Data Driven Marketing

4 Ways Data and Analytics Can Help Accelerate Your Lead in Customer Acquisition

4 Ways Data and Analytics Can Help Accelerate Your Lead in Customer Acquisition

November 07, 2017 | Lyra Hankins

As competition heats up in the customer acquisition race, you recognize the need to adjust your strategy. According to McKinsey & Company’s 2015 CMO Survey(1), companies that power their campaigns with advanced data and insights outperform their competitors on profits, sales, sales growth and return on investment (ROI). Reliable, direct-measured consumer economic data, and analytics techniques informed by decades of experience across industries, can help you:

  • Maximize results through customer segmentation, targeting and prescreening efforts
  • Better identify customer lifetime value, life stage, next best product and other valuable indicators of growth opportunities
  • Stay on track with your best customers through consistent engagement

Download the new brief: 4 Data and Analytics Leadership Strategies That Set the Pace in the Customer Acquisition Race If you’re looking for ways to refresh your competitive edge, these four strategies can help:

1. Improve your view of the field of customers

Get a better understanding of your customers by creating a holistic, 360-degree view. Then, leverage unique external data for an extra edge that will help you take the lead in acquiring the high-value customers everyone wants to capture. To gain the maximum competitive advantage from this diverse information, a strong insights provider can help you link your disparate internal data sources before augmenting your database with direct-measured external data, including estimated household income, spending and credit information, as well as lifestyle, demographic and behavioral statistics. The right insights provider also can construct models and apply scores to your enhanced database so you can better act on and test your data decisions.

2. Rev up your understanding of your target audience

Success demands the ability to ask the right questions of your data; to understand and manage the relationship between data quality and actionable insights; to address potential best customers; and above all, to see where your analytics and marketing investments can potentially yield the most valuable returns. Key data and analytics initiatives that deliver more customer insights may include:

  • Market segmentation and propensity modeling based on predicted customer value
  • Personalized service and device offers, and recommendations to maximize customer loyalty and profitability
  • Attrition and risk assessment using household economic capacity insights

3. Add an external specialist to your pit crew

Every company, no matter how big, can benefit from an outside perspective on effective data use to help improve their marketing strategies and campaigns by adding robust value and differentiation. A vendor with innovative technology and wide-ranging experience can help you more effectively connect data, teams and processes to find your ideal customers and meet their expectations across the full lifecycle. With vendor-provided visualization applications that show relevant insights, interactions between marketers and data analysts occur more fluidly, with less resistance, for more efficient and effective campaigns. In addition, advanced model development tools from an outside resource can generally reduce the time it takes to conduct analysis from months to days.

4. Awaken your team’s ambition and creativity

With concern for budgets and shareholder return ever-present, communications and digital media organizations, like so many others, sometimes restrict the full force of their marketing and analytics imagination. To help maximize return, you must set key requirements around your data and analytics strategy. An experienced third-party specialist can help liberate your analytics team and your broader organization so they can focus on what really matters: using your data assets to post the biggest win in a crowded race. The right provider can help you fix data gaps, correct data deficiencies and realize the promise of advanced data and analytics.

To inject some upgraded fuel into your marketing engine, download the new brief:

4 Data and Analytics Leadership Strategies That Set the Pace in the Customer Acquisition Race

More information on Data-driven Marketing from Equifax

 

[1] McKinsey & Company, 2015 CMO Survey, August 2015

Lyra Hankins

Lyra Hankins

Director, Sr. Product Marketing , Data-driven Marketing

Lyra Hankins is a Product Marketing Sr. Director for Data-driven Marketing solutions at Equifax. Her career experience in marketing roles in technology companies gives her a broad perspective on Marketing and software/data solutions. Having worked on a variety of cutting-edge technologies over the years, she is excited[...]