During the initial stages of a partnership arrangement, Precision Marketing will conduct an exploratory data and distribution analysis to help craft an effective and profitable long-term program strategy for your organisation.
Specifically, we will review your organisation’s:
- existing direct marketing strategy and maturity level
- current systems infrastructure capabilities and planned capabilities
- current distribution channel capabilities and planned capabilities
- results of previous direct marketing activity.
Precision Marketing will conduct a detailed analysis across numerous data repositories to identify potential marketing volumes, and a short list of launch products which best suit the needs of the partners’ customers (matching products to customer needs).
This then allows us to craft a tailored program strategy, which may include multi-product/multi-channel distribution to your organisation’s customers via a range of different marketing approaches including segmentation, propensity modelling and event-based marketing.
Precision Marketing will work together with you in ensuring the products selected for marketing are tailored appropriately to maximise revenue through the distribution strategy that is agreed.
Our marketing experts will introduce proven customer positioning concepts, and offer strategies to ensure response is maximised.
Is your organisation planning to enter a totally new market? Are you considering a new distribution line within your business, such as direct marketing, or expanding the services available through a bancassurance channel? We can provide a range of professional services to help you prepare a comprehensive business case, covering all relevant external and internal factors.
Our expertise extends to life insurance, general insurance, credit cards, consumer lending, mortgages, investment products and retail banking products. Working with your organisation we can perform a product review and gap analysis, incorporating output attained from the exploratory data and distribution analysis and customer insights research.
You may have set yourself a range of business objectives: realising new business acquisition; telling customers about potential upgrades from their existing product; reactivating lapsed customers; or improving customer persistency and engagement. We will work with you to develop an appropriate strategy to meet your needs.
Distribution channel selection
We bring a wealth of experience in financial services product distribution, particularly within the direct and bancassurance distribution spheres. An integrated distribution strategy may involve a number of channels. For example you could combine personalised direct mail or email with a follow-up telephone call from an agent or call centre representative. If your customers have provided mobile phone contact details, an SMS can prompt online registration via your website. Alternatively, you might adopt a sales to service approach, generating possible referrals and sales from customers who contact your call centre with a service-related query.
We will take a lead role, reviewing the resources you currently have in place and providing advice on any vendor selection requirements through a defined procurement process. Our skills in micro-managing vendors are a core element of our consulting solution.
Once your organisation has adopted the Campaign Factory solution and the exploratory data and distribution analysis is complete, we undertake a more in-depth analysis of the information available as a ‘single customer view’. We can implement less complex strategies that involve simple customer segmentation, through to more complex strategies that involve propensity modelling, or event-based customer lead allocation.
Advanced modelling and analytics
Precision Marketing can work with your team to apply sophisticated data mining and targeting techniques with any historical data that is available. Specifically, we look at propensity to buy, pay and persist.
We will be able to create an aggregated view of your customers and view a large number of variables to generate campaign selections, that based on our historical experience should produce increased response rates and program revenue.
Event-based marketing focuses on the key concepts which are typically missing from traditional direct marketing approaches – those being changes in customer behaviour and timeliness of marketing communications. When both of these concepts are used together, they form the core of what Precision Marketing call Event-based marketing. In short, we can;
- identify a change in behaviour for each and every customer within your organisation by monitoring activity on a daily basis. These changes in customer behaviour signify a need that your customer has at a specific point in time
- act on these changes in behaviour immediately which allows us to communicate with customers during crucial decision-making periods.
This results in a shift in the way your customers are targeted – moving away from finding customers to push product offers to and identifying customers who have a need which matches the product offer.