Aug
22
2013

Take outs from our ‘Make the most of Mosaic’ events

 

Listening to customers is the key to success and Experian is no exception to that rule! We recently ran some client forums covering planned developments and improvements to Mosaic (our demographic customer classification product), our new Mosaic Digital Insights data (online behaviours by type) and how to get the most from Mosaic.

We had some really positive feedback from clients who attended these events, so I thought I would share some of the key take outs about how to make the most of Mosaic data.

Talking to clients at these events showed me that the use of Mosaic for location planning is pretty established. Where there was debate was around how organisations should be using our demographic data on a customer base where they are already collecting lots of transactional and behavioural data. The answer is a four letter word – they should be using it to PLAN!

PLANNING is a forgotten art in many organisations. This is because most organisations have so much data these days that they can REACT, e.g. welcome emails, reactivation voucher and cross-sell messages. They don’t take the time to think about what they could and should be doing differently to promote more profitable customer behaviour, i.e. INFLUENCE and DEVELOP rather than just SERVE the customer.

So how can organisations start to plan with Mosaic? The principles are simple. In a world where customer data is constantly changing, a demographically-driven segmentation provides a stable framework on which to view consumer behaviours and pull insights from multiple sources, such as panel data, research information, online behaviours and customer data. This provides the ability to track how behaviours are changing over time to assess whether there is anything that needs amending in the overall strategy.

First steps are to understand key performance indicators across Mosaic. The key is to do it in a structured way, reviewing all key metrics in a holistic view. Most organisations will ad-hoc profile if they have a particular issue. By pulling together and reviewing metrics across such areas as customer penetration, acquisition by channel, on-boarding and conversion, product purchasing, channel engagement, lifetime value and churn, organisations can challenge areas of current customer processes. For example:

  • Why are we recruiting so much through PPC when these customers are less likely to be high value?
  • Why do we send out catalogues to all enquirers when some are much less likely to convert than others?
  • Certain groups are more likely to purchase product x so why don’t we lead with this in recruitment?

From the back of this analysis, organisations can then develop hypotheses to investigate further and construct a test plan to assess whether being more relevant and targeted will increase key performance.

I will leave you with a five point summary:

  1. Use Mosaic as a ‘common currency’ across disparate data sources, such as research, behaviours, panels
  2. Compare high level metrics across the customer journey to find the best segments for each behaviour
  3. Armed with this information, review how you may want to test different communications/targeting at each stage – including geographical differences
  4. Review responses to your channels (DM, email, online), test more refined targeting and more relevance by channel
  5. Track shifts over time – which elements in your base are growing or in decline and will that have an impact on value?

For more information about how to make the most of Mosaic or start working with Mosaic, contact us here.

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