The better you understand your customers’ needs, the more you’ll be able to engage with them. Find out how Experian’s datasets and tools can help you uncover your best prospects and find more like them by clicking the titles below…
Organisations collect a broad range of information on how customers interact with their brand, but this doesn’t provide any insight into what customers look like or how they behave within the wider market. The best way to increase your understanding is to compare them to the general population and against attributes not found in your data. Understanding the make-up of your clientele clarifies what the brand’s ideal customer looks like, which helps support planning.
Using consumer classification systems help you understand your customers’ characteristics in a detailed way and can segment a wide customer base into recognisable cohorts. This ensures your marketing initiatives are well-tailored, increasing the relevance and effectiveness of your communication. It also helps you understand your existing customers and find more like them.
A detailed level of insight isn’t always possible using traditional segmentation views. Yet a combination of standalone signals, such as disposable income, age or household composition, can provide much-needed perspective on customers’ circumstances. Experian’s ConsumerView can help here because it offers a broader view of the population. With it, you gain a more specific understanding of the UK population, including a range of demographic, socioeconomic and behavioural characteristics.
Segmentation solutions that are tagged to multiple research panels, including Target Group Index (TGI) and YouGov, can also provide insight into market behaviours and competitor profiles. This enables you to understand changes in the market by key demographic audiences and appreciate sector-specific behaviours. This type of insight, which is available through Experian’s segmentation portfolio, is particularly useful if you are light on customer data or looking to launch new propositions.
Improving your industry knowledge involves developing a detailed picture of who your customers are – what drives them, how they’re likely to behave and potentially what kind of risk they pose to your business. Armed with this insight, you can tailor your strategies to appeal directly to your ideal audience, improving returns on marketing spend and delivering more profitable customers to do your door.
Many brands invest in developing bespoke market segmentation as out-of-the-box solutions don’t always provide sufficient depth. These bespoke classifications tend to be based on attitudinal research data. The problem is that having set up these segmentation solutions, many organisations struggle to activate them in business scenarios. Experian’s Bespoke Consumer Segmentation is different because it uses an approach that can be tailored to specific circumstances or a particular industry and which can be linked to existing customer records and market information. This enables you to deliver segments, leveraged to plan, across different channels.
Whether you’re part of a global or multinational operation, having a consistent approach to understanding customers and populations enables you to use common parameters in high-level plans. Experian can help make this simple. Its location and customer analysts work with organisations to leverage the Experian’s data assets to offer you an aligned view of your business, no matter where it takes place.
A key component of your strategy is predicting how prospects and customers are likely to behave in the future. This relies on accurately interpreting current trends both in the wider market and in your sector. Experian’s econometrics team offer a wide range of services, including long-range socioeconomic forecasts.
Deploying predictive model scoring solutions rather than focussing solely on a segment-based approach will generally boost customer management and acquisition programmes. Predictive model scoring enables you to identify more granular audiences – ones that are more likely to act in a certain way or be interested in a particular product. This delivers a framework where you can offer the right customer the right product at the right time.
Keeping customer-acquisition costs in check means identifying prospects who are both likely to be interested in and eligible for your marketing initiatives, and to provide you with high-value business over the longer term. Experian can help you target prospects who are most likely to fit your ideal customer profile, enabling you to maximise return on investment (ROI).
Predictive consumer modelling allows organisations to understand which enquiries are likely to convert to customers. Armed with this insight allows prioritisation of resources such as sales follow up or personalising communications.
Predictive modelling can highlight opportunities for cross-selling or breaking into new markets. By recognising how your customers have responded in the past to individual products, you can identify how receptive they’re likely to be to new offers. You can also analyse their defining traits so that you can seek out new lookalike prospects in the wider market.