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Make more effective marketing decisions |
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Prime Performance Modeling blends data, statistical analysis and consultative expertise to improve your marketing efforts. Whether you want to acquire new customers or keep the ones you already have, Prime Performance Modeling offers a solution. Our sophisticated, five-step process is straightforward and simple:
1. Data overlay and exploration
First we overlay your customer data with Experian's market-leading data. Depending on your industry and your objectives, we recommend the information source best suited for your needs:
- INSOURCESM Database
- BehaviorBank® Database
- Z-24® Prospect Plus Database
- CircBase® Prospect Plus Database
- National Business Database
Through the process of exploratory data analysis, we help you develop new insights into your customers by uncovering the complex relationships between your data and Experian's data. Combining this data unlocks hidden insights that help you formulate intelligent solutions for acquisition and retention challenges.
2. Customer market segmentation
The data analysis step typically reveals not only an overall profile of your customer base but also indicates the presence of multiple distinct segments with specific behavior. These sub-segments, when isolated, make it possible for you to focus your prospecting or retention programs more successfully. In this segmentation step, we develop an accurate profile of each segment, defining its unique characteristics. As a result, you may identify profitable new prospect niches that will respond to customized offers. Or you might spot previously unknown triggers of churn or attrition that can be overcome with thoughtful retention strategies.
3. Custom acquisition or retention modeling
During Step 3, our Prime Performance Modeling team creates a predictive model for each of the segments identified in the previous step. Customized to meet your specific marketing objective acquisition, retention, response, conversion, profitability, or other we produce a set of scoring algorithms, which rank orders your customers in each market segment by your desired criteria. For example, this might be "most likely to respond" or "least likely to churn."
In some cases a single model is not enough. Based on your marketing objectives, we build multiple models to ensure that you focus your efforts where they will be rewarded. Depending on your desired outcome, we apply the most appropriate modeling techniques such as logistic regression, linear regression, discriminate analysis and artificial intelligence.
4. Executive summary and campaign planning
You must really understand the results of your new models to use them effectively. Our executive summary and planning consultation are critical steps in helping you apply the models successfully. We provide easy-to-understand, actionable information including recommended deployment strategies. Our experts are there to make sure you understand the data and to help you use it intelligently to develop successful campaigns and programs.
5. Post-campaign services
Our five-step process is never really over, because continuous improvement is part of the Prime Performance Modeling cycle. We review the results of your program to determine if performance matched expectations. Together we analyze the results of your campaign or program to determine if the models are performing well. Then we refine the models and help you adjust your strategy for optimum results. At Experian, an enduring partnership with our clients is always our main goal.
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