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A client in the financial services market wanted to contact existing customers with a range of cross- and up-sell offers but was concerned that the age and degradation of their customer data would make the cost per response too high for the campaigns to be viable.
UKChanges worked with the customer to maximise the value of their data, removing wasted effort and resource to deliver clean, accurate, usable records and help the client to achieve its goal of a single customer view and cost-effective outbound campaigns.
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When the marketing efforts of a major financial company came to focus on the organisation’s pensions and investments portfolio, the sporadic nature of previous contact strategies, the level of product cross-over and the volume of legacy data in the system began to raise a number of concerns over the cost per response of the company’s future campaigns. After discussing the contact strategy, which included both mail and telephone campaigns, the UKChanges team looked at the data and the options available for maximising the value of the information. Recommendations were made for a number of data quality and data cleansing processes that would help the company to achieve cost-effective outbound campaigns. A comprehensive deduplication identified individuals across a range of product-specific databases and created a client-defined hierarchy, providing a single-view of each customer and the products they held. Individual up-sell and cross-sell campaigns were devised and target groups identified through the company’s in-house analysis package. These files were then processed by the UKChanges bureau using a combination of deceased suppression screens and home-mover information, including the addition of current moved-to addresses from the Royal Mail NCOA file. Erroneous records were removed, thus reducing the upfront costs of postage, production and wasted effort, as well as the hidden costs of brand damage associated with mailing the deceased and movers. Results for the first campaign came back with higher than expected response rates and, having covered the investment in data cleansing and manipulation through savings elsewhere, the cost per response significantly outperformed forecasts. One of the most important processes proved to be the confirmation of residency provided by processing files against the UK Consumer File and BT OSIS database immediately prior to campaign launch. This was particularly useful for telephone-based campaigns, as the high call connection rates ensured that the agents in the call centre remained productive throughout the day. |