Get in the MYX: Data Strategies for Direct Marketers

Two New Tools That Will Boost Direct Marketing Response!

Tweet

 

I don't think there's a direct marketer out there who isn't interested in increasing their response rates...as long as they don't have to open up their criteria to include prospects who may respond but not qualify.

We are continually looking for ways to identify the most responsive consumer populations. To this end, we have developed a number of proprietary attributes and propensity scores to help our clients hone in on this coveted group (read previous posts here). Our Historical Responder Insight flag has taken the industry by storm, as it identifies consumers who have previously responded to online or offline campaigns. And as we all know, past behavior is a strong indicator of future behavior, so who wouldn't want to target those who have demonstrated their willingness to respond to direct marketing offers?

If that isn't the smoking gun, I don't know what is. There's only one challenge. This universe of historical responders is limited in numbers. So we modeled this universe and came up with two propensity scores, Mortgage Response Insight and Insurance Response Insight, to increase the number of likely responders we were able to identify. These scores were a hit...tested and proven to drive incremental response by a number of our clients.

These same clients encouraged to dig deeper - to seek out additional methods for identifying responsive populations - and that's exactly what we did. We now offer the following additional response propensity indicators:

• Response Insight: For lack of a better word, this is a "generic" indicator of a consumer's likelihood to respond to a direct marketing campaign - regardless of the type of offer.
• Response Insight-Financial: This score can be leveraged to gauge the likelihood of a consumer to respond to a financial services offer.

So what are the differentiating factors between these new scores and Mortgage and Insurance Response Insight? The former leverages a combination of summarized, household and individual data and the latter relies exclusively on summarized data. It's that simple.

On a side note, beyond giving you access to a larger universe of likely responders, our response propensity scores also offer you the added flexibility of being able to target or exclude consumers based on their likelihood to respond. While our responder data is flagged as "responded once, twice or three times," these new propensity scores allow you to target or exclude based on 20 different levels of responsiveness (1 being the most responsive and 20 being the least responsive).

We are also in the process of unveiling an entire line-up of new Insight scores that will enable you to target income, net worth, wealth, disposable income and a host of powerful behavioral attributes. Stay tuned for a future post with all the details!

In the meantime, we encourage you to test our new Response Insight scores! Simply call 1-888-707-7600 to speak with your Client Manager or one of our Business Development executives to learn how you can leverage these Insights to improve direct marketing ROI!