Have You Met Customer 3.0? An Omnichannel Approach to Growth

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Have you met Customer 3.0? An omnichannel approach to growth

© 2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. 2

Mara Nicholl Experian

Introducing:

@ExperianVision | #vision2015

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Insights

3 © 2015 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Taking a look at changing

consumer behaviors


Evolution of the consumer From 1.0 to 3.0

http://www.accenture.com/SiteCollectionDocuments/Accenture-Customer-3.0-POV-Final-v2.pdf

Customer 1.0

Birth of the Web

Internet was little more than yellow pages

Reactionary behavior

Customer 2.0

Internet-only businesses

Consumers search additional information

One-size fits all model

Businesses seek out consumers online

Consumers are hyper-connected

Requires customization Customer 3.0


Introducing Customer 3.0 Not who we thought

Consumer 3.0 is:

Highly informed

Price sensitive

Socially connected

Trust the crowd

Instant gratification

Self-promoting

Consumer 3.0 is not necessarily Gen Y


Customers move across devices during the day


What consumers expect:

Personalized engagement across all channels

Their wants and needs anticipated

Content and offers that directly align with their interests

Current trends Keeping tabs on shifting expectations


74% of online consumers get

frustrated with websites when

content has nothing to do

with their interests.

– 2013 Online Personal

Experience study by Janrain


Current trends An adapting industry

© 2015 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Analytics

10


Analyzing Customer 3.0 Creating the consumer profile – how we did it

Mobile users

Technology wizards

Technology journeymen

Technology apprentices

Technology novices

Technology adopters

Mobirati

Social connectors

Pragmatic adopters

Basic planners

Mobile professionals

No mobile phone

VantageScore® Estimated income Age

Trend ViewSM In the Market ModelSM

Consumer credit data

Consumer behavior data


Analyzing Customer 3.0 Not who you think they are … AGE

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Mobriati SocialConnector

PragmaticAdopters

BasicPlanners

MobileProfessionals

No MobilePhone

Po

pu

lati

on

by a

ge g

rou

p

Age of mobile users

70-87

50-69

35-49

21-34

0-20


Analyzing Customer 3.0 Not who you think they are … AGE

0

50,000

100,000

150,000

200,000

250,000

Wizards Journeyman Apprentices Novices

Po

pu

lati

on

by a

ge

gro

up

Age of tech adopters

70-87

50-69

35-49

21-34

0-20


Analyzing Customer 3.0 Not who you think they are … CREDIT QUALITY

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


PragmaticAdopters

BasicPlanners

MobileProfessionals

No MobilePhone

Po

pu

lati

on

by V

an

tag

eS

co

re®

VantageScore® for mobile users

Super Prime Prime Near Prime Subprime Deep Subprime


Analyzing Customer 3.0 Not who you think they are … CREDIT QUALITY

0

50,000

100,000

150,000

200,000

250,000


Po

pu

lati

on

by V

an

tag

eS

co

re® c

ate

go

ry

VantageScore® of tech adopters

Super Prime Prime Near Prime Subprime Deep Subprime


Analyzing Customer 3.0 Not who you think they are … SPEND

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


PragmaticAdopters

BasicPlanners

MobileProfessionals

No MobilePhone

Po

pu

lati

on

by T

ren

d V

iew

SM

Mobile user Trend ViewSM segments

Consolidator Rate Surfer Revolver Transactor Mixed


Analyzing Customer 3.0 Not who you think they are … SPEND

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


Po

pu

lati

on

by T

ren

d V

iew

SM

Tech Adopters Trend ViewSM Segments

Consolidator Rate Surfer Revolver Transactor Mixed


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


PragmaticAdopters

BasicPlanners

MobileProfessionals

No MobilePhone

Po

pu

lati

on

by I

n t

he

Ma

rke

t M

od

elS

M b

an

kc

ard

In the Market ModelSM bankcard for mobile users

300-499 500-599 600-699 700-799 800-900

Analyzing Customer 3.0 Not who you think they are … PROPENSITY TO RESPOND


Analyzing Customer 3.0 Not who you think they are … PROPENSITY TO RESPOND

0

50,000

100,000

150,000

200,000

250,000


Po

pu

lati

on

by I

n t

he

Ma

rke

t M

od

elS

M b

an

kc

ard

In the Market ModelSM bankcard for tech adopters

300-499 500-599 600-699 700-799 800-900


Learning about Customer 3.0

They span multiple generations with a growing number of seniors

They have high credit quality with a focus in super prime and prime consumers

Strategies to target the online consumer:

Leverage online and offline tools for a cohesive consumer experience

Deliver consistent content messaging at every touch point

Use segmentation tools to target consumers across channels

Attracting Customer 3.0


Growth


The problem:

Reaching a diverse consumer group who increasingly prefers a digital channel for engagement

The goal:

Deliver ONE experience to the consumer regardless of channel

Instead of looking to replace, augment current strategies…

Create online and direct mail synergy –increase lift in campaign effectiveness through using multi-touch, multi-channel campaigns

Leverage mailed offers in mobile – increase ROI on current prescreen campaigns by creating an additional touch

Attracting Customer 3.0 A whole new world?


Find your

audience

Authentication Credit

offers

Reach your

customers

Measure

results

What does omnichannel mean?

Mail

Email

Phone Mobile

Online In-store


Solution overview Online and offline data

Target consumers

Responds to

offer: <1%

Prescreen mail process

Mail firm offer

Even at <1%,

DM is still

profitable

Does not respond:

>99%

But how do you increase profit here?



Does not

respond:

>99%

But how do you

increase profit here?

Checks

prescreened list

You’re

pre-approved!

Match CRM file to online identifier

Online ad presentation

Online-only

engagement

Yes

Client Website

Consumer enters PII

No



Does not

respond:

>99%

But how do you

increase profit here?

File One℠

Match CRM file to online identifier

Online ad presentation

No

Online-only

engagement

Yes

Client Website

Consumer enters PII and consent

Checks

prescreened list

We have the best

fit options for you!

You’re

pre-approved!


Mobile display: Firm offers of credit Instant and batch representation

Application

XYZBank

Emma

Johnson

123 Main St

City ST ZIP

APPLY

XYZBank

Welcome back,

Emma Johnson!

You’re pre-approved

for a credit card!

My Accounts

Deposit

Pay Bills

Login

XYZBank

You’ve been

pre-approved for a

Cash Back card, with

a credit limit of $5,000!

You can choose to stop receiving

"prescreened" offers of credit from

this and other companies by calling

toll-free 1-888-5-OPT-OUT. See

PRESCREEN & OPT-OUT NOTICE

below for more information about

prescreened offers.

Present offer Approval

XYZBank

Congratulations!

Your card is on its

way.

Start using

now

Add to digital

wallet

Prospecting in the mobile channel


Consultative approach analyzing current strategies

Align offline and online prospecting objectives

Segment consumers by channel and spend/response propensity

Increase ROI while decreasing CPA

Moving to an omnichannel prospecting strategy

1

4

3

2

Experian has solutions to help you target effectively

and efficiently across channels and the credit spectrum


Rethinking the digital consumer

We used to think the digital

consumer 3.0 was the Millennial …

We now understand that

Consumer 3.0 is much more.

– Jim Marous From Bricks to Clicks, Reaching the Digital Consumer 3.0,

BAI Retail Delivery 2014, November 12-14 Chicago

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