Like other financial institutions, it must identify the right customers for the appropriate promotions. Getting the message to the most responsive customers maximizes returns from the bank s marketing budget. Conversely, a poorly targeted marketing campaign wastes marketing dollars and can isolate customers who view the promotions as annoying. In financial services, the behavior of particular customers purchasing the same product can vary significantly. While banks and other customer-intensive businesses recognize that principle, finding the correct tools to enable them to gather pertinent information quickly and easily had been a challenge for all banks Marketers and business analysts need to quickly transform raw customer data into easily understood, predictive models of customer behavior models that allow marketers to target appropriate customers as they plan campaigns.
Software tools can help marketers sort through large volumes of data by developing models.
The two groups of information were combined. The first mailing round targeted those high potential profit customers with the product they were most likely to buy. A second and a third round followed, targeting those same customers, if they had not bought the first product offered with the products they were next most likely to buy. Before this comprehensive, dynamic information was available, the mailings were more mass in nature and not as targeted. Speed and ease of use also differentiates Quadstone s software from similar products on the market.