Using data to find and target new customers
Using data to find and target new customers
Data lies at the heart of effective communications.
Effective use of data transforms customer profiling into successful prospecting. While retention is vital, it’s still important to grow your customer base. Recent research by McKinsey Global Institute found that data-driven organisations are said to be over 23 times more likely to acquire customers.
Understanding geodemographic segmentations
Geodemographic segmentations are commonly used to find new customers. They are models created by aggregating demographic information within attributes like age, gender, education, income and more within a certain locality.
Segmenting prospect groups by neighbourhood remains a valid way to discern consumer profiles living in a certain neighbourhood or location. Once you understand where your customers live and have more insight into their profile, it’s easier to find a lookalike audience. For example, like for like locations, households etc.
Available geodemographic segmentations include Mosaic, Acorn, CAMEO and OpenGeo.
Using customer profiling and modelling
Using statistics and more advanced programming, targeting models can be built to engage prospects for acquisition.
These models may indicate whether prospects are likely to convert to purchase and provide insight into how valuable a customer they might become over time. By the same token, customer profiling could also tell you which customers would be less valuable, allowing you to best allocate marketing spend.
The outputs of acquisition modelling provide marketers with a deeper level of insight from which to construct targeted acquisition campaigns - featuring mail formats such as leaflets (door-drops), Partially Addressed Mail (PAM) or personalised Direct Mail - for more targeted communication.
Driving insight from regional analysis
We might live in an increasingly virtual-world but millions of consumers still visit physical shops. So, how far are your customers willing to travel to visit your store?
Local and regional data analysis can provide insight to allow you to create catchments based on travel time.
Regional analysis can also help you understand your brand awareness across the country and aid the planning of any local and/or national marketing activity.
