Improve Your Marketing Results with Customer Data Enrichment
Customer Data enrichment leads to improved targeting, customer understanding and reduced marketing costs, reduced wastage, and improved Return On Investment.
What is Customer Data Enrichment
GISBanker provides
customer data enrichment, (often called data enhancement) which is the process of enhancing your customer data with additional information
pulled from external sources.
This data often includes (but is not limited to) Life Cycle, Discretionary Income, locational information, ethnicity, spending habits and more.
This permits us to design enhanced
Market Segmentation
that correlates to specific products or services.
This allows clients to define, target, and generate lists of and customers and non-customers at the household level.
Combined with enhanced segmentation profiles, you can identify opportunities for cross-selling or up-selling
to increase your institution's share of wallet and increase revenue.
We provide services that can simultaneously increase your reach into your target markets while saving you time and money and improving your efficiency, all grounded on data. Using GIS technology, combined with years of experience, we help you develop a focused view of your markets based on the most current data.
To learn more about the Customer Data Enrichment process
Benefits of Customer Data Enrichment
Our analysis and data enrichment will help you become "Laser-Focused" and improve your results in all marketing efforts. You will:
- Recognize key market segments that match specific customer profiles,
- Identify market gaps that represent opportunities, and
- Create a file of non-customers to market too.
Benefit For Consumer Customers
Data enrichment can help you target potential customers and understand your best customers better than ever before. GISBanker has established relationships with several third party data providers, including Equifax, Claritas, Data Axle, Hoovers D&B, TransUnion, and Alesso Data. Moreover, we have the experience and knowledge to select the best data for your project, and provide statistical and analytical assistance to help you create market driven segments, build profiles and models that describe your best customers and the relationship to your products and services.
As an example
Equifax Economic Cohorts. There are over 71 unique market segments that can be assigned to a customer, based on Segmented Household’s Economics
We combine Cohort data with specific spatial data to identify and model likely customers for specific products or services. One key field included in our analysis is discretionary income. Discretionary income represents money to be spent on non-essentials. Here are some of the variables from the data enrichment that were included in the analysis.
- 1. Customer locational information
- 2. Profitability
- 3. Integration of third party data
- 4. Life cycle,
- 5. Discretionary income,
- 6. Enhanced geographic data
- 7. Economic Cohorts
To learn more about the Equifax Economic Cohort Framework Click Here
As part of the geo analysis, the following Drive TimeAnalysis map, shows a specific target market segment, Prudent Professional J51, within a Trade Areas based on drive-time and distance traveled to the office. This segment was highly correlated to a particular account offering the institution wanted to promote. In this example, the segmentation model included: Proximity to the institution. the economic cohort, the discretionary income and the targeted account balance.
Our analysis of the market area and its residents revealed a large population of households that were not being targeted by the institution's marketing campaigns. We were able to build lists of non-customer households that matched this specific market segment within this market area. These types of lists are extremely valuable for marketing campaigns as they allow clients to focus their marketing dollars and brand message on a specific target market segments that are more likely to buy or use your services than other segments. This is much more affordable, efficient, and effective way to reach potential clients and generate business.
Benefits
Marketing is all about the target audience. You know your business, what you offer and why it matters to people. Using our analysis, combined with customer data enrichment, allows our clients to focus their marketing dollars and brand message on a specific target market segments that are more likely to buy or use your services than other segments. This is much more affordable, efficient and effective way to reach potential clients and generate business.
For Businesses
GISBanker is a premier provider of GIS Mapping Solutions, Analysis and Data Enrichment for the financial service industry Our GIS business market analysis,Firmographics, Firmographics / Business Analysis provides a clear insight into the composition of the business environment in which you compete. We conduct this analysis at the branch level and it includes:
- 1. Complete business profile based on third-party data sources,
- 2. Your institutions market share by industry,
- 3. Each branches primary service area,
- 4. Competition,
- 5. Gaps in your marketing area and opportunities.
As a result, institutions are able to target their best prospects and not waste their marketing and advertising resources. Our GIS also helps financial institutions to fulfill some compliance requirements for CRA-HMDA
To learn more about Drive Time analysis as a tool for defining you primary service area click here
GISBanker is known for our full service GIS (geographic information systems) support. GIS enables you to fully understand the dynamics of the geographic markets you serve. We are ready to assist in developing these understandings and addressing the strategies and programs necessary to leverage your position in the market and to take full advantage of your market dynamics.
This includes the latest census and ACS (American Community Survey) data updates.
We can help you increase your ROI and provide an unmatched level of customer engagement, loyalty, and marketing automation by helping you with all your digital marketing needs.
For a sample of a business market summary click here or contact us today! For more information click here to contact us today!
A great example for targeting specific geographic areas, used for prospecting for new clients, can be achieved with a " Heat Map or Hot Spot Analysis".
To learn more about Heat Maps or Hot Spot Analysis click here
Gain Insights: Unlock the potential in your customer and market data today.
Steve Bouton, Director (619)917-7596 for more information. Or Click here to email for more details