The following is a guest post from Laurence Faguer, President of Customer Insight Consulting. This piece originally appeared on the Customer Insight Consulting blog.
We live in a total paradox. Data has never been so importance in companies – being Data-centric, being Data-driven – but when it comes to identifying good practices, we are often drowned in a tone of statistics, coming from reports of all kinds, which give information on what the companies who publish them want to tell us.
A precious book comes every year to set the record straight: the Statistical Fact Book, published by the Data & Marketing Association. The 2017 edition features no less than 378 pages and 449 graphics. It is cleverly organized by channel and gives all the latest figures and research in offline, online, mobile and retail operational tactics. Marketers can easily benchmark, forecast the results of future campaigns, or establish financial models for an emerging activity, based on proven response rates.
Here are 6 examples of figures to know, spotted in this Fact Book 2017:
Customer response rates increased year-over-year by an impressive 43%, but prospect response rates more than doubled – reporting an astounding 190% increase! So it’s no wonder that for brands that have never mailed before are finding it a viable medium for both their retention and acquisition efforts.
In a digitally-dominated world, how could this happen?
The big change is an increase in mailings paired with digital intelligence – browsing behavior and sophisticated modeling based on preferences make mailings extra timely and relevant.
RETAIL AND MOBILE
8 in 10 millennials use their mobile in-store. Retailers who don’t offer Wi-Fi or who don’t have a mobile app that personalizes the shopping experience are at risk.
When looking for coupons, consumers typically use the mobile app (42.8%), then print (35.9%) desktop (16.8%). 29% use all three channels, 18% none of them.
For nearly half of marketers, predictive analytics and modeling are the specific technology functions judged the most important to achieve value from their future use of data.
Triggered campaigns have a click rate of 6.5%, compared to 1.6% for usual campaign.
In average, a consumer own 7.2 devices, and use more than three daily. Marketers typically see only see one device.