Increasing Loan Balances: Targeted Prospects Get Results
Discover How Data Append and Modeling Can Revolutionize Your Customer Acquisition Strategy
The Power of Data in Customer Targeting
In the competitive world of finance, understanding your customers is more than a requirement—it's a strategic advantage. That's where data append and modeling come into play. These tools are not just for refining your existing customer base but can also be pivotal in enhancing your prospect universe.
Maximizing Prospect Quality Through Data Consistency
One key benefit of using data append and modeling is the ability to apply the same model both to your current customer base and to potential prospects. This approach ensures consistency in quality and relevance. When renting a prospect list, it's advisable to use the same data source as your original data append. This alignment guarantees that the quality of your prospect data matches the high standard of your existing model.
If you're considering outsourcing both modeling and data append, you're in luck—the consistency will be inherently maintained. For those who prefer an in-house approach, you have options. You can use a profile of your ideal audience to shape your prospect list, or opt for a broader list and apply your model to narrow it down. Remember to negotiate a "net record" arrangement with your list provider to avoid paying for data you won't use.
Alternatives to Custom Modeling: Off-the-Shelf Solutions
Not every institution is ready to invest in creating a custom model for their customers. Fortunately, there's a solution. Many reputable list providers offer pre-made models, often referred to as propensity or intent models. Created from extensive data sets, these models offer a predictive view of potential customers. While they may not capture the unique nuances of your customer base as effectively as a custom model would, they are still a significant step up from basic demographic profiles.
Data-Driven Decision Making for Financial Institutions
Whether you choose custom modeling or off-the-shelf solutions, the integration of data append and modeling into your marketing strategy is essential for reaching the right customers effectively. For banking decision-makers aiming to hit acquisition, retention, and balance goals, these tools offer a path to more informed and successful marketing strategies.