Knowledge is power. That’s why appending data—or supplementing information from an existing database with external sources—is vital to reaching key audiences and maximizing overall marketing efforts.
Know Your Audience
Appending data helps supplement existing information to give your marketing department a clearer picture and understanding of your customer and the market and how to effectively serve them.
You can use this information to create robust target audience personas or profiles. Having these personas allows you to better understand your target audiences, their needs, and how to reach them. This information can also allow you to cross-sell additional products to customers and stem attrition.
There are many different data points available that can help provide a better understanding of customers and prospects, adds Tuttle. Simply appending data—affluency or life stage triggers, for example—a financial institution can have a better understanding of the share of wallet they have with current customers, and they can identify potential customers that are similar and likely to need the same products. Appending data paints the picture and takes away some of the guesswork.
Now that you know the right products to put in front of the right customers (or prospects) at the right time, you can also utilize this information to better understand how to communicate with them to see the best results.
Some people appreciate and respond to direct mail or phone calls, some primarily use email, and others prefer social media. Your appended data will help you know which platforms to utilize so that you can meet your customers and prospects where they are.
As you conduct marketing campaigns, tracking results will provide additional insight into your target audiences, their preferences, and what they respond to. You can continue to use this information to sharpen your marketing strategies, ultimately increasing your ROI.
If you want to dive into this topic deeper with our team, reach out here.