Is New Customer Acquisition at the Top of Your 2018 To-Do List?
Now is the time to make your marketing dollars work harder, and smarter
New customer acquisition campaigns are constantly filling your marketing pipeline. Meanwhile, market conditions are constantly changing, as are consumer demographics and behaviors. And then there’s your budget. You have to accomplish as much as possible across multiple marketing channels with your marketing investment and make every dollar count.
Your to-do list is long, but here are a couple of simple data-driven strategies that can help you work smarter and more efficiently so you can optimize your marketing dollars and acquire more and better customers, faster.
Instead of blanketing large audiences with generic offers, carve out select groups and make them more meaningful offers. To do this, try enriching your customer data with information that can help you better understand consumers. Use high-quality data—preferably direct-measured data versus survey or self-reported data—that can reveal consumers who are more likely to have the estimated financial capacity and propensity to purchase your products, services and programs. Data is also available that can show you consumer purchasing preferences, household composition, which marketing channels they use most, their spend capacity and more.
With a deeper view of consumers, you can better segment them into more targeted groups. For instance, by differentiating between households with children and without, you could promote budget-friendly family plans to those households with children. Alternatively, you might focus your offers for the latest, big-ticket mobile devices to households with higher estimated income and no children. You could then deliver your targeted offers via the channels they prefer, which might include a mix of addressable TV, mobile and online ads.
Recognize customers across channels and speak to them in a consistent voice. The customer experience is king these days, and anything you can do to create a positive impression at every touchpoint can help you win more new customers and increase loyalty among existing customers. However, it can be tricky to know if the same customer is visiting your website, viewing your ads, visiting your social media page, and calling your customer service department.
This is where data linking technology can help you better understand your customers. It works by linking customer and transaction data not only from disparate sources inside your organization, but also with relevant third-party data, for a more comprehensive view of your customers. This way, as you engage with or encounter a customer—be it through an online or mobile ad, or even through a customer support inquiry—you can provide better customer experience and more meaningful and consistent ads and offers across all your marketing channels. For instance, if you could recognize that a visitor to your website has an above-average estimated financial capacity, you could serve them a targeted ad for premium services or the hottest new wireless device, instead of a generic ad.
Another key area where data linking can really help communications marketers is segmentation. For example, a more complete, connected view of customers can offer the deeper insight you need to avoid marketing to delinquent customers, which can help preserve your marketing dollars. On the other hand, it could also help you target good-paying customers for service upgrades, and invite new customers to join loyalty programs.
You’re busy—let the data do the work for you. The beauty of these ideas is that once you enrich and link your data, the data does the heavy lifting. It shows you the bigger picture of your customers and prospects so you can make your marketing dollars work harder and smarter in order to win their business.
For more tips on how the right data and tools can help simplify your daily marketing to-do list, download this brief “Marketing Checklist for Communications Providers”. Find out more about Data-driven Marketing from Equifax solutions.
Recommended For You
Financial institutions (banks, credit unions, etc.) can sideline disruption and achieve customer growth with better data utilization, according to a […]
Today’s consumers have many choices. Go to the grocery store or have meals delivered? Cable, satellite or streaming service? Drive […]
We often simplify “customer experience” to just the point-of-purchase. But it encompasses the entire buying process, from the start of […]
Identify Upward Mobile Customers Imagine if you could predict which prospects and customers would become your most high-spending, loyal purchasers […]