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Acquisition

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In the years gone by, a Retail Store used to acquire customers for their Private ...

In the years gone by, a Retail Store used to acquire customers for their Private
Label Credit Cards primarily through walk-in customers or through mass
mailings. Over time, these traditional methods have started giving very low
ROI and hence businesses are now demanding much more sophisticated
methods to target the right prospect through the most cost effective channel
and increase the response of these prospects to convert them to customers.
To download visit:
blog.cequitysolutions.com and www.cequitysolutions.com

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    Acquisition Acquisition Document Transcript

    • Creating Customer Acquisition Strategies for a PLCC Business using Analytics in Retail Solution Overview In the years gone by, a Retail Store used to acquire customers for their Private Label Credit Cards primarily through walk-in customers or through mass mailings. Over time, these traditional methods have started giving very low ROI and hence businesses are now demanding much more sophisticated methods to target the right prospect through the most cost effective channel and increase the response of these prospects to convert them to customers.
    • The introduction of various customer touch points has opened up various opportunities to target in a more cost effective manner. Yet customer acquisitions are much harder than it might appear. Business Problem - Acquiring the Right Customer through the Right Channel by Minimizing Marketing Spend ■ How do we increase the response to Direct Marketing offers? ■ Are we targeting the Right Customers with Right Offers? ■ Who responds to our Offers? ■ Are we targeting the Customer through the Right Channels? ■ How to increase the return on Marketing Spend? ■ Are we getting the best ROI for every Marketing $ spent? Integrated Customer Selection Process – Targeting the Right Customer ■ Understanding the Response Behavior to be modeled ■ Develop Customer Segments / Propensity Models for Offers ■ Identify Data Sources and Clean Up and Channels ■ Select Advanced but Robust Model ■ Map to the outcome (Sale) ■ Build and Validate Model ■ Customer Selection Optimization to maximize Sale ■ Robust tracking and feedback loop Pre-Screen Model for Customer Selection Look at the existing customer base and identify key characteristics. Utilize the learning to Responses to Offer 3 Responses to Offer 1 Responses to Offer 2 Customer Segments identify ‘similar’ customers from a prospect pool and allocate credit limits which are similar I O R to the existing customer base. r fo e iz m ti p O Pre Selection helps in targeting “similar” customers for a product uptake. Since the characteristics are similar to existing customer base, the probability for product uptake Responses to Channel 1 increases. Hence the responses to campaigns would be much higher as compared to Responses to Channel 2 random mailing and the campaign efficiency would increase. Responses to Channel 3 Customer Segments Response Modeling to increase Campaign Efficiency Develop a Response based model which would help in identifying customers most likely to respond to a specific campaign. This would help in focused targeting which would help in reducing marketing spend and increase ROI for campaigns. Predictive Pre Select Incremental Population Modeling Consumers Lift Gains Chart 100% Lift Customer/ 80% Prospect Response/ CUM% 60% Model Database Conversion OF Responders 40% Historical Responder Model Build Data from Rando Random 20% Mailing 0% 1 2 3 4 5 6 7 8 9 An automated optimization framework development will result in $ saving, using the same Marketing Budget
    • Our Services CEQUITY’S services are powered with deep domain expertise and process excellence by adding Intelligence to Information. Our banking Analytics consultants are capable of generating effective solutions to your business problems and quickly provide you with a competitive price and turn-around time. Choose from a wide array of reports covering demographic trends, consumer spending potential, business profiles, consumer segmentation, activity volumes and more. Our Analytical Consultants are qualified to provide deep insights by objectively analyzing vast amount of customer transactional lifestyle and secondary data to help make quick business impact. Our consultants have rich experience in key verticals like: financial services, insurance, mortgage, retail, travel, entertainment & telecommunications. Our analytics services include: CEQUITY BIZACTION – Modeling Services Insight2Action Acquisition Models Insight2Action Value-build Models Insight2Action Retention Models Prospect Modeling and Scoring Cross-Sell/Up-Sell Analytics Churn Prediction Lead Scoring and Enhancement Lifecycle Profiling Attrition Models Optimal Contact Strategy Development Response/Conversion Modeling Portfolio Analysis CLTV Modeling Segmentation Models About Cequity Customer Equity Solutions (Cequity) Pvt. Ltd. is an IT-enabled Customer Experience Management Company which will help enterprises improve marketing performance and accelerates customer relationships. We help enterprises by combining data, technology and services to build actionable analytical marketing frameworks, optimize marketing performance and accelerate real-time customer engagement. Thereby, enabling greater ROI on their marketing technology investments. Cequity brings a blended perspective which allows companies to bring the power of Marketing automation technology to business problems. Our services include: Customer Management Consulting Managed Campaign Management Services Managed Analytics Marketing Operations and Measurement Services Marketing Database Solutions Event Driven Marketing Services Contact us: Customer Equity Solutions Pvt. Ltd. INdIA USA Mumbai Office: Chicago Office: 105-106, 1st Floor, Anand Estate, 189-A, Sane Guruji Marg, 626, Grove Street, Evantson, IL 60201 Mahalaxmi, Mumbai-400 011, India Phone: +91 22 23000133 / 23054039, Fax: +91 22 23053809 Website: www.cequitysolutions.com Email: info@cequitysolutions.com