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.