Emma Cartledge replies:
Damart has a robust customer management programme and we run over 20 targeted campaigns a year. In 2006 we began testing with Transactis to understand if real purchase data would give us that edge on acquisition results.
My advice: find a partner that really understands data pooling and has a reputation for excellent customer service. They have to deliver real, additional insight and, because budgets are always tight, not insist on speculative, high, up-front investments.
Damart has worked with the leading suppliers for many years but in this case it was essential that the chosen partner understood our issues and made it easy by allowing us to test before we bought. We chose Transactis.
Matt Pepper replies:
A methodical approach is integral to a project's long-term ambitions. The most sophisticated platform will not deliver if the data selection is wrong. You must decide what you want to achieve and what data should be in the pool.
After fully reviewing and analysing data providers, the next step is to select a base file with proven roll-out potential. Banker swaps will add richness, but many swaps and rentals may just overlap. For the long-term benefit of the pool, any file added must offer some insight.
An enduring and profitable pool is also dependent on the recency of the data - suppliers must be able to facilitate regular refreshes and rebuilds while constantly analysing, and reporting on, the pool's performance. Marketers must ascertain how much data is really being used, whether additional data sources are worth the expense, and the effect of refreshes on the pool.
The advantages offered by prospect pooling are well documented, but hands-on commitment is vital to its success.
Anna Foster replies:
There are four aspects you should look at to get the best from your data pool:
- Construction - the supplier should ensure your pool is efficient, cost-effective and, ideally, scalable so future improvements can be incorporated at little extra cost.
- Population - multiple-sourcing boosts response, maximises variable coverage, improves modelling capabilities and adds depth to the data. Niche data sets should also be considered.
- Analytics - good models need to be constantly refined and updated following campaigns. Check you are not getting a one-size-fits-all solution, and do not stop at modelling: you need full-response, cross-channel tracking of all campaigns.
- Strategy - a prospect pool is no longer simply a box full of data; it needs to help manage and improve your marketing.
POWER POINTS
- Test out the prospect pool before buying it
- A methodical approach will build the most useful data pool
THE PANELLISTS
The client: Emma Cartledge is customer recruitment manager at Damart
The practitioner: Matt Pepper is sales director at Abacus
The agency: Anna Foster is head of data planning at Response One