Tag: data
Digital transformation is the new business model, and its powered by data and the insights gleaned from data.
You’ve Got Mail! Probably a lot of it. Birthday cards from Mom, a graduation announcement from your third cousin’s kid whose name you can’t remember and a postcard from your dentist reminding you you’re overdue for a cleaning. Adding to your pile, are the nearly 850 pieces of unsolicited mail Americans receive annually, according to Reader’s Digest. Many of these are pre-approval offers or invitations to apply for credit cards or personal loans. While many of these offers are getting to the right mailbox, they’re hitting a changing consumer at the wrong time. The digital revolution, along with the proliferation and availability of technology, has empowered consumers. They now not only have access to an abundance of choices but also a litany of new tools and channels, which results in them making faster, sometimes subconscious, decisions. Three Months Too Late The need to consistently stay in front of customers and prospects with the right message at the right time has caused a shortening of campaign cycles across industries. However, for some financial institutions, the customer acquisition process can take up to 120 days! While this timeframe is extreme, customer prospecting can still take around 45-60 days for most financial institutions and includes: Bureau processing: Regularly takes 10-15 days depending on the number of data sources and each time they are requested from a bureau. Data aggregation: Typically takes anywhere from 20-30 days. Targeting and selection: Generally, takes two to five days. Processing and campaign deployment: Usually takes anywhere from three days, if the firm handles it internally, or up to 10 days if an outside company handles the mailing. A Better Way That means for many firms, the data their customer acquisition campaigns are based off is at least 60 days old. Often, they are now dealing with a completely different consumer. With new card originations up 20% year-over-year in 2019 alone, it’s likely they’ve moved on, perhaps to one of your competitors. It’s time financial institutions make the move to a more modern form of prospecting and targeting that leverages the power of cloud technology, machine learning and artificial intelligence to accelerate and improve the marketing process. Financial marketing systems of the future will allow for advanced segmentation and targeting, dynamic campaign design and immediate deployment all based on the freshest data (no more than 24-48 hours old). These systems will allow firms to do ongoing analytics and modeling so their campaign testing and learning results can immediately influence next cycle decisions. Your customers are changing, isn’t it time the way you market to them changes as well?
An analytics environment can have enterprise-wide impact. Instant access to customer data, actionable analytics and intelligence tools drive the most value.
Gavin Harding, Senior Business Consultant, continues in this Q&A with insight that spans across all lenders and their use of alternative data.
You want to use big data, but how do you make your analytics truly actionable to stay ahead of the competition? Using an analytical sandbox is the answer.
There are a lot of people talking about big data who are not fully leveraging the value of their data. How do you use data to innovate and stay competitive?
Trivia question: Millennials don’t purchase new vehicles. True or False?
When it comes to driving the automotive industry forward, Experian Automotive has a motto: “The right cars. The right customers. The right data to know the difference.” We deliver an integrated perspective based on the highest quality automotive information and market intelligence. Data is important to us, and we have the most robust combination of data assets under one roof. The North American Vehicle Database℠, File One℠ Credit Database, Consumer View℠ Marketing Database, Online Activity Databases, and National Fraud Database℠ all fed into Experian’s Auto HyperConnect™. Auto HyperConnect houses two different solutions: Auto HyperTargeting™ and Auto HyperMonitoring™. There are four different components to Auto HyperTargeting, and the one we will focus on today is Expired Lease. Dealers have found success marketing to their own customers when vehicle leases come due. The challenge has been conquesting off-lease consumers who didn’t buy from them. While off-lease consumer marketing lists are available, they only provide the estimated lease end date and monthly lease payment. When restricted to this data, it’s hard to tell if a $550 a month payment is for a Ford F150 or a BMW 3-series. And yet this is exactly the level of detail needed to successfully target off-lease marketing. Experian’s new Auto HyperTargeting- Expired Lease addresses this challenge by enabling dealers to identify and engage off-lease audiences through a highly targeted approach that has never been possible! Now, finding customers is much easier and cost-effective. You can use the best mix of selection criteria to maximize your off-lease conquesting strategy. Some of the ways you can identify your audience are: Lease Maturity Date Vehicle Make Vehicle Model Zip Code Model Performance Tier Distance from Dealer Ship Vehicle Status (New or Used) Signing up for Auto HyperTargeting- Expired Lease comes with five perks. The first is a monthly file. This includes name and address, lease maturity date, make/model, monthly payment bands, and phone and email address when available. The second is the ability to make sign up for a subscription monthly payments. Third is marketing flexibility with direct mail, email, and phone. Four there is no firm offer of credit required for this. Finally, a quarterly sales report. ARA reports provide sales metrics industry wide for your targets. Other competitive features also available in Auto HyperTargeting- Expired Lease is the customers full contact information with name, address, email address and phone number. And for online and offline channels, you can select a specific audience that is customizable. Auto HyperTargeting has some amazing features to successfully conquest customers, and Expired Lease is one of the four ways to do this. Stay tuned for Auto HyperTargeting- Vehicle Owners coming up next!
When developing a risk model, validation is an essential step in evaluating and verifying a model’s predictive performance. There are two types of data samples that can be used to validate a model.
The key to data isn’t just accessing it. It’s interpreting it — and using it to make better decisions that benefit your business and your customers.
Backed by Experian Information Solutions, AutoCheck provides a comprehensive vehicle history report. Here are five best practices to use AutoCheck.
Figuring out how to increase customer loyalty and conquesting becomes simple one you consider how to use data to win over market share.
Who would be the ideal customer for a dealership? One that buys or leases a car and becomes a repeat customer? Learn how using data keeps loyal customers.
Data is an important aspect to be a successful dealer. Here are five steps to becoming a data-driven dealer and learning how to conquest.