Income Data Alone Doesn’t Give You a Full View of Your Customer or Prospect
New products offer estimated discretionary spending capacity without sacrificing performance
Organizations would like to be able to understand how much customers and prospects are able to spend on their products or services. To that end, being able to segment your customers and prospects based on estimated discretionary spending would be very useful. However, that is often easier said than done. Using internal customer data, or even third-party data can you easily figure out what they may have left to spend after accounting for certain fixed expenses such as housing, transportation and insurance? And can you differentiate between households that appear to have similar estimated income levels?
A way to help answer these questions is through high-performing data insights that can also help you meet shifting internal compliance requirements.
Knowing a household’s estimated spending capacity can make your marketing campaigns more effective. If you only rely on standard income data for households, you may be missing a key element of their behavior. Many households may fall into similar income or demographic groups but might have radically different financial capability when you look at their estimated spending capacity. By analyzing disposable income from multiple sources, minus certain fixed expenses of life (housing, transportation and insurance); you can potentially see a deeper view of households’ likely capacity to spend on your products or services.
Major financial institutions use products from IXI Services, a division of Equifax Inc., for more effective segmentation and marketing campaigns. Direct-measured asset data is the foundation upon which Marketing Segmentation products from IXI Services are built.
High performance for marketing segmentation
Your marketing campaigns can take advantage of household-level spending capacity estimates created with data elements that help meet changing internal responsible banking practices.
The new HD versions of Discretionary Spending Dollars™ (DS$™) and Discretionary Spending Index™ (DSI®) from IXI Services can be used to help improve lead generation efforts and model performance, and help uncover potential hidden opportunities among your current customer and prospect database, and are built without the use of age.
- DS$ HD provides a modeled dollar estimate of household spending capacity without ranges, up to $1.2 million
- DSI HD ranks households by estimated spending capacity utilizing a continuous 1-1000 household-based score
- Apply to any customer or prospect file with name and address
- Use in segmentation and model development for prospecting, account management and cross-selling applications
- For use only in non-FCRA applications across the customer lifecycle
Copyright ©2015, Equifax Inc. Atlanta, GA. All rights reserved. Equifax, EFX, DSI and Income360 are registered trademarks of Equifax Inc. and Discretionary Spending Dollars, DS$ and Discretionary Spending Index are trademarks of Equifax Inc. All other registered marks, service marks and trademarks listed are the property of their respective owners. Equifax Confidential and Proprietary.
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