Just-in-Time Marketing

May, 2005

We’ve all heard how important it is to reach customers and prospects exactly at the point in time that they need our product or service; right when they’re ready to buy. In theory, this makes perfect sense—what a great way to boost response rates and make more sales! The challenge, however, is in the execution. If we could only consult our crystal balls and know that point in time when a consumer is ready to buy.

Well, while it’s not a perfect science, clever data mining can bring us a long way in finding that magical moment when our customers want to hear from us. For example, new triggering technology from the credit bureaus tells us when customers may be shopping with our competitors. One use of such a triggering program: a large bank has the credit bureaus monitor its customer portfolio. They are sent an alert the very day after one of their customers has applied for a loan with a competitor. In this case that lender now contacts their customer with a great ‘save’ offer and keeps that loan on their books—and away from their competitor. The consumer wins because they don’t have to hassle with the paperwork for a new loan and they receive a better interest rate, term, monthly payment, etc.

Similarly, the concept works in a prospecting environment. There’s a way, for example, to target wireless prospects who may be shopping for wireless service. Essentially, we can determine when an individual’s (or business’) service term is about to expire. With number portability, it’s easier than ever to switch providers. So, with this new knowledge, a wireless services provider is now able to contact that prospect with a good offer, and see if they can attract the customer over to their service.

Data mining can really help you to identify these types of consumer behaviors. It isn’t that hard to figure out how to use the power of data to help you to create more loyalty — and retain your valuable customers. And, even better, Just-in-Time Marketing can also grow your customer base — by beating your competitors to the consumer who’s ready to buy from you.

RRW Consulting has put together a list of ideas that illustrate the power of Just-in-Time Marketing. They are tactical and practical concepts that just may spark some Big Ideas you can use. We’d be happy to send it to you immediately. Of course, if you’d prefer to chat with us directly about your data mining and targeting strategies, just call us at (503) 206-5255, or visit our website: www.rrwconsulting.com for more info.

Utilizing Just-in-Time Marketing strategies is the best kept secret of maximizing response rates.