Turnkey Intelligence has been touting the value of third party consumer data for nearly 10 years. We began by partnering with Acxiom Corporation, the world’s largest aggregator of consumer data, and combining their data with transactional data on individual consumers. Then, we used that data to create custom lead scoring models for individual properties, designed to increase close rates and make sales reps more efficient.
The value of Turnkey’s models quickly became clear: our clients’ close rates increased, average sale amounts grew, and total revenue generated from our highest-rated leads far outpaces the represented size of that group. Our retention models have achieved similar success.
However, the value of these efforts goes far beyond the scores our models produce. A typical Turnkey-produced lead scoring model utilizes approximately 150 demographic, household, lifestyle and wealth data elements. These data elements play a pivotal role in the production of the models and subsequent scoring processes, but are often forgotten once the score is produced, despite the fact that the elements themselves have significant value.
For example, hosting these data elements within your marketing automation system allows them to be used as triggers and filters. Want to create a campaign promoting a family event to your season ticket holders? Simply use the “presence of children in the household” data element as a filter when creating your marketing list. Want to promote your organization’s partnership with a new high-end men’s clothing retailer in a specific zip code? Use certain PersonicX clusters and/or Net Worth values as filters with creating your segment.
Storing this demographic data in your CRM or data warehouse enables the creation of detailed profiles of specific customer segments, and can be used extensively by your marketing and sponsorship departments. Turnkey has procured this data on your behalf, so remember: it is there for you to use at your leisure beyond the score.
To further increase our clients’ access to data, Turnkey recently made the investment to host Acxiom’s Infobase database locally. This move gives us tremendous flexibility and enhances our internal capabilities significantly. Now, rather than request data from Acxiom on a record-by-record basis for each record on behalf of our clients, we will instead have immediate access to all of Acxiom’s data. We will also have the ability to mine data and perform “investigational” analysis without having to purchase the data first. Over time, Turnkey plans to give clients access to more automated reports, syndicated scoring models, and diversified bundles of data for purchase.
The use of third party consumer data is going to continue to grow. Turnkey will continue to vet all options and supply the best of the best to our clients.
Is there a data product you’d like to see offered in Turnkey’s Intel Portal? Let us know!
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