Big Data is a hot topic, but is it really the answer to every marketing analytics problem? Or by using custom data products, could marketers go deeper and really hone in on their best prospects for acquisition campaigns?
Let’s take a closer look.
Many marketers have cross-selling nailed. They know how to leverage internal data to sell a new product to an existing customer. However, when it comes to acquisition programs for new customers, they are missing the critical data needed to identify their best prospects.
The traditional approach is to turn to big data solutions, but big data can be overwhelming. Specific data, on the other hand, is supremely actionable.
This is why we have developed a highly targeted and customized data products to meet marketers’ needs. Using a combination of custom surveys and predictive analytics, we create a more complete and insightful way to target customized markets.
This enhanced insight allows firms to identify new prospects who have a strong propensity to purchase a certain product and or service.
Recently, we worked with a wealth management firm looking to identify consumers who were both approaching retirement age and concerned that they were not financially prepared.
We implemented a custom survey and analysis. The approach we used to find the right prospects for them worked like this:
AIQ surveyed 20,000 people in the target segment with very specific questions. (e.g. “How concerned are you with meeting your retirement goals?”).
We built a cloning model leveraging the survey results and thousands of consumer attributes. We then scored our proprietary 210 million US consumer database. The outcome was a highly specific data product that allowed our client to target these valuable prospects. What happened next was no surprise…
Response and conversion rates doubled.
Sometimes Big Data alone isn’t the answer. By being more specific and customized we were able to better understand who the best prospects were.