Products and services come in a range of prices and packages to meet the needs of various customers; however the challenge lies in the process of communicating the most relevant messaging and customized offers to the kinds of consumers most likely to be interested in purchasing them.
With Buying Power & Customer Insights from Neustar, marketers gain instant intelligence on households likely to have the financial capacity to buy specific products or services. Ultimately, businesses can leverage these financial insights to tailor offers and promotions to match consumers with the most appropriate product or service and improve conversion rates and return on marketing investments, and improve customer experiences.
Match the Right Consumer with the Right Offer at the Right Price
This proprietary financial insight is delivered to help differentiate between groups of households that may appear to be identical using traditional segmentation platforms, but in fact are likely to have considerably different purchasing power. Buying Power Insight was designed to deliver insights about a household's expected financial resources by combining aggregated credit information and household-level demographics to build predictive segments based on the likelihood of household groupings to respond to offers and make purchases. With this insight, marketers can match prospects with the relevant product or service and the right promotion or offer.
Buying Power leverages the full power of Neustar's market-proven, real-time consumer insight engine, IANSM (Identifiers, Attributes and Network). Through IAN's authoritative data repository Neustar can identify consumers by market segment, link them to key predictive attributes — in this case expected financial assets – and deliver the insights in real-time to enable informed, actionable decisions at the point of interaction.
Instantly Match Offers to a Consumer's Likelihood of Interest
Buying Power Insight is designed for companies that want to quickly and accurately gauge the likelihood a consumer will be interested in a product or service and match marketing communications to expected interests and preferences. It is an ideal marketing tool for businesses selling higher ticket items such as financial services, timeshares, communications services or continuity programs that require regular payments over an extended period of time.
There are two ways that Neustar clients can leverage Buying Power Insights:
Buying Power Score
The Buying Power Score (BPS) delivers these financial insights in real-time, one interaction at a time no matter the point of contact – online, over the phone or at the point of sale. By receiving this information at the crucial moment of interaction, companies can match consumers with the agents with the most appropriate expertise and experience.
Marketing teams also leverage BPS to reduce follow-up communication costs by using engagement tactics, such as direct mail, email or follow up phone calls that are most likely to be effective for particular kinds of consumers and deliver customized promotions to those that best match the predefined criteria.
Ultimately, businesses benefit from Buying Power Score by helping to:
- Customize offers and promotions
- Personalize treatment in the call centers
- Optimizing follow up outbound communications
Example: Buying Power Score
A high end electronics store wanted to know, at the point of interaction, which prospects were most likely to purchase specific products and what kinds of payment programs were most likely to appeal to those prospects. They took the aggregated financial insights and household demographic data from BPS and segmented the data based on their predetermined criteria. Each incoming call or online lead is categorized on these elements, which allows the sales agents to instantly deliver an offer tailored to insights about each consumer's propensity to purchase and predicted preferences.
Buying Power Ground Counts
Buying Power Ground Counts (BPGC) combines Buying Power Insights with more granular aggregated counts, such as block groups or zip codes. This allows organizations to understand the presence of consumers with varying BPS in and around existing or planned locations to determine potential growth opportunities and create relevant direct marketing campaigns to complement the geographic area.
Example: Buying Power Ground Counts
The same company wanted to learn more about the consumers in a 5 mile radius of their storefront in a Northern Virginia community. With BPGC in the Neustar ElementOne® Analytics Platform, the company overlaid the audience of households grouped in the “Luxury” BPS range over the targeted area to identify how best to focus their marketing efforts to reach consumers that are most likely to convert and become high-value customers.
Buying Power insights make businesses more competitive by matching the right product to the right prospect in real-time, every time. Marketers can quickly and easily adjust offers and messaging to changes in the market, growth potential and new facility openings, all while maximizing your marketing investments.