Long Home Products chose to implement the Think Lead Optimizer (TLO) software to better match their sales associates with leads, increase close rates, ticket prices, and their ROI. The Think Lead Optimizer was launched in one market and Think Unlimited began a comparative report between the market with TLO enabled and without.
How to Use Customer Segmentation Data
Do you know how different buyers perform at each stage of your funnel? Customer Segmentation Reports will identify your highest performing segments to target with demand generation programs or nurture campaigns. Marketing does not need to be a guessing game, take a deep dive into your customer data to learn more about optimizing your reach.
Lead Data Analysis
Think Unlimited enriches your last 12 months of customers to analyze a large body of data and show patterns, segments that are performing well, and which areas have room for growth. Not only can this be performed based on corporate data, Think can take your segmented leads for different services and analyze customer data for each project type. While one group may be highly performing for one service category, you may be missing the mark in that demographic in another.
How Does It Work?
Leads are enriched to identify their behavioral, economic, and demographic data, and to categorize their persona type. Behavioral data allows your company to understand why, when, where, and how a specific consumer buys. For example, some of your leads may buy based on available deals, during the day, and online shop from their phone, while others prefer to browse online at night and call to book during the day. Economic indicators, and an ESI score, allows you to prioritize contacts based on their economic factors. Demographic data is also collected to provide insight on whether or not your lead is married or has children, their projected home value, household income, and others. All of these insights are further enhanced with a persona, which outlines the motivators for buyer behavior and where the customer shops.
For example, two customers may live in the same zip code and make the same amount of money each year, but their priorities are vastly different. One is married with kids and shops at places like Walmart, Sam’s Club, and Best Buy, the second is single without children and shops at the Apple Store, Target, and West Elm. It’s evident from their choice of store, that these two customers have very different purchasing patterns. The first customer may respond well to dollar-off savings and financing offers, whereas, the second may respond best to luxury brand names and aspirational messaging.
You’ve generated a Think Unlimited Segmentation Report, now what?
Once all of the data is collected, Think Unlimited creates a thorough report for major demographic groups with comparisons to the base universe data for the service area(s). This report ensures that your company is optimizing its reach within the service area, and if not, offers strategies to increase further coverage for underperforming demographics. For an example with household income, if 25% of your lead composition falls within the $50,000-$75,000 range, and the base universe composition is only 14%, your company has magnified its reach within that base universe demographic. Alternatively, if only 10% of your lead composition falls within the $50,000-$75,000 range, and the base universe composition is 14%, there is room for growth within that demographic and Think Unlimited will create suggestions for further expansion.
In addition to base universe data, each segment is also compared to your company’s internal revenue composition. To continue the example above, if 25% of your lead composition falls within the $50,000-$75,000 household income range, but the revenue composition of this demographic makes up less than 25%, suggestions for expanding the revenue composition will be offered to maximize return on your leads. If 25% of your lead composition is generating more than 25% of your revenue, then your company has successfully optimized the cost per lead for that demographic. While there is room for growth in generating more revenue in every category, Think Unlimited will focus on the segments that need more attention and encourage you direct specific marketing efforts towards the underperforming areas.
With the outlined deficiencies in your sales data, your company will be able to confidently pivot and create more opportunities for revenue growth. The data is taken a step further with persona insights, to show how, why, and where these personas shop and allows for your marketing team to redirect efforts to the relevant channels for the demographic groups that are lacking. Think Unlimited enables you to take these marketing directives a step further and integrate persona-generated messaging within email marketing drip campaigns, print ads, social media, PPC and digital ads, and others to maximize your reach and increase revenue.
If you’re looking to expand your understanding of your customers’ demographic data and take action to increase your reach within underperforming demographics, reach out to us today for a free demo.
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Only 4 weeks after implementing the Think Lead Optimizer by Think Unlimited, this client saw growth in every area targeted area. With Think’s proprietary AI lead score and assignment process, the higher quality scored leads led to an 8.6% growth in assignments compared week-over-week. With a higher assignment rate, the close rate grew by nearly 4% in the first month. The RPL value of each assigned lead added an additional $277 per lead & the actual gross sale per lead issued cost increased by over $491.