Time for data to get real
Author: Chris McDonald, Managing Director of The Trading Floor
If a business is to survive, it needs to attract and retain customers regardless of whether or not there's a recession. However, the difference during a downturn is that it becomes more important than ever to maximise opportunities from existing customers and make sure that any investments in prospect data deliver a tangible return.
As a result, the smarter data providers are coming up with ways of helping marketers to get the most out of their existing assets. One way of doing this is by appending data to contacts they already hold.
Many organisations now see the benefits of adding to the customer knowledge they hold through appending key trigger data. This could include details of additional cars, motorcycles, additional homes and renewal dates.
As marketers feel the pressure to reduce spend and increase transparency around consumer responses, many are also tempted to explore new channels and digital communications. Communicating with customers using e-mail technology is extremely cost effective and there is a huge swing towards companies appending key data, including customer e-mail addresses.
So what about prospect data? Quality was already prospering over quantity long before the economic downturn with warm, multi-channel, transactional data sitting at the top of all data buyer's wish lists.
However, the downturn is accelerating the process and discerning clients now demand data that is more targeted than ever in order to reduce waste and ensure a return. The result is a very pronounced shift towards total accuracy, complete with meticulous testing and analysis, which is good news for anyone currently investing in data.
Prospect data driven from real customer transactions has consistently outperformed lifestyle data and this trend continues. Consumers are far more sophisticated in their buying patterns than they were even five years ago - they now expect their chosen providers to demonstrate knowledge of who they are, how and why they buy.
The economic downturn has also created many more opportunities to host valuable data on behalf of new contributors who would have - even as recently as 12 months ago - not viewed monetisation of their dataset as a core objective. Things have changed!
We are seeing a four-fold increase in clients wishing to join The Trading Floor, with the majority of our transactional data captured from quotation applications from insurance, mail order, e-retail, mail order and financial organisations. The result is one of the most granular and accurate transactional data pools in the UK.
For the future, we are working on a real-time platform to monetise enquiries that do not fit the profile for Company A, but will fit Company B. We also see applications in managing the retention of customers this way and building strategies around those customers you want to keep who may be looking at alternative suppliers. Only real data can do this - all the modelling in the world can never get near this level of pinpoint accuracy.
The world of data has changed exponentially in the last two to three years and continues to evolve. Companies are seeing the value embedded in their databases and are looking for ways to sell more to existing customers and through channels that work for them and their customer. Through the increased use of real data, a marketer will drive increased ROI on their marketing campaigns and we continue to innovate at a time when the data market appears to be shrinking.
Cream will always rise to the top!
Data Strategy April 2009
If a business is to survive, it needs to attract and retain customers regardless of whether or not there's a recession. However, the difference during a downturn is that it becomes more important than ever to maximise opportunities from existing customers and make sure that any investments in prospect data deliver a tangible return.
As a result, the smarter data providers are coming up with ways of helping marketers to get the most out of their existing assets. One way of doing this is by appending data to contacts they already hold.
Many organisations now see the benefits of adding to the customer knowledge they hold through appending key trigger data. This could include details of additional cars, motorcycles, additional homes and renewal dates.
As marketers feel the pressure to reduce spend and increase transparency around consumer responses, many are also tempted to explore new channels and digital communications. Communicating with customers using e-mail technology is extremely cost effective and there is a huge swing towards companies appending key data, including customer e-mail addresses.
So what about prospect data? Quality was already prospering over quantity long before the economic downturn with warm, multi-channel, transactional data sitting at the top of all data buyer's wish lists.
However, the downturn is accelerating the process and discerning clients now demand data that is more targeted than ever in order to reduce waste and ensure a return. The result is a very pronounced shift towards total accuracy, complete with meticulous testing and analysis, which is good news for anyone currently investing in data.
Prospect data driven from real customer transactions has consistently outperformed lifestyle data and this trend continues. Consumers are far more sophisticated in their buying patterns than they were even five years ago - they now expect their chosen providers to demonstrate knowledge of who they are, how and why they buy.
The economic downturn has also created many more opportunities to host valuable data on behalf of new contributors who would have - even as recently as 12 months ago - not viewed monetisation of their dataset as a core objective. Things have changed!
We are seeing a four-fold increase in clients wishing to join The Trading Floor, with the majority of our transactional data captured from quotation applications from insurance, mail order, e-retail, mail order and financial organisations. The result is one of the most granular and accurate transactional data pools in the UK.
For the future, we are working on a real-time platform to monetise enquiries that do not fit the profile for Company A, but will fit Company B. We also see applications in managing the retention of customers this way and building strategies around those customers you want to keep who may be looking at alternative suppliers. Only real data can do this - all the modelling in the world can never get near this level of pinpoint accuracy.
The world of data has changed exponentially in the last two to three years and continues to evolve. Companies are seeing the value embedded in their databases and are looking for ways to sell more to existing customers and through channels that work for them and their customer. Through the increased use of real data, a marketer will drive increased ROI on their marketing campaigns and we continue to innovate at a time when the data market appears to be shrinking.
Cream will always rise to the top!
Data Strategy April 2009
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