What Do Online Retailers Have That You Don’t?
From the initial splash page, to the individual item pages, to the check out page, online retailers offer suggestions of similar and complimentary products. The most noteworthy aspect is that each suggestion is tailored specifically to the customer. Every customer gets the next best offer given their buying history and the behind-the-scenes advanced analytics.
So, how can your demand deposit strategy cross-sell and up-sell as well as the giants of their industry?
In truth, they have an unfair advantage that retail banks don’t have – since online only retailers can leave tracking cookies to help them identify and link customers. Being able to confidently identify a customer is the foundation for superior next best action interaction models, but in brick and mortar businesses you can’t leave a tracking cookie with a real person. Or can you?
Every time a customer interacts with a teller, an ATM, or a branch manager, customer data is collected (including name and address). However, during each interaction, the customer data may be different. The customer may use Jonathan Consumer on their mortgage, Jon Consumer on their bank credit line, J.P Consumer for their DDA account, or maybe use a middle name as a first name such as Philip Consumer during another. The same is true for addresses that change over time.
Reference-based consumer keying can help with this problem. In a nutshell, a third party collects various name and address variations over time and uses that information to create a master identity reference database for you. Each unique identity in that database is assigned a unique key. To further the earlier example, Jonathan Consumer, Jon Consumer, J.P. Consumer and Philip Consumer would all have the same key since they are the same person. Using this key, a retail bank can link what would appear to be four different consumers and understand that they are in fact the same consumer. Only after you have a full view of your customer can you confidently and effectively cross-sell and up-sell through next best action technology.
Reference-based keying solutions can assign unique individual, household and address keys to every consumer, helping your company accurately identify customers regardless of address changes, name changes (married versus maiden), or name variations.
How have you leveraged customer data to build better offer management?
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This post was contributed by Daniel Jean.
Daniel Jean is an AVP of Product for Equifax’s Connexus product, a proprietary keying and master data management solution. Daniel has been in product management and product strategy for 12 years across the telecommunications vertical. Daniel hold an MBA from Notre Dame’s Mendoza College of Business.