Is your organization running into limitations with predictive and exploratory acquisition models you are building in-house? It could be because your modelling is focusing on retention data rather than on customer acquisition data. Or it could because your campaign needs are accelerating faster than your modellers are able to respond to them.
Why are acquisition models hard to build in-house?
Typically, internal modelling teams are experts in long data sets. They manage lots of records and are very experienced with retention models. But the problem comes when organizations are looking for new customers, and when marketers within those organizations want to act quickly.
There’s a difference between acquisition and retention modelling.
The key difference is that retention models tend to look at customer data, while acquisition models must access individual level prospect data to be truly effective. The only way to build a well-performing acquisition model is to have a 360 degree view of your prospect group.
Cornerstone’s approach is to access and then look at a wide range of external data, as well as an organization’s long data. We analyze credit, tax filer, and attribute data sources we have access to through our exclusive data partnerships.
Because we have so much data available to us, when we first put it together, our acquisition models might be leveraging millions of records and thousands of attributes. Through our experience, we are quickly able to evaluate these data attributes and cut them down to a more manageable and insightful core data set.
The secret to our acquisition modelling success is in the data.
While seeking out the advice of one of our experienced acquisition modelers is a good place to start, the real secret to success behind our acquisition models lies in the richness of the data we use.
Cornerstone’s proprietary modelling technology is fueled by a one-of-a-kind data set that only our Clients have access to. We work with them to build a modelling plan based on their precise targeting requirements. Then we either build models for them or provide them with a self-serve tool that enables them to build their models autonomously.
Access to unique data available through Cornerstone is why our models help our Clients find the best-performing prospects for their offers.
Are you interested in how we can energize your current acquisition models, or assist you in building new models that will help you optimally rank your prospects? Contact us today.