Data is an invaluable marketing tool. However, sometimes assumptions are made that data is data is data and once you've identified and targeted your prospects, there's nothing to revisit for a few months. This could not be further from the truth, and could be severely impacting your marketing ROI in a negative way.
It is essential to keep up with data efforts, especially for those in the financial and mortgage fields. Prospects come and go, and so can your clients. It is essential to constantly monitor your current customers, ensuring you are always staying in front of them. This includes monitoring triggers to make sure your current clients are not looking elsewhere for services that you provide, or are thinking about switching providers. It also includes monitoring potential clients for when they appear to be in the market, searching for a credit card, loan, mortgage, or any other service you may offer. These are the two most necessary components of trigger monitoring in regards to customer acquisition and retention.
Several factors go into determining when a prospect could be on the verge of becoming a new customer, including their FICO score, debt-to-income ratio, derogatory information, inquiries, etc. The faster you get this information, the more timely and valuable your offer will be to either your current or potential client. That's why it's important to be constantly refreshing your lists and data -- first, to be timely and second, to be accurate.
Accuracy goes hand in hand with this concept. If your data isn't up to date, you could end up offering a product or service that your prospect is no longer eligible for, wasting both your time and theirs, especially when it comes to firm offers of credit. A lot can happen in a few weeks to change someone's financial standing or eligibility, and it's essential to not miss important changes in your audience's habits.
The impact of fresh data is measurable by response rates of those who are contacted almost as soon as they start looking for a service or product that you offer. It boosts your brand awareness, visibility, and makes you stand out as the first choice in many prospects' minds. In order to determine who is a prime candidate, fresh data is incredibly meaningful to your ROI on marketing campaigns. Strategy, creative, good offers -- all of these are extremely important, but they're also meaningless if they're being delivered to the wrong audience.
In order to implement the freshest data into your campaigns to get the highest response rate from your ideal prospects, it's important to have a data provider who understands the value of timely and accurate information. Most multi-bureau files in the industry are up to 90 days old. A whole three months can pass, and as you know, anything could have happened to those prospects to change their eligibility or interest in that time span. Not only are you not going to be the first -- and therefore, the most impactful -- offer in their mailbox, you also could be wasting a lot of money, time and effort on prospects that are no longer part of your ideal audience.
Multi-bureau files are valuable to marketers, because the information can be verified, more prospects can be pulled, and you can get a more complete picture of the market. However, many providers have too long of a turn around time to give you the full value that these files can offer. Here at Altair, our data is an average of 30-60 days fresher than our competitors, because we know how important it is for you to have triggers and prospects that are going to be the first to receive their offer, and remain within the criteria required for eligibility during your marketing efforts.
Give our data experts a call today to find out more about how we maintain such fresh data and how we can help you achieve higher response rates, more prospects, and high quality records. We'll make sure you're getting the freshest prospects, so you get an edge on your competition, all while focusing on what really matters: getting the best offers to your audience.