It is evident from the case study that Framebridge, as a company, favors the concept marketing data analysis. For example, the company evaluates potential customers to determine whether to approach them through direct mail or social media, according to Kristin Muhlner, president and COO. The same concept of marketing data analysis can enable the company establish propensity for repeat business. The company can invest in proprietary technology based on cognitive systems (Gordon & Ciorciari, 2017). The software can analyze the conversations and interactions between the company and customers during the initial purchase. The software can detect hints and patterns that reflect whether the customer has potential for high average order value (AOV). Using the data, the company can efficiently use advertising monies by targeted potential high AOV repeat customers.
Susan Tynan arrived at the current Framebridge product through a personal crisis. Tynan needed to frame some pictures for her house but could not get a satisfactory product. The negative experience has Tynan the business idea based on solving the unique needs of customers who need frames, in a cost-effective manner.
Delegate your assignment to our experts and they will do the rest.
Apart from marketing data analysis, Framebridge can improve performance indicators through an offer that encourages repeat business. Such offers provide the company with an effective way to ask customers directly if they are interested in repeat business. For example, Ferrell & Hartline (2019) touts the idea of video kiosks and interactive television. Through these avenues, the company can cheaply disseminate a message about a discount in repeat business and smoke out customers who have more items to frame.
Currently, Framebridge solves the problem of understanding performance indicators through marketing data analysis. However, the company uses a relatively analog system that involves marketers evaluating customers to assess their respective potential. To improve on this problem both at the initial level and after the initial purchase, the company should invest in specialized algorithm based cognitive data analysis systems (Gordon & Ciorciari, 2017).
References
Ferrell, O. C., & Hartline, M. D. (2019). Marketing strategy: text and cases . Boston, Massachusetts: Cengage Learning
Gordon, R., & Ciorciari, J. (2017). Social marketing research and cognitive neuroscience. In Formative Research in Social Marketing (pp. 145-163). Springer, Singapore.
