Marketing

Based on the supplemental reading, come up with an example or use-case that would illustrate the 6 ways of using data/analytics as outlined in the reading.

This can be an actual example of a company/product in which you are a loyal customer; Or this could be a hypothetical example of how a company could market a product to you that you would be very interested in purchasing.

6 Ways to Acquire
Customers With
Above-Average
Loyalty and
Lifetime Value
Data is at the heart of a modern communications company’s
marketing programs. Today, successful marketers and data
analysts at these firms leverage data across their initiatives — from
segmentation strategy to customer acquisition models to churn
prevention programs.
There are times, however, when a communications firm’s standard
approach to data-driven marketing may fall short. These companies,
for example, face an extremely competitive market landscape
where constant price undercutting is a fact of life, and where many
customers are all too happy to jump on a competitor’s deal.
As a result, marketers and data analysts are asking hard questions
about their marketing strategies: Is it possible to find and target
customers with above-average loyalty and lifetime value?
Can a communications company uncover the right
customer insights to break the usual cycle of customer
churn and commodity pricing?
Can marketers use data to better identify and reach currently
untapped market segments without taking on increased risk?
In fact, advanced data and analytics now allow marketers at
communications firms to achieve these types of goals — and, in the
process, optimize the revenue impact of their marketing budgets.
Read on to learn the six things your communications firm can do —
and should be doing today — to get enhanced bottom-line benefits
from advanced data and analytics.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value 2
Data sets are meant to be leveraged in as many
ways as possible. You likely have multiple different
data sources across your company — containing
different types of customer or prospect information
in various disparate databases or business units.
Your relationships with customers may span mobile
service, cable or satellite TV, internet service, and
other related products, but your data about those
relationships is likely in pieces and parts. By keying,
linking, and standardizing the data, you can better
overcome the challenge of disjointed or partial
views of your customers spread out across the
various business units of your enterprise.
A linked view of your existing customers
empowers predictive analytic modeling
for a greater understanding of customers
across the full customer lifecycle.
This modeling can help you take crucial steps to
improve customers’ experience of your brand. In
some cases, the same, comprehensive view of a
customer relationship may reveal untapped market
opportunities; in other cases, such a view may offer
new insights into credit and collections risk.
In a merger or acquisition scenario, linking
customer data can also help you make sense of
new company acquisitions and draw more out of
customer relationships that are being brought to
the table.
1
Use linking to leverage the power
of in-house data sources.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value 3
4
2
Consolidating disparate data and information into
a single, standardized platform is the first step to
getting a truly holistic view of your customers. Most
of the time, however, it’s not enough. You’ll need
additional insights from advanced, third-party data
sources to help pinpoint your best customers.
The goal in doing so is to append the
right types of unique data, in the right
ways, to gain truly predictive insights
into your customer relationships.
Third-party data may include a variety of data with
predictive capabilities: estimated discretionary
spending, income, and other measures of financial
potential, as well as demographic and geographic
attributes. Your own internal data, for example, may
provide current average revenue per user (ARPU);
you can then overlay direct-measured, anonymized
consumer data to develop a more robust
segmentation model that assigns consumers to
identified customer segments — for instance,
customers more likely to buy additional services.
The key to getting value from this process isn’t just
what you learn — it’s how you use those insights.
The process of generating “lookalike” prospects
from detailed customer profiles, for example, allows
you to better find high-potential new customers.
You can also address untapped market segments
where it may have been previously too difficult
to separate low-risk and high-risk consumers.
With the right insights to make these distinctions,
marketers can grow a base of high-potential, highvalue customers while optimizing marketing spend
and reducing attrition and risk.
Add the predictive power of unique,
appended consumer data.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value
Customer loyalty — or lack of loyalty — is one
of the biggest marketing challenges for any
communications company. When so many
customers are willing to switch providers for a
modest discount or plan enhancement, marketers
must take advantage of every opportunity to
promote positive relationships with consumers,
encourage loyalty, and retain customers with the
highest potential lifetime value.
This process begins with the decision whether
to engage a consumer in the first place; nothing
creates a bad impression with consumers faster
than receiving an offer for a product or service,
responding to the offer, and then getting turned
down based on credit history.
This is where credit data traditionally shows its
value, allowing a firm to prescreen prospects
based on credit score criteria and tailor
campaigns accordingly.
More firms, however, are discovering non-regulated,
direct-measured household economic data as a
way to identify and assess customers.
This type of data gives marketers a
powerful set of tools for targeting and
assessing consumers — but without
the same restrictions and compliance
concerns of regulated data.
Direct-measured household data can also give
firms additional, potentially useful ways to assess
risk and reward for certain consumers.
5
3Identify better-qualified customers
for products or services.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value
6
4
Every customer and prospect appreciates a brand
that doesn’t waste their time with irrelevant offers.
Using insights from robust segmentation,
you can enhance personalization and
tailor messages or offers to customers
encouraging them to check out relevant
products and services, instead of just
reacting to consumer interest.
For example, if you are offering a new service in
a particular geographic area that will appeal to
consumers with a certain discretionary spend, you
can proactively offer it to the right people because
you have those profiles at the ready.
The data can also help you identify channels that
better align with consumer preferences. You can
focus marketing spend on the people most likely
to respond, and suppress marketing to prospects
unlikely to respond or subscribe — which can help
improve lift and optimize your marketing spend.
Build personalized offers and experiences.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value
For the omnichannel marketing campaigns you are
already running, advanced data and analytics can
further enrich them to help improve conversion.
By onboarding an offline list of
segmented, best customers for digital
use, you can create messaging that is
optimized for each channel and provides
a consistent brand experience.
The data allows you to identify consumers’
preferred channels, including digital channels such
as email, mobile, social media, and addressable TV,
as well as offline channels like onsite promotions,
direct mail, and point of service. And all can use
the existing target segments you have already. You
can then drive engagement by building messages
that have a consistent focus or set of offers, and
distribute to the same individuals across channels.
Let’s examine this in practice. One company
wanted to adopt a more data-driven approach
to build awareness of its new brand positioning
and drive new business through more precise
segmentation. This included segmenting customers
to target through offline and online branding and
business development.
With data, analytics, and modeling expertise from
Equifax, the company enhanced its existing set
of attitudinal targeting segments and assigned
customers and prospects to those segments.
The segments were digitally onboarded so they
could be applied to multiple channels, and the
company targeted its desired audience through
an addressable TV campaign. After conducting a
post-campaign, closed-loop attribution analysis,
the company found that the campaign resulted in
a more than 30 percent lift in the number of new
accounts opened — and a greater than 500 percent
lift in new account assets.*
That is the power of a data-driven omnichannel
marketing campaign.
*Stated results are based on prior Equifax customer projects. Results
are not guaranteed and your results may vary based on actual
customer data and situation. 7
5Create better omnichannel marketing campaigns.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value
8
6
The value of advanced data and analytics extend
beyond customer segmentation and targeting, and
into evaluating results.
Identifying your most effective campaigns
will help you better allocate marketing
budget, but being able to accurately
attribute offline sales to online campaigns
adds another level of insight.
While most companies can measure the digital
results of digital campaigns, understanding the
influence of online programs on offline, brick-andmortar sales will more clearly illuminate winning
strategies and help optimize marketing spend.
Develop robust measurement and attribution efforts.
6 Ways to Acquire Customers With Above-Average Loyalty and Lifetime Value
For more information: Info.DDM@equifax.com | www.equifax.com/DDM | 800.210.4323
Copyright © 2017, Equifax Inc., Atlanta, Georgia. All rights reserved. Equifax is a registered trademark of Equifax Inc.
Data-driven Marketing for Real World Results.
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next step in data-driven marketing enablement solutions that help you drive profitable growth — rely on a trusted partner. Rely on Equifax.
Advanced data, analytics, and insights are powerful tools in your
marketing toolkit. These best practices may seem daunting if your
organization doesn’t have the internal resources or data to support more
advanced segmentation, predictive modeling, and robust measurement.
The good news is, it is possible to not only acquire the data, but also
to use it to your advantage to help find and retain your most profitable
customers. You’ll create a more positive customer experience, reach
consumers on the most effective channels with the right messages,
and optimize your marketing spend.
Insights That Drive
Marketing