How to Turn Customer Data Into Marketing Insights with Experian
Did you hear the news? It’s an industry first: Lexer users now have access to Experian ConsumerView™ and Experian Retail Data within Lexer’s Customer Data Platform (CDP). This innovative integration will let you begin turning customer data into marketing insights.
So what exactly does that mean?
By combining Experian data with their own data in the Lexer CDP, users are enriching their existing customer database to gain a deeper understanding of their customers and prospects. Our clients have new super-power customer segmentation abilities and can activate high-value audiences with one consolidated tool.
5 Ways to Enhance Customer Data with Experian
1. Segment by gender.
Understanding the gender of your customers is imperative to delivering personalized messaging across all marketing channels — and it’s a great way to start turning customer data into marketing insights with Experian.
For example, by adding gender to your customer and prospect profiles, you could reveal the ratio of men’s to women’s clothing sales. If 60 percent of transactions are for men’s clothing, 40 percent are for women’s clothing, but the actual gender split of your customer database is 80/20, then you could assume that many women are buying gifts for men (or doing their shopping for them). You can use this customer insight to run gifting campaigns or encourage women who bought men’s clothes to treat themselves.
2. Target people based on where they’ve recently shopped.
Understanding where your customers are shopping and their product preferences is advantageous when up-selling and cross-selling.
For example, say you sell women’s apparel and are thinking about adding accessories to your assortment. By adding Experian Past Purchase Retail data, you can understand what portion of your customers buy accessories. These insights help you to decide on product extensions and, once you launch, you can target this group with announcements of the new products.
Experian Retail data shows you what retail trends and areas your customers are interested in, so you can find out when they’re purchasing from other brands. Experian Past Purchase data connects you to consumers who’ve recently purchased in 38 product categories across brick and mortar, catalog and online channels.
The system allows you to create detailed, data-driven audiences based on purchase recency, frequency and monetary value (RFM). This new feature will give you the power you need to begin turning customer data into marketing insights you can use as a competitive advantage.
3. Target renters, roommates, owners, and investors differently.
Your customers’ housing types and homeownership statuses help you understand the types of products that fit into their lifestyle.
For example, if you sell furniture, then your marketing messaging needs to be different for customers who own homes and for customers who live in apartments. This personalization is key because the size of their dwelling will have an impact on the assortment of furniture they’re interested in.
Using a CDP with the Experian integration, you can add not only dwelling type (e.g., home vs. apartment) but also the Mosaic segmentation which will highlight which of your customers live in suburban or urban environments.
This information will help you tailor your marketing messages more effectively; you might highlight your space-saving items to those in urban areas and highlight your bigger items to your suburban customers.
4. Use household income (HHI) for price, promotion, and product targeting.
The combined earnings of a household play an important part in a customer’s spending potential.
Harnessing this data will allow you to segment your customer base and more easily target the right customers in the right place, and with the right product offering.
For example, let’s say you sell women’s clothing and have a variety of price points for your goods (you may have a good-better-best strategy). You may want to promote your premium merchandise to people with a high income and promote lower price points or promotional offers to lower-income households.
5. Use generation to tailor messaging, channels, and ad spend.
Trends like sustainability and closed-loop manufacturing are known to be favored by newer generations like Millennials and Gen Z.
Tapping into trends like these has never been easier than with Experian Mosaic groups.
For example, say you sell women’s apparel that has a broad appeal to women of all ages. You know some items do particularly well with your Millennial and Gen Z customers, while other styles are loved by Baby Boomers and Gen X. By adding the Experian Mosaic segmentation, you instantly know which of your customers skew into the Boomer and Gen X generations and those who are Millennials or Gen Z.
We all know the impact of tailoring tone of voice, imagery, and messaging based on generational profiles — use more conservative proof points, security, safety and surety with older generations, and punchier, more exciting, and on-trend messaging to younger generations.
Start Driving Revenue Growth With A Complete Picture of Every Customer
Gaining actionable insights from your data has never been easier than with the Experian-Lexer CDP integration.
This double-play with Lexer helps our clients enrich their customer records with the best-in-market, demographic, financial, and lifestyle data they need to deliver more targeted, personalized marketing campaigns.
Experian’s powerful data source of 230M consumers and 110M households include household income, gender, education level, occupation, relationship status, decision making, Mosaic® segments, and more — and the top marketers today are turning customer data into marketing insights to amplify their success.
Are you ready to power-up your customer data? Get in touch with us today for a complementary demo of the Lexer CDP and see for yourself how it can help your team unify your customer data and grow your revenue.
Book Your Demo Today!
Gaining actionable insight from your data has never been easier than with Experian. The double-play with Lexer Identify helps our clients to enrich their customer records with the best-in-market, demographic, financial and lifestyle data.
Experian’s powerful data source of 230M consumers and 110M households include household income, gender, education level, occupation, relationship status, decision making, Mosaic® segments and more.
Get in touch with us today and find out how you can power-up your customer data.