High Precision Marketing: Using Data, Personalization, and Digital Persona
Wouldn’t it be great if all customers drove around with telling signs or bumper stickers indicating their interests and affinities? Let’s explore how prioritizing precision marketing can help you connect with potential and existing donors and prospects.
Evolution of Personalization in Marketing
From this image, one can surmise that the driver of this car has varied interests. She believes in organic farming practices, eating organic foods; she loves to read, she has traveled to different places, she is artistic; perhaps spiritual but definitely passionate as her many bumper stickers indicate! Even if it’s not all true, it’s meant to be directionally aspirational.
If this happens to be your prospective customer, it is easy to understand what she may be passionate about. It is consequently easy to personalize her customer experience with precision marketing. If you are a grocery store, you know that she would use coupons to buy organic or local produce. If you are a travel company, you could update her on your eco-tourism offers.
However, in a world where more customers live digital lives than not, it is now a different ball game to identify their interests, affinities, and preferences. The Boston Consulting Group (BCG) recently reported that over 60% of organizations still rely on mass marketing or generic segmentation. While this may be the status quo, marketers are well aware that personalization is moving from a novelty to a necessity. BCG predicts that there is an $800 Billion shift in revenue towards the 15% of first movers towards personalization and precision marketing.
Role of Wealth Data in Precision Marketing
Easily gathered Digital footprints, interpreted through the use of Big Data, Machine Learning, and Advanced Analytics are very common now. Morgan Stanley has called this the data decade and that the right kind of data and analytics could benefit organizations within every industry.
Precision marketing and personalization need to go beyond demographics to include responsibly curated psychographic and lifestyle data. Wealth-aware Campaigns prove to be high precision, highly private while delivering higher conversions and high impact outcomes.
Charities can leverage personalization to find the right donor to support their cause and empower communities around them. Corporations can use precision marketing to deliver a tailored and thereby improved customer experience.
Precision Marketing Tools
In the digital world, our prospecting solutions can help nonprofits and corporations identify the above woman with all those bumper stickers. We can, in fact, go a step further and find more donors, diners, travelers or prospects like her. For instance, our look-alike models can help find a community of similarly minded individuals who may want to donate to a cause that provides subsidized microloans to small farms. By the same token, their interest might be in investing in clean energy or sustainability projects.
Our proprietary scoring technique not only helps identify donors or customers but also indicates their propensity to give. With this, organizations can not only understand that this is the relevant community to reach, but they can also evaluate the giving or spending potential held by this group.
If you’re looking for your next passionate customer or donor, find the next best prospect through data. Engage them through precision marketing to see higher conversions and consequently lowered acquisition costs.
Contact us to learn more about how to identify your next best donor or prospect. Here at WealthEngine, we can help you understand who, in your current network, is capable of giving major gifts or making high-value purchases. Our SOC 2, Type II certified WealthCloud with secure WealthAPI enables access to the largest curated wealth database. This can be easily integrated into your next wealth-aware campaign, transforming your practices.