Triggering Rapid Growth of New Customers
After austerity comes prosperity. Imagine consumers, easing out of cautiousness and emerging to a recovery: hungry to indulge, motivated to spend and financially capable. Who will get to them first? You, or a competitor?
With a healing economy come eager consumers. It is essential to seize the opportunity and target the most favorable new customers, those who meet the applicable credit qualifications and may be interested in what you have to offer. With Equifax True In-Market Propensity (TIP) Scores, you can identify the right prospect: low targeted credit risk and likely in the market to open one or more new accounts.
Advanced, innovative pre-screening
With consumer spending poised for a dramatic upturn, it’s time to get first in line to reap the benefits. That means forsaking traditional pre-screening tools that simply tap credit scores and basic attributes. TIP Scores put you in front of a ready and willing customer by:
- Predicting consumer inclination to actually open an offer
- Identifying lower-risk accounts unlikely to default
- Helping you to efficiently target your marketing to a pinpoint audience
- Allowing you to customize cutoffs based on mail volumes, predicted bad rates or open rate
You can also go to the next level and target new customers by following a couple of simple steps: First, use TargetPoint Triggers [DS1] to identify consumers with “in-market” behaviors. Second, by overlaying TIP Scores, you can find the consumers most interested in your product or service. Because there is minimal overlap between the two datasets, the result is a highly targeted universe of consumers that may not otherwise be identified.
Exploiting the tipping point
In a business life-cycle, there are few opportunities for rapid acceleration of customer growth. A pivot in consumer confidence is one. As spending levels increase, you can capture customers who are most willing to buy without assuming unnecessary risk. It is the perfect storm of client-capture. Pent-up demand is the fuel for growth and innovative marketing intelligence is the engine driving new customer acquisition.
Think of the possibilities: Equifax’s TIP Scores can assist finance companies, credit unions, banks and others to spot the most appropriate consumers.
Credit card issuers can better deploy pre-approved promotions to consumers who are most likely to accept an offer, and also likely to open an account. They can reduce the risk of their customer base by marketing to predicted low-delinquency profiles too.
As the economy is ready to roll, your business will be, too.
Learn more about how to integrate TIP Scores into your new customer strategy by downloading our whitepaper, “Driving Safe Growth in a Fluid Economy”.