Retail: Increase Long Term Customer Value
By combining our data, triggers and Quanta Household Segmentation with cross-brand customer data, this home retailer was able to inform a successful cross-sell strategy and improve marketing efficiency.
Brands with several brands in their portfolio have a huge opportunity to increase long term customer value by developing targeted campaigns and cross promotions between customer bases.
This retailer wanted to increase share of wallet across two distinct brands. To do this they needed to better understand their customers and prospects for each brand and identify synergies between the two brands. By doing this they could ensure they were communicating with them in an effective and relevant way. The business was at an inflection point with a potential move from traditional media and marketing to more digital channels.
After receiving the retailer’s customer data, we enriched it with our proprietary Quanta Property Data to better understand their customers by geographic location, persona and property attributes. Using temporal factors affecting purchasing, such as planning permission and Quanta Home Move Triggers, we built up a detailed view of their customer and prospect characteristics and motivations to understand the similarities and differences between the brands. Using Quanta Household Segmentation and associated personas, we identified the best lookalike prospects according to key characteristics.
Their customers were identified in five Pen Portraits which represented less than 9% of Great Britain’s population. It showed crossover of prospects and customers between the two brands displaying the target market served to date and giving a clear picture of the opportunities for this home interior retailer to take.