Convert Consumer Insights into High-Margin Revenue
Today's marketers understand that every lead is unique — in the era of customizable consumer experiences, successful financial institutions are empowered to focus on the leads most likely to convert and to deliver customized offers. Lead Scoring — the ability to identify prospects that look most like your best customers — is vital to driving conversions and increasing revenue.
Why use Lead Scoring?
Financial institutions implement Lead Scoring into their marketing strategy when they want to predict an explicit consumer behavior or answer an important question about a prospect in order to optimize the consumer experience and increase the likelihood of conversion of customers.
As a predictive tool, Lead Scoring forecasts the likelihood of a consumer to exhibit certain behaviors by analyzing multiple attributes, isolating those most highly correlated with the desired outcome and producing a score. This insight empowers the response team to identify the potential value of a consumer and take specific, customized action on a lead-by-lead basis.
Questions about a prospect that Lead Scoring can answer include:
- Is this caller likely to apply for a mortgage?
- Is this Web lead likely to apply for an auto loan?
- How likely is it that this direct mail respondent will apply for a credit card?
Options for All Marketing Needs
With Neustar's On-Demand Lead Scoring solutions, marketers can identify, verify and evaluate leads at the moment of interaction — whether it's on the phone, over the Web or at the point of sale.
Neustar offers Lead Scoring options based on a financial institution's marketing needs, data availability and resources:
- Standard Scores are derived from predictive models which use industry-based non- client specific data for calibration. This is beneficial for organizations with little to no intelligence about its customers.
- Custom Scoring is done by developing a unique statistical model leveraging a client's historical conversion data to determine the best set of factors for predicting the targeted behavior.
Scoring and your Organization
Lead Scoring enables financial institutions to make informed, actionable decisions when interacting with a large volume of consumers. With any business process that captures a consumer identifier – a phone number, address or email – Neustar delivers unparalleled intelligence by leveraging its authoritative, on demand insight engine IANSM (Identifiers, Attributes and Network), one interaction at a time.
A Comprehensive Approach to Analytics and Segmentation
To unlock the insights behind the scores that are delivered through Lead Scoring, organizations are going the extra step by also integrating the proprietary Neustar® ElementOne® analytics platform. This web-based tool is uniquely designed to uncover the "who" behind their best leads, enabling marketers to find more key targets, message to them most effectively and uncover missed opportunities to elevate Lead Scoring from a tactical tool to a comprehensive strategic engine. ElementOne features a range of scientifically designed techniques to accurately quantify and better understand customers and prospects delivering granular-yet-scalable insights for enhanced marketing decisions.
By understanding consumer behavior, with Lead Scoring and ElementOne Marketing Analytics, clients can better devise and measure marketing initiatives for improved customer acquisition, cross-selling and retention, ultimately creating a more holistic marketing approach across their organization.
There are many ways an organization can implement the Lead Scoring process dependent on the marketing goals and business systems. Below is one example of how Neustar clients can increase conversion rates by focusing on the inbound leads that are most likely to convert.