Compiled data is a compilation of information on individual consumers. This information can include income, location, age, marital status, credit history and more. Using compiled data helps you to create powerful marketing lists, giving you a major sales advantage over your competitors.
One of the biggest advantages of using compiled data is creating laser focused marketing lists containing your ideal prospects. There are though, some other major advantages of using compiled data that get overlooked.
Here are other ways compiled data can help you:
Creating Multiple Lists
When you are purchasing rich compiled data it can be broken down and segmented into groups of prospects who are more likely to buy from you. This is because rich compiled data can contain individual consumers purchase history as well as demographics. The richer the compiled data the more information you’ll have and the more accurate your marketing lists will be.
The data can be targeted so narrowly that you can come up with different lists for each of the products you have to offer. Instead of just focusing sales on one product and one group of prospects you can now create targeted lists for each of the products you have to offer. This will save you time, boost your agency’s efficiency, and increase your sales.
The information provided from compiled data can help you in your efforts to retain customers. This is a major advantage considering it usually costs much less money to retain existing customers than it does to find their replacements.
With compiled data you can view valuable information about existing customers and even round out their files with this information. You may even find that there are products they currently need that you can offer them.
Refining Your Approach
The more you know about your existing clients and prospects the better you can communicate with them. Compiled data can give you a profile of who your existing customers are. With this information you’ll know who is most likely to purchase your product in the future and how to interact with them.
You’ll also be more aware about how up and coming products will be perceived and who will best fit their profile. This will give you a head start on your marketing plan.
In addition, by using compiled data you’ll also have a general idea of who might be able to afford your product and if their profile fits for the best premium pricing.
Boosting Your Sales
By using compiled data you’ll have a major sales advantage over your competitors. Your lists will be custom tailored for your best products. Having such a targeted list of prospects will drastically boost your insurance sales.
Compiled data will also provide the information you need to build stronger relationships with your current customers therefore increasing your retention rate. By using compiled data you’ll see a boost in efficiency, productivity, and your bottom line.