Loading...

Unconventional wisdom: How to use financial audiences for non-financial campaigns

Published: May 9, 2024 by Experian Marketing Services

Experian and FMCG Direct, a Deluxe Company's financial audiences

Marketing success can sometimes come in the most unlikely of combinations — reminiscent of a great chef crafting a delicious dish from ingredients rarely used together. In advertising, this type of outside-the-box thinking can give you a competitive advantage over peers who are operating within the normal limits. In this blog post, we will explore how both financial and non-financial advertisers can use consumer financial marketing data in their ad campaigns to connect with the right consumers. This type of strategic thinking will make campaigns more effective, resonate more deeply with audiences, and turn your chicken into coq au vin.

Background on Financial Audiences

FMCG Direct, a Deluxe company, in partnership with Experian, has developed financial audiences that deeply understand consumer financial behavior. These audiences are not just static lists of potential customers but are constantly updated to provide a multi-dimensional view of consumer financial habits, including investing, borrowing, credit card preferences, and more. Central to this effort are Consumer Financial Insights®, Financial Personalities® and ConsumerSpend® models. These tools are built utilizing a combination of FMCG Direct, a Deluxe company in-depth consumer research, sophisticated clustering techniques, and Experian’s extensive consumer marketing data.

FMCG Direct, a Deluxe company financial audience segments

The Financial Personalities® segments categorize consumers based on their financial behaviors and preferences, dividing them into distinct categories such as insurance, credit card usage, and investment habits. This allows for a targeted approach considering each consumer’s unique financial behavior and potential needs.

Meanwhile, Consumer Financial Insights® segments offer a detailed and tiered view of a consumer’s economic status, including insights into household deposits, investable assets, net assets, and the likelihood of mortgage refinancing, all categorized into specific tiers to reflect varying levels of wealth and investment.

Lastly, ConsumerSpend® segments provide a look at how and where a household allocates their disposable income. Broken up by nine unique categories, marketers can better understand where people are spending their money each year.

These predictive segments are built through extensive research, surveying over 25,000 consumer households across the United States. Each household’s financial profile encompasses a wide array of data points, such as total household assets, deposit balances, and investable assets.

The result? A granular understanding of consumer financial behaviors, which marketers can use to tailor their financial services offerings. However, the potential applications of these insights extend far beyond the confines of financial products and services.

Here are some ideas to help you get started.

Advertising campaigns for travel and leisure

Launch campaigns that precisely cater to different consumer segments’ unique financial personalities and spending behaviors.

A suitcase and plane icon
  • Credit Card Financial Personality: Launch digital ads for luxury travel experiences tailored to consumers known for extensive credit card usage in travel, capitalizing on their affinity for high-end leisure activities.
  • Deposits (Bank) Financial Personality: Implement advertising campaigns for budget-friendly travel options tailored to consumers with modest bank deposits and prudent spending habits. These ads could highlight affordable vacation packages, discount travel deals, and value travel bundles, catering to those prioritizing cost efficiency and practical travel solutions.

Ideas focusing on home improvement and decor

Craft advertising campaigns aimed at audiences with modest net worth, using insights into their financial profiles to promote accessible and essential products and services.

A house and settings icon
  • Net Asset Score (Lower Tiers): Develop ad campaigns for cost-effective home improvement services and budget-friendly home appliance options, targeting consumers whose net asset scores indicate more modest financial resources. These ads should highlight the products’ durability and energy efficiency, appealing to the consumers’ need for long-term savings.
  • Discretionary Spend – Home Furnishing: Design ad campaigns for upscale home furnishing collections, targeting audiences with significant discretionary spending power. These ads should spotlight your home furnishings’ premium quality, sophisticated design, and superior craftsmanship, appealing to consumers’ tastes for luxury and exclusivity.

Campaigns for consumers in entertainment

Execute targeted advertising campaigns designed for consumers with high disposable income, utilizing insights from their net asset and investable asset scores.

A music note and video play icon
  • Net Asset Score (Higher Tiers): Launch advertising campaigns for premium entertainment experiences, including exclusive concert seats, backstage passes, and custom festival packages. Target consumers whose net asset scores suggest significant disposable income to ensure your promotions reach the most likely attendees.
  • Discretionary Spend — Entertainment: Design advertising campaigns for high-profile music and entertainment events, focusing on individuals known for their significant expenditures on entertainment. Create promotions that resonate with their lifestyle, emphasizing the connection between a vibrant social life and exclusive entertainment opportunities.

As you can see by understanding and utilizing the nuances of financial data, advertisers can create highly targeted, relevant, and effective campaigns across various sectors. This approach exemplifies the innovative spirit of audience usage, proving that with a bit of creativity, data applications are as limitless as our imagination.

Financial Personalities and Consumer Financial Insight audiences and their in-platform names

Find these syndicated audiences in your demand and supply-side platform of choice.

  • Insurance financial personality – Audiences to help understand a consumer’s behavior and confidence in their ability to find the right life insurance.
    • Financial Personalities > Insurance Financial Personality

  • Credit card personality– Used to identify consumers based on their credit card usage and behaviors.
    • Financial Personalities > Credit Card Financial Personality

  • Deposits financial personality– These audiences include consumers who are likely to look for bank offers based on their spending behaviors.
    • Financial Personalities > Deposits Financial Personality

  • Investments financial personality– Audiences to help understand a consumer’s comfort and behaviors with making financial investments.
    • Financial Personalities > Investments Financial Personality

  • Home equity financial personality– Audiences to help understand a consumer’s home equity circumstances and behaviors.
    • Financial Personalities > Home Equity Financial Personality

  • Mortgage financial personality– Audiences to help understand a consumer’s behavior and preferences with mortgages.
    • Financial Personalities > Mortgage Financial Personality

  • Investable assets (FLA/Fair Lending Friendly)*– Audiences that include consumers who have available investable assets in seven total tiers with Tier 1 being the highest, and Tier 7 being the lowest.
    • Consumer Financial Insights > Investable Assets

  • Net asset score (FLA/Fair Lending Friendly)– Predict a consumers likely net asset score ranging from less than $25,000 to over $5,000,000.
    • Consumer Financial Insights > Net Assets Score (Net Worth)

  • Discretionary spend– Predicts the annual discretionary spend for the category listed in the audience.
    • Consumer Financial Insights > Discretionary Spend – Travel
    • Consumer Financial Insights > Discretionary Spend – Jewelry
    • Consumer Financial Insights > Discretionary Spend – Home Furnishings
    • Consumer Financial Insights > Discretionary Spend – Entertainment
    • Consumer Financial Insights > Discretionary Spend – Electronics
    • Consumer Financial Insights > Discretionary Spend – Education
    • Consumer Financial Insights > Discretionary Spend – Donations
    • Consumer Financial Insights > Discretionary Spend – Dining Out
    • Consumer Financial Insights > Discretionary Spend – Total
    • Consumer Financial Insights > Discretionary Spend – Clothing/Apparel

  • Household deposits/balances (FLA/Fair Lending Friendly)– Audiences that include households that have bank deposits balance in six total tiers with Tier 1 being the highest, and Tier 6 being the lowest.
    • Consumer Financial Insights > Household Deposits/Balances

  • Investment Balances (FLA/ Fair Lending Friendly)– Audiences that include consumers who have an investment balance in six total tiers with Tier 1 being the highest, and Tier 6 being the lowest.
    • Consumer Financial Insights > Investment Balances

  • Mortgage refinance (FLA/Fair Lending Friendly)– Predicts the likelihood the consumer is to refinance their mortgage.
    • Consumer Financial Insights > Mortgage Refinance

Footnote

* “Fair Lending Friendly” indicates data fields that Experian has made available without use of certain demographic attributes that may increase the likelihood of discriminatory practices prohibited by the Fair Housing Act (“FHA”) and Equal Credit Opportunity Act (“ECOA”). These excluded attributes include, but may not be limited to, race, color, religion, national origin, sex, marital status, age, disability, handicap, family status, ancestry, sexual orientation, unfavorable military discharge, and gender. Experian’s provision of Fair Lending Friendly indicators does not constitute legal advice or otherwise assures your compliance with the FHA, ECOA, or any other applicable laws. Clients should seek legal advice with respect to your use of data in connection with lending decisions or application and compliance with applicable laws.


 

Latest posts

Loading…
Verizon to close email service: 5 steps to keep valuable email subscribers

Verizon announced that they will be closing down their email business and migrating users to AOL over the next few months. With such an impending deadline it is important for email marketers to take action and consider the following steps to keep valuable email subscribers. Create a separate segment of all Verizon email addresses in your email automation platform. This will give insight into the size and ratio of this segment compared to your overall subscribers and helps you determine your strategy on acquiring their new email address. In your email campaigns make sure to use direct language in the subject line, the pre-header and header banner requesting that users update their email address either in a preference center or for them to create a new account If possible, make sure to link both the Verizon and new email address in your data-set to ensure that they are not treated as new when receiving future communication. As part of your email campaign strategy, be sure to target those who have not yet opened the email. We recommend sending two follow up emails using the previously created banners, and altering the subject line to encourage subscribers to take action. It is important to note that Verizon service users have been advised that they will keep their @verizon.net email domain if they switch over to AOL. If the user does not opt-in to the AOL service, then their email will be shut down and will subsequently bounce – if this happens then these should be removed from your dataset accordingly. For more information check out Verizon’s website here. If you are a client and have additional questions, please contact your manager or email us directly.

Mar 30,2017 by

Tricky triggers: Understanding shopping cart abandonment compliance

Globalization affects retailers in a number of ways. Complying with commercial laws wherever they have brick-and-mortar stores is one such impact. Navigating through privacy rules that impact e-commerce efforts is another. There is one blind spot in particular that deserves attention  — sending shopping cart abandonment emails. I am often asked, “How are abandonment emails treated under the CAN-SPAM Act? Canada’s stringent Anti-Spam Law (CASL)?” “Can I even send abandonment emails to my Canadian customers?”  What are cart abandonment emails?  But let’s back up… What is an ‘abandonment’ email anyway? In the email space shopping cart abandonment refers to a particular type of automated mailing used to re-engage an online customer. The most common example is one where a retailer notices that a customer has left an item sitting in their shopping cart, and proceeds to send a reminder with a coupon to complete the order.  To fully understand privacy compliance pitfalls with this technique, in the U.S. and beyond, we need to unpack what happens before the abandonment email is sent.  Email marketing shopping cart abandonment compliance   Abandonment messages are almost always ‘commercial’, particularly if they incentivize a shopper to complete their purchase. In compliance parlance, we call this encouraging the continuation of a commercial activity. In contrast, an order confirmation typically provides factual information about a commercial activity. Under most anti-spam laws, particularly under CASL, marketers need to ensure abandonment messages are not unsolicited. Triggering should account for:  Appropriate consent covering email marketing to new or ongoing online relationships.  Scrubbing the customer’s email address against your unsubscribe/suppression lists before sending a solicitous message. (This is true under any anti-spam law.)  For more information about CASL-compliant consent record keeping and related best practices, you can navigate to the Canadian Radio-television and Telecommunications Commission.   Maintaining compliance with online tracking   Abandonment emails rely on online retailers tracking their customers’ activity on their websites and tying online behavior back to the email addresses using the same behavioral targeting technologies as those used to deliver Interest Based Ads. This jump across engagement channels to remarket to customers can raise privacy concerns, so online retailers need to pay attention to their privacy compliance obligations.  Cross-channel marketing privacy protections   Guidance covering privacy policies and practices issued by the Federal Trade Commission are informative and I encourage you to review these with your law department. If you operate outside the U.S., privacy protection laws like Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) may set out additional obligations with your cross-channel marketing efforts.  PIPEDA’s definition of commercial activity, which includes remarketing  Privacy Commissioner’s findings under PIPEDA in relation to remarketing  Privacy Commissioner’s guidance on online behavioral advertising, the technology of which informs triggered emails  Under PIPEDA and similar international privacy regimes, cross-channel marketers will need to (i) clearly and conspicuous inform website visitors that their online activities may result in personalized marketing, (ii) offer a way to opt-out of such tracking, and (iii) obtain individuals’ prior express consent with tracking involving sensitive personal information such as health data  How to manage cross-channel marketing compliance risks   As privacy protection regimes around the world continue to mature and absorb rules covering marketing, online retailers need to start adding new vocabulary to their privacy compliance lexicon.  For example, shopping cart abandonment efforts produce ‘cross-channel re-marketing campaigns triggered by an identifiable individual’s online behavior.’ While this is a mouthful to say, viewing your engagement efforts through this lens will help you manage compliance risks.     Experian can help you navigate compliance risks Our privacy-first approach to data is trusted across industries around the world. As a leader in the industry, we are here to help you leverage the power of data while maintaining the highest standards of consumer privacy compliance and legal guidelines. With almost 30 years in business, we are here to help you confidently create and launch data-driven marketing strategies. Contact us today to get started! Please note: Cross-Channel Marketing does not give legal advice on electronic marketing regulations or privacy laws. To mitigate risk to your business, please consult with your legal counsel on the law and your corporate policy.

Mar 20,2017 by Experian Marketing Services

Signal and Tapad, now part of Experian, partner to expand customer reach across devices

Partnership combines customer connections and cross-device scale to deliver more strategic customer insights NEW YORK AND CHICAGO — March 16, 2017 — Signal, the global leader in customer identity, today announced a partnership with Tapad, now part of Experian and the leading provider of unified, cross-screen marketing technology solutions. This global integration extends device connectivity for Signal’s clients across North America, APAC and EMEA by leveraging Tapad’s proprietary Device GraphTM. With Signal’s Customer Identity Solution, brands benefit from more visibility of known customers, lower costs to reach those customers and decreased expenses and data loss that often results from using multiple vendors. Integrating with Tapad’s Device Graph, which connects billions of devices, enables Signal clients to build an even broader view of their known customers across multiple devices. This integration combines Signal’s customer identity scale with Tapad’s device scale to expand the reach of addressable media channels and enhance customer journey insights across touchpoints. Tapad and Signal were able to drive incremental device connections for more than 65 percent of customer profiles, linking an average of 6.8 browsers and devices per customer. With this combined data set, Signal clients can expand their authenticated view of a customer to all associated devices and realize more strategic insights into their high-value users. The partnership also allows Signal’s clients to integrate in real-time with Tapad’s media platform, Unify. This proprietary technology enables advertisers to make real-time activation and buying decisions with maximum scale, as well as automated reporting and measurement. “Continuously recognizing customers across devices instantly and in a privacy-safe way is essential for marketers to stay competitive,” said Marc Kiven, founder and CRO of Signal. “We are thrilled to enter this unique, global partnership with Tapad, enabling our clients to access their technology and more effectively reach customers in real-time and at scale.” “Being able to leverage a persistent view of customer connections across devices is a huge challenge for brands,” said Pierre Martensson, SVP and GM of Tapad’s global data division. “With Tapad, Signal is now able to connect with the billions of existing data points in our device graph to help clients better understand customer behavior and realize even stronger customer engagement.” Contact us today

Mar 16,2017 by Experian Marketing Services

Subscribe to our newsletter

Enter your name and email for the latest updates

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

About Experian Marketing Services

At Experian Marketing Services, we use data and insights to help brands have more meaningful interactions with people. As leaders in the evolution of the advertising landscape, Experian Marketing Services can help you identify your customers and the right potential customers, uncover the most appropriate communication channels, develop messages that resonate, and measure the effectiveness of marketing activities and campaigns.

Visit our website

Subscribe to our newsletter

Stay up to date on the latest industry news and receive expert tips from our marketing experts.
Subscribe now!