GRAHAMBURDETT
saysdata,analysisand
expertisecanbecombined
toreduceriskandenhance
opportunity
campaignperformance.
Credit screening is
key for marketing
havedetrimentaleffectsinthe andcapitalisetheabundanceof
Accordingtoarecentsurveyconductedamongcustomersof
longerterm. datathatdigitalchannelsoffer,
EquifaxPersonalSolutions’services,thepressureonthe
Overallintherecession, andthentrackandmeasure
financesofBritishfamiliesisbeingmadeconsiderablyworseby
companiesshouldalsolookat performanceusingback-end
avirtualcountrywidefreezeonpayrises,aswellasalossin
broadeningtheirmarketsby dataanalysis.
overtimeorshortenedworkingweeks.
extendingtheirproductoffering, Also,withtheintegrationof
Businessesarealsobeingforcedtomakecut-backstosave
aswellasidentifyingnew telephony,computing,television
money,inparticularfindingitmoredifficulttogetaccesstonew
avenuesforexistingproducts andentertainment,direct
credit.Andthishastheknock-oneffectofreducingsuppliers’
andservices. marketingisfastbecomingmore
incomeandforcingthemtomakecut-backs,too.
Newmarketscouldbe mobile.DigitalTVwillsoonbe
Theimpactofthesepressuresisbeingexperiencedright
geographicalareasorpreviously replacedbyWebTV,and
acrosstheconsumerandbusiness-to-businessmarketplaces.But
untappednewindustryverticals, multimediaapplicationssuchas
theredoesn’tseemtobeasector-widerecognitionthatcredit
bothdomesticallyand voice-activatedtechnology,
datacouldhelpbusinessestoachievethebestpossiblereturnon
internationally.Byopeningupa implementedintohousehold
investmentfromtheirmarketingcampaigns–whethertheyare
greatermarketaccess, communicationsnetworks.
targetingconsumersorbusinesses.
companiescanpotentiallygain Asaresult,mobilemarketing
Lookingattheconsumermarketplace,financialservices
strongcompetitoradvantage. willgrowexponentially,sothe
marketersneedtooperateascosteffectivelyaspossible,aswell
However,ontheflipside, abilitytotrackpeopleonthe
ascreateproductsandpropositionsthatwillretaintheircurrent
consumersarebecomingfar move,theirbuyingbehaviour
customers.Toachievebothofthesegoals,therehastobeabetter
moreawareandprotectiveof andcommunicationpreferences
approachtocustomersegmentationthanhasbeentakentodate.
theiridentitiesandsoareoften createsenormouspotentialfor
selectiveaboutwhomthey themarketer–increasingboth
Understandinglifetimevalue
shareinformationwith,often relevanceandeffectiveness,as
Andthisisn’tjustanissueforconsumer-facingbusinesses.Those
optingout.Byofferingan wellasenablingcustomer
organisationsmarketingtootherbusinessesalsoneedto
incentive,suchasentryintoa relationshipstobegreatly
understandtheircustomers’lifetimevalueandensuretheyare
competitionorsubscriptiontoa enhanced.
equippedtotargetthemaccordinglywiththerightproducts
website,theyarefarmorelikely Overall,aslongasdirect
andpropositions.
tobeforthcomingabout marketersdonotbecome
Creditriskscreeningprovidesacrucialopportunitytodothis,
providingdetails. oblivioustotheebbandflowof
reducingcostsbyonlymarketingtoconsumersandbusinesses
theeconomy,andconcentrate
thatmeetsetlendingcriteriaforthespecificproductorservice.
Creatingloyalty oncompetitivepricingwithouta
Asaresult,applicationfailuresshouldbereducedandbrand
Akeyareaofcustomer letdowninservice,theycan
reputationstrengthened.
retentioniscreatingloyaltyby sidestepadownturnandeven
Straightforwardanalysisaffordsmarketerstheintelligenceto
investingintimetodevelop growcomfortablyinarecession.
avoidofferingadditionalcredittoexistingcustomerswhose
customerrelationshipsto Also,byembracingnewand
recentcreditbehavioursuggeststhattheymayhavedifficulty
understandtheirneedsand radicalchangesintheindustry,
makingfuturepayments.Bycombininginternaldataandanalysis
alsopreferredmethodof directmarketersarefast
withexternaldatasourcesandexpertise,theriskcanbereduced
communications. emergingaspioneersinthe
andcampaignperformanceenhanced.
Bysendingpersonalisedand industry,withmassmarketers
Marketersnowneedtorespondfastertochangingmarket
relevantDM,eitherasa recognisingthebenefitsof
conditions.Theythereforeneedtointegrateallavailabledatasets
stand-alonecampaignoraspart directinitiativestodeliver
oncustomersandprospectsforthebestpossibleinsightand
ofanintegratedapproach, highly-successfulcampaigns
segmentation.Ideallythisisaddressedbyon-demandcampaign
companiesareableto withinreducedrecessionary
managementtools.
strengthenexistingrelationships budgets.
Creditmarketerswhohavebeenable,andcontinue,toadapt
anddevelopnewones.In
marketingstrategiesquicklywillcomeoutontop.Havingthebest
addition,marketersshould
insightintotheircustomers,andknowledgetomatchthemto
considerincorporatingWeb2.0
revisedpropositions,willensuretheirorganisationsprosper.
intomulti-channelmarketing
AdelePettishead
strategies,aswellascapture
ofdirectatSMP.
GrahamBurdettisclientsalesdirector,MarketingServices,Equifax.
www.dmi-news.com June2009 33
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