Lloyd James Group has launched PRiMe, a central prospect database solution for new customer acquisition campaigns seeking to radically improve response rates and return on investment.
PRiMe brings together a UK prospecting universe from a variety of large scale data sources, allowing users not only to draw on a rich source for their prospecting campaigns, but also to analyse and refine prospect segmentation strategies, to better understand the relationship between customer and prospect profiles, and to test out campaign strategies.
British marketers can no longer rely on revenues from existing customers alone, as consumer spending falls across the country. More resource is therefore being devoted to new customer acquisition techniques and campaigns, as dwindling customer wallets force the need to for British businesses to increase their market share if they are to maintain revenues.
The new PRiMe service can also provide the basis for constructing a fully bespoke prospect database, incorporating specific data combinations that suit the individual company’s requirements.
The core PRiMe provides the ultimate in financial transparency. The whole service is rolled into a single fee charging structure of £150 per thousand prospects targeted. This approach eliminates concerns about large up-front costs, and allows marketers to budget and measure their campaigns, including cost-per-response, much more easily.
Work with pre-launch customers in financial services and telecoms has produced response uplift in excess of 50%.
Darrel Linehan, Lloyd James’ Client Services Director, comments, “Marketers are crying out for PRM solutions in the current market, and PRiMe is fulfilling their requirements. Diminishing customer wallets mean that firms either accept a downturn in revenues and margins, or they go and win more customers.
That’s not to say that customer retention can be ignored, but the emphasis is on increasing the customer base. However, some of the lessons of CRM are now being applied to PRM, treating the prospect as an individual, not just a name on a list. That means improving the understanding of each prospect, something that cannot be done through traditional list buying techniques.
“PRiMe allows marketers to utilise a rich prospect universe, drawn from a variety of data sources. When customer behaviours change, they can be applied to the prospect universe, and new selection criteria developed. Specialist niche lists can be modelled across the prospect database, and look-alikes identified. Contact frequencies can be managed, channels can be properly integrated, and available markets can be scoped.
“Some organisations are building completely bespoke prospect universes, totally tailored to their own requirements, but needing an up-front investment that is very high indeed. Although this may work for some, PRiMe is designed to cater for the remainder of the marketing community, and has been producing response uplift in excess of 50%.”
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