Knowledge is Power…
for WordCom and for its customers. That’s why appending data —supplementing information from an existing database with external sources—is so vital to reaching key audiences, as well as maximizing efficiency, clarity, and targeted messaging to improve marketing efforts.
“There is so much information that can be appended, so it creates a real opportunity to build personas and new models that allow us more impactful outreach and information gathering with our customers,” says Phil Tuttle, SVP of Data Intelligence at WordCom. “We can literally build out customer profiles to create a better understanding of their needs and how to efficiently target with our client’s products to meet those relevant needs. Knowing this information with enough advance notice to cross-sell additional products and stem attrition is extremely valuable.”
Know Your Audience
Appending data helps supplement information already available to give your marketing department a clearer picture and understanding of the customer and the market. It becomes a key component of the marketing strategy by providing your team a stronger understanding of the target audience. It also provides a better understanding of what is actionable.
“There are many different data points available that can help provide a better understanding of customers and prospects,” adds Tuttle. “By simply appending data—affluency or life stage triggers, for example—a financial institution can have a better understanding of the share of wallet they have with current customers, and they can identify potential customers that are similar and likely to need the same products. Appending data paints the picture and takes away some of the guesswork.”
Now that you know the right products to put in front of the right customers (or prospects) at the right time, you can also utilize this information to better understand how to communicate with them for the best results. Some personas appreciate and respond to direct mail, some need to see it on a postcard and in an email, and some are viewing this information on their digital platforms. Your appended data will help you meet your customers and prospects where they are. As you move through your campaigns, tracking results will provide additional detail and you will continue to hone your message—and your audience—for improved response and ROI.
If you want to dive into this topic deeper with our team, reach out to one of us here.