DATA STRATEGIES FOR FINANCIAL SERVICES MARKETERS

4 Proven Strategies for Lead Optimization

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We're going to let you in on a little secret...four of them actually. Four key elements that should be considered when developing a lead optimization strategy. Cover these four bases, and you will ensure your direct marketing success.

We are all committed to finding the best leads, right? I mean really, aren't we all looking for the Glengarry leads? Don't we all wish we could find consumers who will not only respond, but also convert? So how do we find the most responsive consumers that will yield the highest conversion rates?

According to our resident analytic guru, Kesna Lawrence, it all comes down to four key elements: 

• Risk: This first one is absolutely critical to the financial services industry, especially as it relates to conversion because there are qualification parameters that have to be met in order for a sale to take place. This is our sweet spot. We are the masters at identifying risk. Our tri-bureau prescreen marketing platform enables us to help you separate the wheat from the chaff by giving you access to a plethora of credit-based attributes. We have also developed a highly accurate risk assessment model, Risk Insight, that can achieve the same objective without leveraging FCRA-regulated data.
• Fit: Do your leads look like your best customers? If you are truly committed to lead optimization you won't skip this modeling and analytic exercise. Model your best customers...then use this model to rank your leads. You'll thank us later (oh, and by the way, our modeling & analytics team would be happy to help you with this project!).
• Performance: Here's where we get down to the nitty gritty of determining the best measurement of a given lead's likelihood to respond and convert. As far as response goes, we offer a number of response propensity scores that can help you move the needle in the right direction. You can also model past responders to help you determine the factors that play a role here. When it comes to conversion...you'll find the answers buried deep in your historical transactional customer data...after all, your customers were once leads...and a review of their purchasing behavior will identify commonalities that can be leveraged to score a new lead's propensity to purchase. Don't be overwhelmed by these analytic requirements...our team of experts can handle this one too.
• Quality: Do you have all the data attributes you need to make accurate assessments of risk, fit and performance? If you are missing even one key data point - everything you do may be for naught. The solution? Make sure you are partnering with someone whose data resources offer the breadth and depth needed to fill in all of the holes. We happen to believe that we are pretty data rich, but we'll let you be the judge...you can check out the wealth of our data resources here!

So there you have it. The keys to the kingdom of lead optimization are now yours. We would love to talk to you about how to put these principles into practice at your organization. Let us share some best practices. Simply call 1-888-707-7600 to speak with one of our highly experienced and knowledgeable direct marketing professionals!