What Do They Buy?
For instance, two customers may look exactly the same at a business site. A profile of their previous purchases within your database might reveal that they are employed in an affluent business ZIP code, are first-time customers and spent $200 on office supplies from your catalog two weeks ago.
But add transactional data from a co-op database to your records, and you might learn that one of the customers purchased $2,000 in office supplies from various catalog, online and retail merchants. This contact also purchased $600 in gifts during that timeframe, and in the past 12 months has purchased $800 in ad specialty and $6,000 in computing equipment. The other customer, meanwhile, has only spent that $200 in the past 12 months. This data gives the marketer a more complete view of the customer or prospect to better assess propensity to purchase; it helps determine what offers to send to whom and how frequently to mail.
Not only will a transactional cooperative database give you a powerful analysis tool to acquire new customers, it will provide you with the ability to better retain existing customers and optimize third-party lists.
Getting involved in a cooperative database is easy. Most alliances allow you to test names by adding them to your mailing, or even to work with the alliance at the planning stage of your next mailing. Once you see the results of the mailings, the decision to join full time is usually an easy one!
Steve Tinlin is vice president of the Business-to-Business Alliance at Abacus, a division of DoubleClick Inc. He can be reached at firstname.lastname@example.org.