Data and Analytics

Four Steps to Smarter Prospecting in an Uncertain Economy

Four Steps to Smarter Prospecting in an Uncertain Economy

May 17, 2023 | Keri Kramers-Dove

Everybody’s a little anxious about the economy these days, especially consumers. Stubborn inflation and lingering uncertainty have flattened spending, which means you might need to market a little differently to attract new customers moving forward. 

Yet, adapting your marketing strategies on the fly isn’t easy if you’re not sure what needs to change. And the longer you take to figure it out, the more opportunities you lose. 

It doesn’t have to be this way. Let’s explore a faster path to smarter prospecting. A path that leads to improved performance by aligning your strategies with changing consumer behaviors. 

Solve problems in real time, starting with your data.

In marketing, data is your North Star—especially in a fluid, fast-changing market like today. And you need lots of it to  understand your prospects and what moves them to act. Things like, how much they can afford to spend. Their interest in your products and services. Their income, lifestyle, and financial trajectory.  

But managing these and other disparate data streams can get complicated. The data prep and analysis alone can take months. Then, you have to move back and forth between different analytic environments to build, test, and launch your prospecting model, which takes more time. All the while, consumer behaviors and market conditions are shifting fast, increasing the potential that your model might be outdated before it ever hits the market. Yikes. 

Now, picture this: an inclusive, collaborative space where you can access:

  • multisource data

  • diverse analytic tools

  • and dynamic feedback insights. 

Everything you need centralized within a single, secure, cloud-based environment so you can tinker with the data and problem solve in real-time using different techniques and strategies. You can immediately see what’s working, what’s not and what might be possible. Imagine this self-contained ecosystem is built specifically for marketers with curated data sets and pre-configured models to further reduce guesswork, hassles and delays. 

The ideal workspace actually exists. It’s called Equifax Ignite® for Prospecting, and here’s a step-by-step guide on how it can help you market better in today’s unsettled market.  

Step 1: Simplify how you access and manage data.

When your marketing data is siloed in different systems, you can’t see the bigger picture of your prospects and customers. Likewise, prepping it for use in marketing analytics can be a nightmare. Instead, Equifax Ignite for Prospecting provides a centralized location where you can store, access, and manage all your data. This simplifies everything by downsizing your data management efforts across multiple systems and platforms into a secure, cloud-based environment, where you can:

  • Prep, ingest, key/link and organize disparate data, and prepare it for analytics.

  • Connect, synthesize and organize siloed data exchanges.

  • Create a holistic, single “source of truth,” which makes your data more actionable.

  • Easily move data to your chosen delivery platforms (e.g., data marketplaces). 

If your goal is to get to market faster, this step alone can get you there by shaving weeks, even months, off your timeline. 

Step 2: Understand where prospects are “right now” by expanding your data.

It’s difficult to adjust your prospecting strategy if your marketing data remains static. Knowing this, Equifax Ignite for Prospecting was purpose built to be “data agnostic.” It is capable of ingesting different sources and types of marketing data. This enables you to build new models and tweak existing ones using a mix of the best data available on the market. This can include:

  • Your own marketing data, including prescriptive historical campaign data. 

  • Vast and unique Equifax data assets including exclusive consumer wealth, asset, and lifestyle data; hundreds of credit attributes; 100 percent of Equifax U.S. credit data (and historical archives); custom scores; alternative data and more.

  • Continually refreshed data that’s updated weekly and sometimes daily. 

  • Data from other partners or third-party providers.

Enriching your data can provide prescient insight into evolving consumer behaviors and preferences, and spark intelligent pivots in your prospecting audiences, messaging and offers.  

Step 3: Get to market, faster.

With Equifax Ignite for Prospecting, you get unparalleled efficiency, scalability, and ease-of-use, allowing you to move faster. Plus, with the all-in-one cloud-based analytic environment, there’s no more jumping back and forth between different systems. In one spot, you can:

  • Build top-performing models with consolidated access to data, attributes and other analytic resources from your business, Equifax and other third parties.

  • Test, validate and refine your models before launching.

  • Deploy your code using integrated Equifax delivery channels to execute strategies.

  • Adjust your criteria with ease to adapt to changes in consumer behavior and economic conditions.

Unifying data and analytics under one solution can reduce delays and streamline processes, both of which help accelerate your time-to-market and lead you to marketing success much faster.

Step 4: Continuously evaluate and adjust your prospecting strategy.

For true marketing agility and on-point strategies, you need real-time visibility into your campaigns. For this, Equifax Ignite for Prospecting includes a built-in feedback loop that automatically returns outcomes as they’re occurring. 

This is game-changing. You can rescue underperforming in-market campaigns, models and strategies and energize your go-forward projects since emerging insights and trends (i.e., campaign outcomes) are continuously fed back into your Equifax Ignite analytic ecosystem. Specifically, the feedback loop allows you to: 

  • Flag or tag consumers for differentiated treatments.  

  • Perform faster reject inferencing and swap sets.  

  • Experiment with “what if” analysis before, during and after campaigns.  

  • Evaluate champion/challenger performance and view trends.  

  • Assess, adjust and test your strategy prior to pushing to production.

  • Securely evaluate data sets and understand key indicators like hit rates, score distribution, etc.

  • Better understand consumer behaviors—where they’re opening accounts (i.e., with you or another provider), what products they use, their credit score, account performance, etc.—and use these insights to improve your strategies.

With Equifax IgniteⓇ for Prospecting, you can build more agile, data-driven prospecting strategies. These lead to improved performance regardless of what's happening in the economy. With the right tools and processes on your side, you can simplify and speed up your data and analytic processes, while also ensuring your strategies and outreach align with shifting consumer behaviors. 

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