Scoring is a process that analyzes your data records and identifies which individuals are most likely to buy from you. It empowers you to make strategic decisions about who to target and where to invest your marketing budget. Instead of taking a random selection, you can choose the very best records for your company.
Before you can score your records, you need to analyze who your current customers are. You want to understand what is working really well, so you can repeat it. Customers know your brand, like what you have to offer, and have completed a transaction. The goal of scoring is to find other people who look just like your best and most loyal customers.
Once our data scientists have analyzed your current customers, they will create a MicroModel®, a statistical data model based on your top consumers. Your customer or prospect records will be run through the model and scored and ranked. You can see exactly which households are a good fit for you to target and which ones are the least likely to respond. When you use this insight to target top scoring records, you will see an increase in response and conversion rates. You can also reduce marketing waste by eliminating unlikely responders from the list.
Applying Scoring to Marketing List
House Records
When you look through your customer records, not all of them are good clients. Some of them were one-time purchasers who will never come back. Some may need to be prompted again but have the potential to become highly profitable customers, and others may be enthusiastic brand ambassadors. You cannot treat every record the same nor do you want to invest the same amount in every consumer. Scoring allows you to focus your efforts on growing customers with the most potential.
Prospect Records
When you make your demographic selections and pull your prospect universe, which records do you choose? Typically, you would take a random selection from the available records. However, if you choose a universe of single females in their 40s within a 10-mile range, not every woman in that group will be a good fit for your product. Scoring allows you to identify the best records in the universe, so you can eliminate those who are unlikely to purchase from you and focus on winning customers who are actually interested in what you have to offer.
Credit Data
If you use credit data in your marketing efforts, our team can work directly with the credit bureaus and you to score your prospect universe. We protect the data privacy of the consumers while also identifying the best records for your offer. This means you only need to purchase the number of records you actually want to target, and you can see a much higher return on your investment.
Next Steps
Who you choose to market to matters. You can take a random selection and hope for the best, or you can use data science to create a custom-built model for your business and score your records. Our team loves helping businesses like you find their top prospects. If you want to know more about scoring your data, give us a call.