|
|
Welcome to the April 2010 issue of the Equifax Database Services Update. Our goal is to share information, resources and events we hope you find valuable in understanding the evolving marketplace and its impact on your marketing initiatives. Feel free to contact us at 800-660-5125 or dbs.sales@equifax.com
Equifax Database Services finalized its 2009 year-end performance results with a 15% increase over 2008. This positive growth was accelerated by new business and clients taking advantage of our ongoing expansion of integrated solutions and technologies. And the momentum continues with accolades from our latest Client Advocacy Survey results. Our account teams continue to earn high marks for the way they work with our clients—receiving strong ratings for integrity, caring relationship management, honesty and ethics. We take great pride in the fact that our client advocacy rate continues to be one of the strongest in the industry. Client satisfaction remains a cornerstone for our business. We are focused on continuing to drive value to all of our customer relationships.
___________________________________________________________________________________________
Analyst Insight by the Aberdeen Group
"How the Best-in-Class Use Customer Data to Boost Retention Revenue in 2010"
According to survey data collected in Q4 of 2009 for Aberdeen’s quarterly Business Review, business executives are looking at 2010 as a year of growth. Customer acquisition will be a primary focus among companies in 2010, but a growing number are shifting marketing budget away from customer acquisition initiatives to retention marketing initiatives with the goal of increasing retention revenue from existing customers. Customer retention is about more than just keeping customers; it's about transforming existing customers into a highly profitable source of revenue and knowing how to optimize your marketing investments. Customer data is critical to this endeavor. Learn how the Best-in-Class organizations are boosting retention. Click here to read the analyst report on retention marketing
Gain New Insights by Integrating Customer Survey & Behavioral Data
Paul Weiss, V.P. Strategic Marketing Services
Customer survey data is a valuable but often overlooked source of customer information in database marketing. Linking the data collected in customer surveys to behavioral data contained in the marketing database can yield rich insights for CRM. The marketing insights gained from this marriage can be leveraged to improve segmented loyalty marketing strategies, social media initiatives and campaign management.
Challenges
Often we find that even organizations with good sources of survey data and mature marketing databases do not leverage these synergies for the following reasons:
- Survey data may exist outside the marketing database and has not been integrated into a 360° view
- The survey data has not been collected in a way to enable customer identification
- The marketing database has not been properly configured to house the survey data
- An operational feed has not been developed to create the data sources
Best Practices
Marketers who follow best practices integrating survey and behavioral data can uncover additional customer information that yields exponential value. Three recommendations for leveraging both sources in project design and analysis include:
1. Use the customer marketing database as a key asset for determining survey sample selection. Having prior knowledge of behavioral transactions facilitates effective segment sampling.
2. Look at buyers and non-buyers of new products. In a multi-stage sales environment, mine the marketing database to identify which prospects converted to customers and at which stage of the sales cycle. This enables learning regarding satisfaction of both buyers and non-buyers at each stage of the sales process and enables targeted process improvement.
3. Track the merchandise category and service customer profiles over time to keep current on core customer attributes. It is key to learn how new product introductions impact existing customer profiles, determine the best product cross-sell candidates, and trend customer advocacy scores with longitudinal net promoter score tracking.
The convergence of customer survey and behavioral data can boost your marketing database intelligence with additional metrics while uncovering bonus marketing opportunities and recommendations. To learn more about our Strategic Marketing Services click here. To learn more about leveraging the power of customer survey and behavioral data, contact us at: dbs.sales@equifax.com.
Recent Equifax Acquisition - IXI Corporation: In 2009, Equifax acquired IXI, the nation’s only wealth/asset data repository. IXI provides reliable and actionable insight on consumer financial capacity, investment style, behaviors, and characteristics based on this foundation of direct-measured data. Through an exclusive network of more than 95 leading financial institutions, IXI directly measures about $10 trillion in U.S. consumer assets and investments, representing more than 42 percent of all U.S. consumer invested assets. This proprietary data network is the engine that drives the most effective customer segmentation and market tracking solutions available today. The combination of IXI and the broader set of Equifax Data Suites provide our clients unique and differentiated data and delivery solutions that will provide you a broad understanding of your prospects and customers to cross-sell, up-sell and deliver effective customer acquisition campaigns. Contact dbs.sales@equifax.com for more information.
Equifax LEAN Initiative: Equifax is committed to driving operational excellence and meeting customer needs through its focus on process improvement and continuous learning. To achieve this aspiration, a company-wide, strategic initiative has been underway since 2007 to embed Lean thinking and improvement methods across our business. Since its inception, the Lean process improvement approach has served as a powerful, systematic methodology for driving strong operating performance, improving our business processes, and ensuring a customer-oriented culture. Equifax Database Services is an active participant in the Lean initiative, leveraging the methodology to improve process efficiency, the quality of our product deliverables, and our overall customer experience at a lower cost. Learn how Equifax Database Services is utilizing five basic steps to deploy the methodology in our business.
Available On-Demand: Monetizing Social Media
According to a recent Nielsen survey, 90% of global online consumers trust recommendations from people they know. As a result, social media is emerging as a powerful channel for driving new customer acquisition. Marketers that tap social networks to drive referral programs are seeing an exponential lift in results over non-social campaigns. In this webinar you will hear in-depth case studies from multiple brands that have successfully leveraged social referral programs to acquire new customers at a lower cost per acquisition (CPA) than any other channel. You will learn: how to use the power of social media to gain subscribers and drive revenue; integrate social media into an existing referral campaign; the strategies and metrics and how to apply them. Download the Webinar and PDF of the Social Media Presentation Slides
 
Mike Coombs
Mike is VP of Account Services and is responsible for leading our Retail, Travel & Hospitality, and Media client relationships. With over a decade of experience in database marketing, Mike leads by example ensuring excellent client satisfaction through service excellence. He is a consultative person who helps clients optimize their multi-channel marketing efforts with a pragmatic, measurable approach to CRM. Mike knows the importance of the "people part of the equation." As Mike will tell you when you meet him – "What I like most about my job is the people I work with. We have a great team of highly performing people that take great pride in their work." An avid golfer and chocolate cake enthusiast, Mike also enjoys spending time with his wife and young children.
Equifax Database Services Events and Resources
Events
MIS 2010 - Unica Marketing Innovation Summit
JW Marriott Grande Lakes
May 16-19, 2010
Orlando, Florida
SiriusDecisions 2010 Summit
Fairmont Scottsdale Resort
May 12-14, 2010
Scottsdale, Arizona
Chief Marketing Officer Summit 2010
The Ritz-Carlton
May 23-25, 2010
Amelia Island, Florida
More White Papers:
Attacking the One-Time Buyer
The Data Integration Imperative
Retail Marketing in a Multi-Channel World...More
More Case Studies:
Understanding Your Customers
Linking Marketing and Risk
Increasing Customer Profitability...More
Questions?
Contact us at: dbs.sales@equifax.com or 800-660-5125 or www.equifax.com/databaseservices
|
