Disciplined customer acquisition strategies
Customer acquisition is a constant balance between volume, value and cost. Targeting potential customers while keeping acquisition costs down requires a disciplined approach to:
Profile your best customers
- Generate a pipeline of appropriate business opportunities from reliable market data
- Enhance acquisition strategies with insights from predictive models based on granular segmentation
- Measure the performance of acquisition activities so effective methods can be expanded and ineffective ones can be discontinued.
Having access to timely, accurate market data enables financial institutions to identify the prospects that best fit the profile of their existing best customers. Customer data can be integrated with prospect data to create a basis for these profiles, which can be used to create a distilled target list.
Focus on micro-markets to increase response rates
Broad-brush approaches to large groups of prospects leads to wasted resources and substandard results. Financial institutions need to delve deeper into prospects’ behaviors and lifestyles, locations and common travel patterns and product preferences to segment broad markets into micro-markets. Focusing on a smaller, well-defined group within a larger market enables financial institutions to tap into groups of prospects with differentiated products that will yield higher response rates.
Deliver prospects on-demand via the web
Supplying qualified leads to a distributed sales force in a timely, efficient manner is a vital component of turning prospects into customers. Novantas Solutions offers an on-demand web-based service making it easy for companies to share and manage prospect data with minimal IT involvement.
Use the right mix of products and services at the right price
Leveraging Novantas Solutions market data, analytics and technologies helps financial institutions analyze market opportunities, competitive positioning, pricing, response rates and prospect demand, as well as deliver targeted leads to the field, all with minimal IT investment.