Now that we looked at how Campaign to Closure helps segment the customer base, the next step is to identify which of these segments to target for marketing – the use case that is popularly known as Lead Generation or LeadGen in short. There are various ways to target a population to generate leads – can be based on age, occupation, gender etc.
For example, a retirement and annuity focused insurance firm who used an age based LeadGen analytics model to find out that the year 2020 poses both opportunities and risks for their Annuity and 401K products respectively because high rate of retirement in their customer base and US population in general. So, they went on to strengthen their Annuity product offering and their Sales and Marketing products on the back of this effort.
However, in a Fintech company that we have recently worked with – a combination of Age, Region, and Annual Income gave us the most optimal result for targeting such population.
So the reality is, there is no one size fit all model for LeadGen or any one of the use cases in C2C for that matter. And just like the other use cases in Campaign to Closure Innovizant provides multiple model options in LeadGen too and when we deploy, we analyze the best fit model for our customer.
That said, C2C LeadGen Models were based on three guiding Principles.
- Number 1: Models take into account historical marketing and sales data as well as Customer response and feedback. Rule of thumb – the models best operate with five or more years of historical info
- Number 2. There are models that offer a holistic target population across all LoBs which helps organizations do x-sell and upsell.
- Number 3: Also there are models that provide target and prioritized population at product level or LoB level.
So, after prioritizing segments obtained at the segmentation stage, the next step would be start marketing the product or service to members within the segment.
There are two primary methods that we have employed for this purpose–
- 1:1 Targeted Marketing
- Mass Advertisements