Tag: prescreen targeting

In today's competitive market, expanding your organization’s customer base can be a daunting task. Limited marketing budgets, high acquisition costs, and the pressure of financial inclusion initiatives can lead to poor response rates and make it challenging to reach the right consumers. If your prescreen policies are too conservative, you might miss out on valuable opportunities. On the other hand, overly lenient policies can lead to wasted resources on uninterested consumers. So how can you strike the perfect balance and ensure your marketing efforts are both effective and efficient? Challenges for financial institutions Research shows that 55% of financial institutions reported building response models that don’t make it to production.[1] This can lead to wasted time and effort as employees work to build models that are never used, which can have a severe negative impact on organizations’ productivity and team members’ morale. In addition, most organizations are not well-equipped to conduct their own analytics, citing limited access to data for response modeling and challenges with incorporating models into a comprehensive campaign strategy. Many institutions are unsure of who to send offers to, which channels to utilize, which offers to send, or how often to send them. To effectively reach consumers, financial institutions need to: Easily access and understand the right data Quickly move to production Deploy models with little to no friction Monitor and refresh models to avoid deterioration Maintain regulatory compliance  So how can your organization accomplish all this to ensure you’re reaching the right consumers with your offers? Ascend Intelligence Services™ Target Ascend Intelligence Services Target (Target) is a cutting-edge solution designed to help businesses target the right consumers with precision. This service leverages custom response models and optimized prescreen strategies to enhance response rates and maximize revenue. At the heart of Target are custom response models developed by industry experts using advanced machine learning (ML) techniques. These models analyze historical data alongside Experian's best-in-class data to identify consumers who meet credit criteria and are more likely to respond to offers. By accurately predicting consumer behavior, these models enable organizations to maximize the return on investment (ROI) of their marketing campaigns and achieve their revenue goals. Additionally, exclusive access to alternative datasets from nontraditional lenders, rental data inputs, and full-file public records provides a comprehensive view of consumer behavior. The inclusion of 24 months of trended data and over 2,000 attributes can further enhance your ability to determine the next best action for each consumer. Watch this video to learn more about Ascend Intelligence Services Target. Optimized prescreen strategy Target's prescreen strategy is mathematically optimized to calculate the impact of your offer on each consumer simultaneously. This approach selects the best consumers to target, allowing you to: Increase response and take-up rates for improved portfolio performance. Minimize prescreen costs by targeting the right people who are more likely to respond to your offers. Expand your lending universe safely and meet diversity and inclusion initiatives by providing the right offer to previously overlooked consumers. Seamlessly integrate into your existing prescreen process for rapid time to value. By incorporating additional variables such as trended and alternative data, you can reach more consumers who might have been overlooked, improving financial inclusion and safely growing your portfolio. The power of optimization allows you to tailor your offers to each consumer, increasing response and take-up rates and enhancing the profitability of your campaigns. Visit our website to learn more about how your organization can utilize our prescreen strategies to maximize your revenue. Learn more [1] Experian research

In today's data-driven business landscape, leveraging advanced targeting techniques is crucial for effective consumer engagement, particularly in the financial services sector. Prescreen targeting solutions have evolved significantly, offering a competitive edge through more precise and impactful outreach strategies. The power of data analytics and predictive modeling At the heart of modern prescreen targeting solutions lies the integration of extensive data analytics and predictive modeling. These systems combine detailed consumer information, including purchasing behaviors and credit scores, with sophisticated algorithms to identify potential customers most likely to respond positively to specific promotional campaigns. This approach not only streamlines campaign efforts but also enhances the tactical effectiveness of each interaction. Direct mail: a proven channel for financial services In the competitive North American financial services market, direct mail has demonstrated distinct advantages as a targeting channel. Its tangible nature helps cut through digital noise, capturing consumer attention effectively. For credit products, direct mail typically achieves engagement rates of 0.2-2% for prime consumers and 1-3% for near-prime and subprime consumers[1]. Key advantages of prescreen targeting solutions Enhanced response rates Custom response models can significantly boost prospect response rates by targeting a well-defined, high-propensity audience. These models have the potential to improve average response rates of prescreen direct mail campaigns by 10-25%. Risk mitigation By focusing on well-defined, high-propensity audiences, prescreen targeting via direct mail aims to attract the right prospects, minimizing fraud and delinquency risks. This targeted approach can lead to substantial savings on underwriting costs. Improved customer engagement and retention Personalized direct mail strengthens customer relationships by making recipients feel valued, leading to higher engagement and loyalty – crucial factors for long-term business success. Regulatory compliance and security Prescreen solutions come equipped with compliance safeguards, simplifying adherence to industry regulations and consumer privacy standards. This is particularly critical in the highly regulated financial sector. The future of targeting and enhancement As markets continue to evolve, the strategic importance of precise and efficient marketing techniques will only grow. Financial institutions leveraging optimized prescreen targeting and enhancement solutions can gain a significant competitive advantage, achieving higher immediate returns and fostering long-term customer loyalty and brand strength. Future advancements in AI and machine learning are expected to further refine prescreen targeting capabilities, offering even more sophisticated tools for marketers to engage effectively with their target audiences. Ascend Intelligence Services™ Target Ascend Intelligence Services Target is a sophisticated prescreening solution that boosts direct mail response rates. It uses comprehensive trended and alternative data, capturing credit and behavior patterns to iterate through direct mail response models and mathematical optimization. This enhances the target strategy and maximizes campaign response, take-up rates, and ROI within business constraints. Visit our website to learn more [1] Experian Research, Data Science Team, July 2024