The marketer’s goal always has been to build great brands that help to acquire new customers and retain existing customers so business can grow. Yet this statement covers up the complexity of what’s involved. Most organizations today have a finite budget and need to make sure they are getting the maximum value from their spend, but this isn’t made easy when having to choose from the growing number of channels available to reach your customers or the different types of content that need to be created and monitored for each channel. Combine this with the fact that competition is fierce and customers today are less loyal because they are so well informed and find it is easier to change providers, and the goal then becomes how to acquire the right customers and build and maintain your relationship with them.
To maximize your marketing investment, you need to find profitable new customers. To do this, you need to build a profile of your most lucrative existing customers so you can find more just like them. Profiling this group means taking into account how many customers it’s composed of, what they buy, how often they buy it and how they choose to buy it (direct, indirect, online or in store). If you have a clear view of your customers’ potential value, then you can not only try to find “lookalikes” in the market, but also strategize about how to sell them additional products, services, upgrades and add-ons as you grow your relationship.
Spotting patterns or trends in behavior also will help you make better decisions about your offerings. This is where customer insight becomes important: How do you know where to find external data on your customers, assess its use, and determine its quality and accuracy so you can gain real insight to integrate into your everyday business operations and customer interactions? How do you measure the impact of your marketing and customer management initiatives?
Understand your market size – by understanding the size of the market, you can tailor your approach, which is critical to your success. We can help you plan and prioritize your marketing investment in a region, country or location to define your strategy and increase market share.
Define your target audiences, helping you find new customers and prescreen them – using Experian’s wealth of data, we can help you to understand, describe and target prospects and customers across all channels. Our products help to segment your market using descriptions that you would use within your own business. We also help to profile your best customers and locate more lookalikes.
Understand your existing customers – we can help you build a more in-depth understanding of you customers’ characteristics, allowing you to make the most out of your customer relationships. We can enrich the data you hold in your customer records using external data to help clarify your target’s demographics or firmographics, attitudes and needs, behaviors and lifestyle, and any other preferences.
Be alerted to your customers’ key life events – we can set up triggers notify you of your customers’ or prospects’ key life events, alerting you when they are in the market for a product or service.
Predict customer behavior – our analytical tools use mathematical calculations to create custom analytical models, helping you with everything from assessing your customer value, their potential and future profitability, to churn management, identifying customers who are most likely to leave.
Understand online behaviors – we can identify which search terms your target groups are most likely to use when searching for a particular product or service, assisting you with search-engine optimization or keyword advertising. We also can help you monitor the group’s total number of visits to your Website and that of competitors on a page-by-page basis if required, allowing you to assess the popularity of your Website and your target group’s awareness of it. We even extend this to specific social groups, such as Facebook, where we can provide a detailed analysis of fans, profiles, and demographics and how they relate to the content and structure of your page.