Vision 2014: Customer acquisitions in a changing digital landscape

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Learn how to maximize conversions in on-line and mobile channels by analyzing rich customer and device data to solve for emerging challenges around targeting, ID verification and pre-qualification. …

Learn how to maximize conversions in on-line and mobile channels by analyzing rich customer and device data to solve for emerging challenges around targeting, ID verification and pre-qualification.

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  • 1. ©2014 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. Customer acquisitions in a changing digital landscape Cherian Abraham Experian Mara Nicholl Experian #vision2014
  • 2. 2©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Industry update Cherian Abraham
  • 3. 3©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Which channel has all the growth?
  • 4. 4©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Digital acquisitions is going gangbusters
  • 5. 5©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Evolving customer preferences
  • 6. 6©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Customers have a polygamous relationship with devices
  • 7. 7©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. TV no longer commands exclusivity
  • 8. 8©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Customers move across devices during the day
  • 9. 9©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Challenges  A captive but fickle audience that expects a full-service channel  A requirement to authenticate through an imperfect channel  A channel that brings “context” to top of the pile  A channel that is uncompromising when it comes to customer centricity  A channel that is diverse – devices, ecosystems, gatekeepers, technologies Mobile customer experience Opportunities and challenges
  • 10. 10©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Recommendations  Solving for customer anonymity by answering identity – downstream  Optimize the acquisitions flow based on device strategy  Reduce steps; reduce friction  Ask less  Balance risk mitigation and customer experience = optimal approach  Cross-device identity resolution Mobile customer experience Opportunities and challenges
  • 11. 11©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Why would you care?  Consistent experience across channel, across devices  Optimizing brings context, relevance and customer value  Friction and fragmentation leads to consumer frustration and abandonment  One view of customer forces you in to clarity of purpose in customer interactions  A holistic view of the customer leads to better capabilities around authentication Mobile customer experience Opportunities and challenges
  • 12. 12©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Rethinking digital Mara Nicholl
  • 13. 13©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Consumers expectations are changing 74% of online consumers get frustrated with websites when content has nothing to do with their interests “ ”– 2013 Online Personal Experience study by Janrain
  • 14. 14©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Meet Dan What you’ve seen before… Meet Becca 798 VantageScore® 610 VantageScore®
  • 15. 15©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. How do you customize their experience? We have great rates on credit cards!
  • 16. 16©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. BeccaDan One-to-one multi-channel campaigns  Direct match display  Video pre-roll  Direct match mobile  Direct match display  Addressable TV  Direct mail
  • 17. 17©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Ultimately they both end up in the same place
  • 18. 18©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  • 19. 19©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  • 20. 20©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  • 21. 21©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  • 22. 22©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  • 23. 23©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. What you saw was an Experian end-to-end data-driven solution Experian Find your audience Reach your customers Authentication Credit qualified offers Measure results
  • 24. 24©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Convert Web traffic Client CRM system Cookie match file Present ad Initial ad engagement Create look-a-like file Client Website Consumer consents for soft inquiry File OneSM credit data We have best-fit options for you! Organic search
  • 25. 25©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. NEW! Utilize your prescreen file to increase efficiency No File OneSM We have best-fit options for you! Prescreened mail file Cookie match file Present ad Initial ad engagement Client CRM system Initial ad engagement Client Website Consumer consents for pre-approval Checks prescreened list Organic search You’re pre-approved! Yes
  • 26. 26©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.  It’s not just about click through rates…  The average click through rate of display ads is 0.1%  “Clickers” are very different from “buyers”  Incorporate client degradation rates into success metrics  A truly optimized digital acquisition strategy measures success by the number of consumers diverted to the site and credit qualified leads Rethinking success metrics “You are more likely to survive a plane crash than click on a banner ad” - Solve Media
  • 27. 27©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Matching promotions with responses or purchase Advertising exposure data XYZ bank CRM Customer contacts XYZ Bank to begin the loan process through the Website or by calling Linkage and attribution Reporting interface Direct Mail, Emails, display ads, and TV ad viewed
  • 28. 28©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Optimized experience Managing risk Authentication High quality traffic to your website Targeting the right audience Display only best-fit credit products
  • 29. 29©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Are you ready for digital acquisition? What do your charge-offs look like for ITA vs. Credit What does your cost of account look like at booking? Do you buy media on large platform advertisers? Looking to link cross channel acquisition marketing? Are you concerned about adverse select? Do you want to prospect online? Do you want to increase online loan conversion rates? Are you looking to grow online loan applications?
  • 30. 30©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Experian making it happen Increasingly effective  Leverage current online advertising strategies by layering on Experian data at no cost  Leverage your prescreened mail file to re-present mail offers to prospects more likely to respond online Increasingly efficient  Engage consumers across multiple channels when they are ready to buy  Present credit-qualified offers to improve application completion rates by 40% Single source  The only bureau able to offer targeted digital advertising capabilities and robust credit decisioning tools for an integrated data driven strategy
  • 31. 31©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. For additional information, please contact: Cherian.Abraham@experian.com Mara.Nicholl@experian.com Hear the latest from Vision 2014 in the Daily Roundup: www.experian.com/vision/blog @ExperianVision | #vision2014 Follow us on Twitter
  • 32. 32©2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. Visit the Experian Expert Bar to learn more about the topics and products covered in this presentation.