August 18, 2015

Applying marketing research to CRM


The Situation

This is an example of how to apply survey results on a sample of people to a customer base using the customer data. Customer data in this case could include behavioural, transactional, or demographic data

The Client’s Business Goals

  • Improve their underwriting process
  • Increases sales through simplification of process and targeting
  • Reduce dropout rate/attrition

Our Solution

  • We organised a survey to replicate the outcome we were trying to predict – in this case did they pass the underwriting process
  • Identify a link between the survey data and the customer (demographic) data, and merge the results together*
  • Build a model to predict the outcome of the survey given the known customer data
  • Score the customer file to predict the outcome

Key benefits

  • This approach allowed the market research results to be applied to the customer file at an individual level
  • Decisions can be made on how to treat each customer, enabling the market research to have a physical use

Similar projects*

  • We have applied this methodology in a variety of cases
  • Instead of market research one can use any outcome, such as:
  • Insurance policy rating
  • Customer behaviour such as attrition, or response
  • We can build models using a variety of data:
  • Banking, loyalty, transactional data
  • Demographic data
  • Web data