Last week I showed you an example of a promotion that didn't pay off in the short-term, paid off better in the long-term, and overall didn't pay off.
Promotions are one way of stimulating the Customer Development process.
Personalization is another way of stimulating the Customer Development process. In the image below, we have one segment, with a 20% gain in response due to personalization. This has minimal impact on the development of the customer, because in the example below we only add four (4) customers to a second purchase.
But the relationship is profitable!
Now go apply this strategy to ALL SEGMENTS ... apply it to ALL PROSPECTS who haven't purchased (i.e. feature the merchandise that prospects love to buy), and apply the concepts ALL OF THE TIME.
You'll significantly grow your file over time.
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