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Make more effective marketing decisions |
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- How can we afford the expense of a custom model?
- You can maximize the return on your marketing investment without having to spend thousands of dollars in up-front analysis. With Prime Performance Modeling you commit to the purchase of a certain number of prospect names. In return, Experian develops a model that will increase your response and the effectiveness of your marketing campaigns. The expense incurred to build the model is very low when you consider the number of names that are included in the package.
Prime Performance Modeling offers three different analytical packages: Gold, Platinum and Diamond. The modeling process is the same for each package and delivers a custom Prime Performance Model(s) developed to meet your marketing objectives. The packages vary in price depending on the number of prospect names you choose to purchase and the extent of information which is provided in the executive summary.
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- I already have a good understanding of our customers, so why would I need a model?
- It is likely that several customer profiles exist within your database. With Prime Performance Modeling, Experian can identify the niche markets that may exist within your database that you are unaware of. Identifying the unique clusters or segments provides you with the opportunity to target your message more accurately to increase the responsiveness of your direct marketing campaigns.
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- We have had other companies create models and do analysis on our file and have seen little benefit. Why would this be any different?
- We employ a technique used exclusively by Experian. With Prime Performance Modeling, Experian appends extensive data to each record: demographic, mail order response, census, real estate, vehicle, summarized credit, occupational and lifestyle. Lifestyle data, which looks beyond simple demographic information to focus on consumer behavior, is provided from Experian’s BehaviorBank® database. Lifestyle data, which is not offered by some of our competitors, works particularly well in determining niche markets.
Experian then performs market segmentation on the file to find groups of like customers. We model these groups to determine who would be the best prospect to target for optimal results. Unlike traditional modeling methods, which create one model that is universal to the entire database, Prime Performance Modeling may employ multiple models to identify and target the distinct clusters or segments that exist within your database.
After the campaign, Experian will help you analyze your results to determine actual performance versus expectation. If the models are not performing to your satisfaction, Experian will refine them.
Because of the diversity of experience within the Prime Performance Modeling team, they are able to truly build a model that addresses the problems encountered in your specific industry.
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- Our product is generic, so how can we can target to any individual?
- Even generic product offerings can benefit from Prime Performance Modeling. By identifying distinct segments that exist within your database, you can refine your message to address the buying behaviors of each group.
Identifying and targeting audiences that are highly likely to respond to an offer increases your return on investment. Increased response has a positive impact on acquisition costs.
Marketers with generic product offerings may uncover cross-sell and up-sell opportunities that they were unaware existed.
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- We have an internal analytical group that builds our models. Why would choosing Experian be beneficial?
- Because Experian’s Prime Performance Modeling team has ready access to, and a wealth of knowledge about, the extensive information available from our INSOURCESM and BehaviorBank® databases, many marketers have discovered that outsourcing model development can be cost effective.
We employ a technique used exclusively by Experian. With Prime Performance Modeling, Experian appends extensive information to each record: demographic, mail order response, census, real estate, vehicle, summarized credit, occupational and lifestyle. Lifestyle data, which looks beyond simple demographic information to focus on consumer behavior, is provided from Experian’s BehaviorBank® databases. Lifestyle data, which is not offered by some of our competitors, works particularly well in determining niche markets.
Experian then performs market segmentation on the file to find groups of like customers. We model these groups to determine who would be the best prospect to target for optimal results. Unlike traditional modeling methods, which create one model that is universal to the entire database, Prime Performance Modeling may employ multiple models to identify and target the distinct clusters or segments that exist within your database.
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- I really do not want to build a model, but would like to know more about our customers. Is this possible?
- While profiling can be beneficial to obtain information about your customers, modeling will allow you to turn that information into actionable results. Profiling identifies the key characteristics or ingredients in your customer database. Modeling provides the formula or recipe that will create the best outcome.
Enhancement using INSOURCESM data gives you insight into the composition of your file. Our Data Enhancement Match Rate Report lists overall matching percentages on an element by element basis, so you can obtain a general “snapshot” view of your file. Our Data Enhancement Market Penetration Report expands on the information provided from the Match Rate Report. It compares distribution in your customer database to the INSOURCE Database to determine your market penetration element by element.
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- What is the time frame to develop a custom model?
- The time frame to deliver a quality customized model is usually 4-6 weeks. In certain circumstances an evaluation can be made to reduce the time frame.
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- I have a very small database. I don't think I am collecting the amount and type of data needed for an effective analysis?
- For best results, a file size of 50,000 records is preferred. If you are not currently maintaining a database, generic models can be developed using INSOURCESM or BehaviorBank® information.
The data necessary to analyze and build an effective model(s) needs to be determined on a case-by-case basis. Depending on the information that is being captured, a Prime Performance consultant may determine that you can obtain positive results. In some cases initial profiles can be identified and models can be built with the existing information. As time proceeds, additional data can be captured and the models can be re-calibrated to include this additional information.
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- What happens if the model performs poorly?
- After your campaign is complete, you can supply the campaign results to Experian’s Prime Performance team. The team will compare actual against expected performance. If the models are not performing to your satisfaction, the models will be re-calibrated to improve their performance.
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- I think my modeling needs are very complex?
- The Prime Performance process can be used for very simple to very complex modeling needs. It would be beneficial to set up a meeting between your analytical team and one of our consultants to determine if Prime Performance Modeling would meet your needs.
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