Here at DMI, we employ statistical analysis to select the best targets for our clients, review campaign performance, and even evaluate our internal production and data processes.
But here is one we hadn’t seen before - One of my favorite bloggers, Nate Silver, recently wrote an article on how to use statistics to select the best salad: maximizing Return on Investment (ROI) by component/ingredient evaluation.
Regardless of whether you’re trying to get the most for your money out of a salad bar or a prospecting campaign, ROI component evaluation can be a quite a useful tool.
We can more broadly apply this idea to meet our clients’ needs by having them evaluate their internal data resources from an ROI perspective. Instead of going out and purchasing an expensive, heavily detailed prospecting list, we might advise them to consider going back to lists of lapsed customers or donors, or reaching out to those who are affiliated with their organization in some other capacity. This information may also be added to a less expensive prospecting list option and then incorporated into a statistical modeled solution.
--B
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