Growing significant relationships with your customers depends on your ability to identify and respond to their individual needs – one to one. Of course that level of insight requires extensive customer information that is often difficult to gather and maintain. But Acxiom’s InfoBase-X Enhancement can add depth and breadth to your marketing database enabling you to clearly recognise and respond to your customers’ wants, needs and expectations.
InfoBase-X Affordability
Acxiom has developed a suite of data solutions, InfoBase-X Affordability, aimed at understanding consumer spending potential. Affordability is a range of tools including a household level segmentation and a raft of predictive models for specific economic dimensions. The segmentation used in conjunction with other key Affordability measures can be a valuable tool to assist in strategic planning, including developing acquisition and retention strategies.
Affordability for Acquisition - The unique information available across UK households through InfoBase-X Affordability provides the ability to deliver effective marketing campaigns based on consumer behaviour and exposure to a changing economy. Affordability is comprised of over 100 variables ranging from expenditure outgoings, credit and debt behaviour to income indicators including household level discretionary, disposable and equivalised income. Linked to the largest most accurate consumer database in the UK, Affordability provides an immediate prospect list of up to 40 million individuals and 26 million households.
Affordability for Retention - Not all customers are worth trying to keep. Marketers should be discerning and spend only the budget necessary to retain the valuable consumers and retire the ones who will drain your resources. Affordability can identify ‘low or no potential’ customers for retirement, saving budget and resources for more profitable targets; understanding which customers are most likely to churn and those worth trying to keep whilst also identifying those valued customers who are increasingly demanding value for money to offer them a more appropriate price plan or product offering
Affordability for Insight and Analytics - Using Affordability you can profile a consumer database and build a portrait of the overall economic status of each household. This portrait will provide insight into each consumer’s likely level of spend, how much each household earns as well as their economic stability. These portraits can then be applied back to a customer base to enhance the transactional data already held on every consumer. In addition, individual models can be derived to score consumers for specific business application such as retention, up-sell or cross-sell activities.
Affordability for Customer Value Optimisation - Increased marketing costs and decreasing marketing budgets mean it’s more important than ever to understand the value of your customer base, identifying what range, mix of products and price points are most appropriate to offer them to optimise their current and future value. Affordability helps to identify your low-value customers with the potential for long-term growth and sustainability. It will identify trends over time and show how households shift their behaviours in response to the economy. Marketers can quickly react to changing consumer behaviours with updated pricing and product packaging.
Affordability Segmentation - A combination of influencing factors in determining a household’s level of affordability such as credit behaviour, risk and indebtedness, outgoings and overheads, wealth, affluence and economic stability have been uniquely combined to provide a powerful segmentation which summarises this information and allocates every UK household into one of 40 segments. The segmentation used in conjunction with other key Affordability measures can be a valuable tool to assist in strategic planning, including developing acquisition and retention strategies.
Equivalised Income - The income that a household needs to attain a given standard of living will depend on its size and composition. "Equivalisation" is a method of adjusting household incomes so that they can be looked at on a comparable basis in terms of economic wellbeing and standard of living. This methodology takes into account both the greater income needs of larger households and the economies of scale achieved when people living together can share household resources.