Do you know where your marketing dollars go? The answer is probably yes, but do you know WHY your money is spent where it is? Every company wants to be more effective in allocating their marketing budget, but people seem to believe that it’s impossible to figure this out.
There’s a famous quote attributed to John Wanamaker, a department store merchant born in the 19th century. He said: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Clearly this has been a problem for a long time. More recently, Paul Roetzer wrote, “Even the smartest marketers on the planet have absolutely no idea how to allocate their time and money in a manner that eliminates inefficiencies and maximizes return on investment.”
This isn’t entirely true. Or at least, it doesn’t have to be.
Your personality predicts almost every decision that you make, including buying decisions. Yeah, I know you want to disagree, but what kind of car is that in the driveway? Really? So it would make sense that if you understand your customers’ personalities, you can actually PREDICT their purchasing. And meet their ever-increasing expectations before they even know what they want.
Let me explain: we’ve invented a technology that allows you to segment your CRM data into categories based on personality type. This is extremely powerful, for several reasons.
- Personality predicts desire. Desire drives decisions. Purchase decisions.
- Only 2-4 personality types are profitable to any business. We happen to know which ones, and can show you how to find them within your CRM data.
- Not only are personality types the only truly reliable predictor of buying, they are dramatically more effective than the way most companies currently segment their CRM data. (In other words, demographics do not predict desire. But personality does.) Just read what Netflix has to say on the subject.
Traditional Analytics vs. Personality Analytics – so what?
When you look at the differences in buying behavior between a given segment of customers, you’re able to maybe predict that customers in Group A (say 35-45 year olds) are 1-1.5 times more likely to buy Product X than the customers in Group B (teenagers, for example).
On the other hand, if you segment your customers based on personality type, you’ll find that “NF” or “Idealist” types are not just more likely to buy Product X, but they are 30 times more likely to buy that product.
The goal here is to help companies optimize customer acquisition, revenue growth, and retention. Not only can we help you identify the profitable personality types in your existing CRM database, we can also help you find the look-a-like audience by appending our own CRM data.
You know what your customers have purchased in the past. If you can also pinpoint which personality types are 30 times more likely to buy Product X, why wouldn’t you focus your marketing and product recommendations on showing Product X to everyone in your CRM with that personality type who doesn’t yet have that product?
Marketing budget allocation can become a lot more strategic when you apply predictive analytics to your marketing automation. It’s time to move from making semi-educated guesses based on “data of the past” and actually predicting what your customers want using personality analytics. The first companies to leverage this new technology will be the winners in the new world of AI and Big Data. Do you want to make sure your company is around 100 years from now? We hope so. And our goal is to help you do that.