Marketing Framework Analysis
frame any problem or question linked to your customer relationship inside a clearly defined Framework
About 90% of the data collected by companies today are related to customer actions and marketing activities
“Marketing thinking is shifting from trying to maximize the company’s profit from each transaction to maximize the long-run profit from each relationship” Philip Kotler.
To rephrase it, Companies has shifted from being product-centric to CUSTOMER centric.
That’s why it’s of vital importance to know as much as possible about our customer and to customize as much as possible our offer to each.
Despite the huge amount of data, we now have on each of our customer (from CRM, Web Site, Social Media) and the complexity to have a 360 view of the customer; still, we can frame the relationship with our customer with these 4 questions:
1- Who are my customers?
2- How to reach and interact with them?
3- Which customers should I target?
4- What is the best next-offer?
These 4 questions lead us to this 4 blocks Marketing Framework Analysis:
The second is Segment. How to reach and interact with them?
In the article Managerial Segmentation we introduce the concept of customer segmentation and we dig into how to do a managerial segmentation
The third block is Target: Which customer should I target?
In the article Classification Fundamental Concept we introduce he most fundamental concept to understand when building a classification model: Bias-Variance Trade-off.