Case Study
Lowering customer acquisition cost and driving growth for a medical device company
Overview:
A medical device company reached out to The Simple VUE to assist them in using data to understand their customers, lower customer acquisition costs, and drive sales growth of their products.
Customer Profiling
Understanding the characteristics of customers to better engage them through the right channels.
Market Prioritization
Finding markets with the most customers that fit their ideal customer profile
Lower Customer Acquisition Costs
Lower cost and drive growth by targeting new markets and customers with the right message
Challenge:
Our client had limited visibility into finding markets with similar customers and did not have a data-driven strategy to engage their potential customers in new markets.
Solution:
By utilizing 3rd Party data, which contains key data points for every household nationwide (spending habits, media consumption tendencies, etc.), we were able to empower our client to use the power of customer segmentation to make important decisions on growth and marketing.
Our platform seamlessly integrated data from our client - merging it with the national household-level database - to allow for detailed insights into their current customer population, identify their "ideal" customer profiles, where to find more of their ideal customers, and how to efficiently drive customer acquisition.
Results:
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The results of the customer profiling project completely reshaped our client's understanding of their customer base. They believed that their core customers were middle-class families with kids; the results showed that over 60% of their customers did not have children
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Results also showed that ~50% of their customers make over $100k annually; this statistic kept them from lowering the prices of their products
Impact:
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Expanded into 250 new markets across the United States
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Redeveloped their marketing strategy for targeted marketing and engagement
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Created Direct Mail, IP targeting and other campaigns at the household level
Project Overview
Goals:
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Expand sales by identifying and prioritizing new markets for expansion but contain costs
Solution:
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Through Customer Profiling and Market Prioritization project, we were able to derive insights into their customer base, identify their ideal customer, and identify markets with the highest concentration of their ideal customers.
Impact:
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The results of the customer profiling project completely reshaped our client's understanding of their customer base
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Expanded into 250 new markets across the United States
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Redeveloped their marketing strategy for targeted marketing and engagement