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Experian® Expertise for your business
Best practices to maximize your prospecting efforts
Today, lenders know that there are highly qualified borrowers out there just waiting to apply for credit. But how do you target just the right customers, mitigate risk and quickly reach these customers before the competition does? To do this, lenders need to focus on optimizing their current processes, testing new data and incorporating more robust analytics into their marketing efforts.
From our years of experience and research, Experian suggests using the following prospect marketing best practices to maximize your marketing:
- Focus on growing deposits. Being able to cost-effectively target and capture attractive deposit customers is key. For example, when a top 10 bank tested Experian’s Financial Personalities® application, it increased its average balance by $10,000.
- Assess risk. Being able to analyze recent behavior with an estimated income model allows lenders to streamline marketing to those with an ability to pay — and to maximize vital marketing dollars.
- Cross-sell. Existing customers are the perfect prospects to grow an organization’s account base. Instantly prescreening at the point of sale can help reduce risk and direct specific products and services to qualified customers.
- Target customers. Lenders leverage their marketing dollars when they reach customers with the right messages at the right time. Recently, a lender using Experian’s In the Market ModelsSM and Financial Personalities to market prime credit card offers increased response rates over its business-as-usual process by 145 percent and booked loans by 137 percent.
- Differentiate through speed. Large banks are gearing up to turn on marketing engines by the end of 2010. Conducting smaller, more frequent, highly targeted campaigns is the key to success for mid-tier and smaller lenders. By having direct access to data to fine-tune and develop multiple complex strategies on the fly, your institution can be first to market.
By implementing these best practices and taking an analytic, solution-focused approach to drive marketing decisions, lenders can maximize their marketing spend and improve return on investment. To learn more, download Experian's Prospect Marketing Best Practices PowerPoint® presentation or contact your Experian representative at 1 888 414 1120.