PriMe Adds CRM Approach for Customer Acquisition

Outbound customer acquisition campaigns thrive or die in fair part on the list quality, which ideally has names whose buying and demographic attributes show a propensity to buy what is being offered.

 

Yet in putting together such lists, how many enterprises have consulted the best source for such information, that is, their own CRM databases, to help create such buying profiles?

 

That’s where Lloyd James Group, which is one of the United Kingdom’s largest independent data solutions firms, comes in. It has launched a new service called “PRiMe,” which builds a bridge between a company’s prospecting and CRM strategy silos.

 

PRiMe allows companies to create centralized prospect relationship management or PRM database that brings together data from different sources using information from a company’s existing customer database. Through PriMe, firms can more effectively target and establish relationships with potential new customers.

 

The solution not only allows users to draw on a rich source of data for their prospecting activities and to test out campaign strategies, but also to better understand the relationships between customer and prospect profiles. With PRiMe, just as CRM data informs new business activities, so information gleaned from prospecting campaigns can be fed back into CRM initiatives such as cross-selling and up-selling to make these activities more effective.

 

With this approach, specialist niche lists can be modeled across the prospect database, and lookalikes identified. When customer behaviors change, this information can be applied to both the prospect and the CRM strategies, which helps to inform the relationship between consumer and brand.

 

PriMe makes both CRM and prospecting budgets more effective, boosting ROI at a time when dwindling customer spending is driving UK businesses to do whatever they can to maintain revenues. Work with pre-launch customers in financial services and telcos has produced response uplift in excess of 50 percent.

 

 “Marketers are crying out for PRM solutions in the current market, and PRiMe is fulfilling their requirements, “ says Darrel Linehan, Lloyd James’ Client Services Director. “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. 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, which can also help companies improve their understanding of existing customers.”

 

PRiMe is available only in Britain. Pity. For enterprises based or marketing to prospects and customers there PriMe is transparently and conveniently priced. The entire service is rolled into a single fee charging structure 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.

 

“Some organizations are building prospect universes, totally tailored to their own requirements, but they need an up-front investment that is very high indeed,” Linehan said. “Although this may work for some, PRiMe is designed to cater for the remainder of the marketing community.”