I shouldn’t have to tell you that customer insight is important to your business. Yet even in this customer-centric world, there are still many organisations who could be finding out lots more about who buys from them – and who should be buying from them.
The deeper and more informed your insight, the stronger your relationship with your customers, the more relevant your conversations and the smarter your decisions. In turn, this means marketing that is more effectual and should, by rights, mean more revenue and bigger profits.
While there are many approaches to customer insight, Blue Sheep clients have seen great success (an increase in profitability by up to 30% and tens of millions in efficiency savings) using our pioneering Money Map customer insight service.
Essentially a form of propensity modelling, Money Mapping focuses on both transactional and contact data, to determine the likelihood of new prospects to purchase from you, based on a correlation of historical data.
The model includes customer transactions, locations, organisational size and an economic forecast for every business in your customer database, and then applies a layer of matched data from other data sources (our UK Business and Consumer Universe) to build complex profiles of customers.
These profiles are then applied as scores to every customer, in order to categorise them into four customer groups or segments. At Blue Sheep, we refer to them as:
Customers that spend big, stay long and are easy to acquire.
Tyre kickers that drain resources and spend relatively low amounts with you.
Low spending customers but easy to acquire and good market penetration.
High spending customers but with low marketing penetration and difficult to convert.
Once these customer profiles or segments are created, they are then matched back to the 25 data sets within the UK Business and Consumer Universe to reveal other lookalike businesses within your market.
This can then look at the population of businesses that match your ‘Treasure’, ‘Avoid’, ‘Sales Promotion’ and ‘Marketing Development’ segments.
The Benefits of Money Mapping
By doing this match back, it provides:
- Insights that can be used to improve your acquisition campaigns
- Target sales and marketing at the right prospects
- Protect revenue that is at risk in your existing customer-base
Money Mapping customer insight is great because it can help to transform your market in various way, including:
Identify Market Share
By matching back to a large enough data pool with a high match rate you’ll be able to work out how much of the market you have as customers already.
Reveal Size of Market
As well as market share you’ll have a count of available prospects that will determine growth strategies and better planning/forecasting.
Identify Efficiency Savings
By looking at the quality of data matched to your revenue it can help to show how much revenue is potentially at risk due to duplicates or ‘goneaways’ or incomplete data.
You’ll be able to apply your insight to your marketing campaigns to focus budget on acquiring new leads from channels, locations and/or industries that are proven to spend more and stay for longer. These are your VIPs that you (a) can’t afford to lose and (b) need more of – for less effort!
Your newfound prospect pool of ‘Treasures’ could be potentially worth £ billions! These demand your budget and attention (as opposed to your avoids that should go nowhere near your sales team ever again).
Blue Sheep Money Map Customer Insight
- Supercharged Data – cleansed, enhanced and enriched data
- Customer Insight – know which leads will convert and spend big!
- High Quality Leads – We'll provide a rich, targeted prospect pool
- Reduced Business Risk – identify customers at risk due to bad data
- Increased Efficiency – stop wasting time on leads that never convert
Sign up for a FREE, no-commitment trial and within 48 hours of receiving your data we'll provide a sample showing you a wealth of insights about your customers and prospects.
Call: 01242 545 340