With the loss of David Bowie earlier this year, I found myself with the words “Under Pressure” constantly running through my mind.
As I listened to the words, between all the ums, the das, and the des, there is a message of our lives today and how people are praying tomorrow will give us a break from all this pressure.
Is this how you are feeling today? We are all under pressure in our lives – it goes without saying this applies to our work lives too. Forced to do more with less. Or at least do more with what we already have. I hear this frequently from our clients when they are trying to improve the ROI of their acquisition campaigns. Unfortunately, I find them in the ongoing loop of doing the same things they’ve been doing for the last several years in hopes that this year will bring better results. Talk about being under pressure.
Recently, Merkle published two white papers regarding the power of analytics within acquisition campaigns and how to do more with less. The one specifically written by Christopher Pritcher and Mary Ann Buoncristiano, titled Fundraising and Analytics: Reducing the costs of your lists, outlines how analytics can be utilized to optimize list sourcing. For example, the Arthritis Foundation was able to cut list costs of its acquisition program by 42% and increase the average gift by $4.00, while increasing its member percentage from 54% to 71%.
An optimization score was created to break away from the traditional “credited on” attribution approach, instead focusing on an unbiased “appeared on” response attribution. This approach allows for reducing overlap within lists, enabling a more efficient data sourcing approach which ultimately results in cost savings for brands.
Now, while this paper is directed to fundraising organizations, the concept applies to any company that is procuring outside lists for revenue generating acquisition campaigns.
Are you under pressure to generate more revenue from your acquisition programs? Are you caught in the loop of sourcing outside lists the same way you always have? As David Bowie would say: “Can’t we give ourselves one more chance” and stop the insanity of always doing the same thing but expecting different results? If you are looking for help to reduce the pressure of your acquisition campaigns, contact Merkle today.