Prioritising and personalising your communications

Data Quality is critical to finding new customers

New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

How to find new customers with a personalised engagement strategy

How to find new customers with a personalised engagement strategy

Earlier this year we began looking at the idea of Data Enrichment becoming a core pillar of an organisation’s broader data management strategy. In our first article, ‘Better audience profiling will drive better business outcomes’ we discussed the art and science of data profiling - why it’s vital, how to do it effectively and the improved outcomes businesses could see as a result.

 

In our latest article, we’re going to discuss how Prioritising and Personalising your engagement with customers can help drive an increase in performance.

 

Prioritising and personalising

 

So what do we mean by Prioritise & Personalise?

 

Prioritising is the ability to analyse customer data and understand where profitable segments lie. This in turn informs decision making regarding which customers to go after proactively, which to sell to reactively if they make an approach themselves, which customers are the most important to hold on to (from a value perspective) and which segments you will need to actively de-prioritise as they are a resource drain on business performance.

 

Personalising is the process of giving the perception of a tailored solution or engagement even when communicating with many people. The more personalised, the more likely the engagement is to be successful. If we think about the retail sector (mass market with much to gain from personalising communications and engagements at scale) then potential areas of personalisation could cover, how many staff you employ to manage customer care, visual merchandise layout and positioning, store locations and fit-outs etc.

 

Prioritising personalisation a necessity

 

Generally, having a succinct way of prioritising anything will help add focus and improve the end result. The same can be said for acquiring new customers. Having a laser-focused plan, supported by the very best third-party data and analysis will put organisations in the best position to succeed.

 

We’ve already tackled profiling data, appending additional third-party data in order to get a true understanding of clients, and now we need to prioritise who we are going to communicate with, and personalise that outreach to maximise the impact.

 

By combining Experian third-party data, from tools such as Mosaic, you can start to understand, in great detail, which segments of your customer portfolio are the most attractive for expansion.

 

In addition, the necessity to personalise communications and experiences goes even deeper. 66% of consumers say that encountering content that isn’t personalised would stop them making a purchase*. And the majority of consumers are overwhelmingly willing to share more of their personal data, if they believe it will help organisations personalise their engagement with them.

 

Data quality still critical to new business success

 

If we look specifically at the retail sector again, research has found that a whopping 79% are actively investing in personalisation technology right now*. This is totally understandable given the mass commoditisation of products and services and the need to win customers based on emotional attachment and trust.

 

And yet, the data that underpins their efforts is not always up to scratch. We’ve looked at numerous retail organisations we work with and analysed the accuracy and completeness of their data assets. On average, only half** (52%) of customer address records held are accurate and nearly one third** (28%) of emails held are not valid. Clearly these inaccuracies would impact any attempt to successfully increase new business sales.

 

Find new customers today

 

Many organisations around the world trust Experian to help them understand their target audience, segment and enrich their data, and then personalise their messaging at scale to maximise results. Consumer’s have come to just expect an effective engagement strategy from organisations they interact with. There is simply no excuse for not having an effective engagement strategy in place.

*https://www.forbes.com/sites/blakemorgan/2020/02/18/50-stats-showing-the-power-of-personalization/#6747ffeb2a94​
**/customer-data-validation?chart=Retail

 

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Experian

By Experian 05/21/2021

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