Capability: Consumer and Demographic Data
The distinction between attracting and retaining high-net-worth individuals (HNWI) within the existing investment landscape can feel like a blurred line for many wealth and asset management firms.
With new rules released by the Financial Conduct Authority (FCA) in 2022, which demanded increased consumer protection for financial services consumers, it is now more important than ever for firms to leverage data to improve customer experiences and outcomes.
As a result, firms may now be experiencing the impact of lacking the necessary customer-centric data to effectively and compliantly deliver positive experiences and outcomes. Understanding the steps that must be taken to ensure that wealth management firms are digitally safeguarded, while adopting customer-first practices and identifying the HNWI they would like to attract, will be critical.
How do wealth & asset management businesses know who to attract?
It is through enhancing customer data that is backed by demographic, lifestage, lifestyle and attitudinal insight that will enable wealth & asset management firms to better understand, reach, and serve customers. Without having the right data available, they will risk lacking an integral understanding of who to attract.
Wealth products were historically sold by independent advisors who knew the local area and could identify the ultra-wealthy with ease, including where they were likely to be, often by word-of-mouth. This is no longer the business model for many wealth management firms looking to identify potential business at scale and deliver direct sales to new investors who expect a different type of engagement.
What major challenges do wealth & asset management businesses face in attracting & retaining high net worth individuals?
Competition for investment
The everchanging investment landscape has caused wealth and asset management firms to re-evaluate existing investor experience approaches. To keep up with the changes in client demands, firms that lack integrated insight and digital engagement capabilities will find themselves at a disadvantage against competitors, and unable to provide the tailored experiences investors now expect.
Cost of living
With no definitive end in sight for the cost of living crisis, there is increased interest in targeting affluent individuals from across sectors, many of which are mature in their data and digital capabilities. Wealth Management firms will experience increased competition and pressure for those available assets. Firms are tasked with reassessing their customers’ journey end-to-end to determine how to effectively safeguard against these unpredictable times.
What techniques should wealth & asset management businesses use to retain investors?
Effectively identifying and catering for the right customers
No two customers are the same, and firms that may have opted for a traditional approach that meets the needs of all customers will quickly realise that personalised and customised experiences for each unique customer is the best way forward. It is integral for firms to understand what their clients want and where they are seeking out financial products that meet their unique needs, to help them access the right products. This approach will allow customers to gain the most use of their tailored solution and will encourage them to remain with the firm for future support in their financial endeavours.
Utilising consolidated data to retain customers
Firms that effectively utilise consolidated data will notice long-term growth and can leverage this to outcompete their competition. Firms have client data, but without an understanding of how to enrich it, decipher it and make use of it to improve their customers’ experiences, they will not determine how to retain customers effectively. Customising solutions for clients that are built on demographic, attitudinal and behavioural insight will be paramount for this.
Acting upon customers’ short and long-term needs
Firms need to better understand the current and future needs of investors to appeal to a wider investor audience. Those that acknowledge the need for enhanced client understanding can introduce insight into their business that will drive improved customer-first experiences and outcomes.
How can CACI help?
Consumer Duty is an authoritative intention that will guarantee trust between financial institutions and consumers. Firms must innately understand their customers to adapt their products and drive messaging that effectively engages them and improves results, whilst also ensuring compliance with the directive.
CACI is uniquely positioned to support businesses through agency, consultancy, data provider and system integration capabilities, all of which work in conjunction to drive value for your business. Our services and data products work in conjunction with our strategies and values to continue to connect firms with their customers.
Throughout this blog series for the wealth management industry, we break down the opportunities for businesses to attract and retain high-net-worth individuals. Continue reading at the links below:
Blog 1 – Four barriers wealth managers face when attracting & retaining customers
Blog 3 – Three reasons why wealth & asset managers need young investors
Blog 4 – How CACI supports the wealth management customer journey
Whitepaper – Acquiring new high net worth clients – What wealth managers need to know
To find out more about how CACI can support you, contact our team of data experts today.
How do you decide when to create a loyalty programme?
All businesses will eventually face the existential question of whether they should implement a loyalty programme or not. Understanding the value in doing so is paramount— customer loyalty is a big question for a lot of brands, and few know where to begin to devise a promising loyalty scheme, with many brands lacking an understanding of the potential return on investment. It is also integral for brands to have a business case prepared prior to formulating the loyalty programme’s design, as this knowledge will sway the development entirely.
Why brands might be thinking of this now
There are several factors that may prompt the creation of a loyalty programme– increasing share of wallet, encouraging customers to buy directly from a brand versus through a third-party retailer, or enhancing direct customer relationships to drive repeat purchase behaviours. No matter what the driving forces, businesses have become increasingly aware of the impact that customer insight has on informing an effective loyalty programme and the potential cost and risk of not introducing one into your own business.
What risks are associated with creating a loyalty programme?
Improperly planned and executed loyalty programmes can result in hefty costs for businesses, plummeting bottom line profit figures and an inability for revenues to bounce back.
Additional elements you must consider when implementing a loyalty programme include:
Getting the value exchange right
If customers do not understand the point or see the value behind your business’ programme, it will not be successful. Getting the value exchange wrong can erode your brand’s impression on customers. If the programme appears worthless as opposed to rewarding, it will fail to increase customers’ sentiment or engagement with your brand.
Getting the level of innovation right
Loyalty programmes must be innovative and uniquely tailored to a diverse customer base. Your business must meet customers’ expectations in one cohesive programme versus through multiple solutions, which demonstrates the importance of value exchange– meeting the wants of customers without sacrificing your business’ value.
Getting the loyalty mechanic right
You must be mindful of what customers are looking for from a loyalty programme, but this understanding must be backed by a data-driven approach that allows you to understand the unique selling point for your customers. There are a few approaches you can take:
- Tiered loyalty programme: This splits benefits into tiers or levels that customers spending certain amounts of money can achieve. The higher the tier a customer reaches, the greater the benefits will be.
- Points-based loyalty programme: Customers are given points with every purchase they make, and when they reach a certain number of points, the points can be used towards a discount or reward.
- Subscription-based loyalty programme: Customers that sign up for subscription-based loyalty programmes will pay for their subscription upfront or in monthly or yearly instalments to receive exclusive discounts or rewards.
A lack of access to customer-centric data and an understanding of your customers’ wishes, however, will hinder a loyalty programme’s capabilities.
What should you consider before creating a loyalty programme?
- Is your business bought in, engaged and set up to support a loyalty programme? Do you have the right technology and CRM in place, an existing loyal customer base and the ability to continue to sign up new customers?
- Is a loyalty programme worthwhile for your customers and for you? Have you listened to your customers’ value mindset in terms of the product or offering to conclude the best potential ROI from your loyalty programme?
- Is your business clear on how to enter the market in a way that will demonstrate ROI? Does it have the necessary mechanics or programme in place to pilot in the market to provide a successful ROI? Are you aware of the potential opportunity it can bring?
If you can answer these three questions, you can conclude whether now is the time to create a loyalty programme.
What steps should your business take to implement a successful loyalty programme?
- Ensure your business is equipped with the necessary data to determine a loyalty programme’s value and discern what a good outcome for your business would be. This can be done through data analysis, best practices and benchmarking that will help you effectively align internally to understand existing capabilities and how best to proceed.
- Confirm that your customers want a loyalty programme. If they do, what does a valuable loyalty programme look like for them, and what is the opportunity for your business? Identifying the value to the customer as well as to your business through data enrichment and data science will be a key next step.
- Determine the ROI that your loyalty programme can deliver and understand what type of mechanic should be used in the pilot market to achieve this. An assessment of the scenarios of mechanics should be carried out to determine this. Once the opportunity from a viable mechanic is understood, determining how to effectively enter that market in a way that will deliver ROI will be crucial.
How can CACI support you with implementing a loyalty programme?
CACI’s data science capabilities and Customer Engagement consulting team can determine the actual costs that your business will face in running a successful loyalty programme and support your business through an innate understanding of loyalty across enterprises.
We do this by using our own proprietary data, data science, and expertise to understand the headroom in the market and help determine KPIs, understand which of your customers want a loyalty programme and how they want it to look to inform what potential opportunity exists. Areas that we assess to inform this include demographic richness, compliance for use, permissions, and our own products to fill any gaps around customer segmentation to determine who customers are and ask the right questions.
Our teams of data scientists and consultants will scenario plan with your business to comprehend the mechanics and experiences that must served and managed to your customer groups to build the pilot. Once this business case is understood, and a feasible pilot market has been identified, we can design a sophisticated end-to-end offering to help you deploy a successful loyalty programme.
Could your business benefit from a loyalty programme? To learn more about how CACI can help you, contact us here.
Navigating everchanging expectations from customers, as well as new rules from the Financial Conduct Authority (FCA) to ensure that increased consumer protection is in place, has led wealth managers to not only find new ways to better understand their existing clients, but innovate ways to identify and attract new high net worth individuals (HNWI). This has caused many wealth management firms to scramble to increase their digitisation and customer-first policies quickly and effectively.
The ability to define these HNWI and UHNWI can be cumbersome, especially when the HMRC, FCA and individual banks and wealth managers all use varying criteria to measure this. Wealth and asset management firms looking to grow their business through the acquisition of these individuals will have to consider the importance of overarching data and scalable transformation to do so.
While you may recognise the need to better understand your clients, legacy practices and technology can often hold you back. Currently, we have noticed four major barriers in attracting and retaining customers:
1. Sparse investor data to inform decision making
Building a high-net-worth portfolio of investors requires the right financial products. Financial and consumer data products that identify people with incomes above £100k are far and few. This makes differentiating between an investor earning £100k and an individual with a £500k annual salary complicated, and identifying and targeting high-net-worth groups a challenge.
You cannot rely on your clients’ intergenerational wealth either as, once it is passed down, it is often the case that inherited wealth will be spent or not reinvested. However, if it is reinvested, it is often done with other brands, as different investor groups have different needs. This can leave you questioning how much wealth will actually remain with your client.
2. Lack of understanding of current and future investors’ needs
Once you acquire a new HNWI investor, utilising your cross-sell and upsell capabilities to extract the most benefit from their available wealth will be crucial. The ability to understand your clients is paramount, including both present and future needs in order to establish a long-term relationship.
Consumer Duty has been introduced to make firms more accountable over the suitability of their products and services, to meet the needs of those they are sold to. You will need to review the entire investor lifecycle and journey, revisit how and what to include in your marketing strategies, and establish new ways to measure all these areas to remain compliant and trusted.
Outreach to younger target investors
Younger investors are not as likely to behave as their older counterparts. For example, they may not necessarily attend the same in-person industry events, and often need to be targeted and communicated with via digital channels or social media. They will also want to manage their assets via digital platforms to be more self-serving. This means you need to work harder to intrigue and engage with younger investor audiences.
3. Maintaining GDPR (General Data Protection Regulation) compliance
By attempting to reach your target investors via additional or new channels, you must consider data protection and GDPR. Substantial penalties can come with breaches; therefore, you must ensure that any data handling is done carefully and correctly. Plus, you need to provide clarity to your audience as to where you have sourced their data from and why you are legitimately contacting them.
4. Delayed response towards technology-first approaches
The last five to 10 years have seen a significant move towards digital transformation and customer-first policies, particularly with banks and building societies. While this ongoing transformation has been relatively steady for some sectors, the wealth and asset management sector has struggled to adapt.
To appeal to investors, brands must now adopt and embrace digital practices by implementing business models that will facilitate customer-led and technology-first transformation.
How can CACI help?
CACI is already a trusted partner to leading wealth and asset management firms, supporting investor acquisition and retention through predictive analytics and data solutions.
Throughout this blog series for the wealth management industry, we break down the opportunities for businesses to attract and retain high-net-worth individuals. Continue reading at the links below:
Blog 2 – How to identify, attract & retain high net worth individuals
Blog 3 – Three reasons why wealth & asset managers need young investors
Blog 4 – How CACI supports the wealth management customer journey
Whitepaper – Acquiring new high net worth clients – What wealth managers need to know
Or to learn more about how CACI can help your firm overcome barriers in this area, explore our services or get in touch.
In today’s competitive market, understanding how best to engage with your customers and reacting to their behaviours is critical to success.
Following the launch of Braze’s third instalment of the Global Customer Engagement report, I explored the three key customer engagement trends within the report. I also considered how brands impacted by these trends should respond to these familiar challenges.
CACI is an award-winning partner of Braze. We know consumers better than anyone else. Our breadth of demographic data combined with our expertise in marketing and data technology and campaign delivery makes us a key partner for brands looking to deliver innovative customer journeys.
Trend 1: Retention-focused strategies
The first trend identified in the report is how brands are increasingly focused on retention to combat the unsustainably high acquisition costs. The report highlights that brands increased their marketing budget on retention from 33% in 2020 to 45% in 2022. This enables marketers to invest in their customers and design solutions to keep them coming back to their brand.
The challenge is that a sub-optimal strategy can end up costing you time and money. A strong retention strategy delivering value to your customers is worth its weight in gold, as not only are acquisition costs high, retaining customers today is becoming increasingly harder with the breadth of touchpoints available for your competitors to interact with existing customers.
Identifying and combatting these behaviours while understanding how to add value throughout the customer lifecycle is vital. While Braze has a variety of channels and techniques that enable you to deliver your retention campaigns, the hard work happens outside of the platform.
To help brands develop the right strategy to maximise value, CACI’s CRM Strategy team are first focused on getting to the heart of what makes or breaks customers’ interest in your brand. We use our breadth of skills across customer data and campaign delivery to help develop and deliver award-winning retention strategies across a variety of sectors. We recognise that every strategy is different depending on your organisation’s needs, goals and customer behaviours. That is why we take the time to innately understand and ensure each strategy is bespoke to cover each of these areas.
Trend 2: Data management
The 2023 report highlighted two main data management challenges that we also see when working with brands:
Brands have too much data
The days of batch imports and overnight data loads for campaigning are slipping away, and real-time data is becoming increasingly prevalent. With more real-time touchpoints comes more data needing to be categorised, organised, refined and adapted.
This is where having a strong alignment between your tech stack components becomes crucial. The ability to process this data at speed and understand the quality of the data– not the quantity of the data– is paramount.
However, not all brands have an aligned tech stack suited to this influx of data. CACI’s Marketing Technology Solutions team help brands see the wood from the trees regarding their overall data architecture by delivering gap analyses that find and prioritise the gaps to plug.
We’ve recently completed an extensive Braze and architecture audit for a global retail brand which assessed four key areas: Architecture, Usage, Process and Data. The results of this have helped fuel this brand’s understanding of their existing data structure, what gaps are present and then supply a roadmap of priority actions across the next 6 months. This work will enhance the customer experience and deepen customer understanding.
There is a capability gap
The report is correct when it says: “Data management doesn’t end with technology—teams need to be set up to effectively use data.” Skills within CRM are ever-growing, and with more emphasis on data, there are desires to analyse this data immediately and understand how your brand can leverage this within the customer strategy.
Our Campaign Operations team enable and elevate brands daily to unlock key features of Braze such as Conversion Events and Funnel Reports to inform campaign performance. Beyond Braze, utilising the power of Currents has helped brands understand macro and micro campaign performances, resulting in changes to customer strategies and optimised test and learn processes.
Our team of Certified Braze Consultants are a blend of operationally and data-focused power users who bridge capability gaps by working with you to unlock the untapped potential of Braze. Additionally, the team supports our Data Scientists to identify micro customer behaviours that affect campaign performance.
Trend 3: Siloed teams
Like the capability gap, siloed teams can be incredibly detrimental and limiting to a brand’s CRM programme. According to the report, 16% to 28% of marketers in small to large scale companies reported that customer engagement was owned by either marketing in collaboration with other teams, or by cross-functional digital teams. Collaboration between Data, Tech and CRM has become increasingly vital to build out relevant testing strategies and evolve customer experiences.
The report explained that this is not just a regional or even an EMEA issue, but a global one. At CACI, we have the knowledge and tools to drive and manage successful transitions in a company to help increase adoption and enablement of new business processes and technology solutions. Our Operational Change consultants will work with a cross-functional team of experts in-house to create end-to-end solutions to real-life business problems.
How CACI can help
The Braze report provides an excellent overview of the challenges we are all facing in creating and executing effective customer engagement initiatives through the trends of retention-focused strategies, data management and siloed teams.
CACI can supply end-to-end support along the customer engagement journey and help turn observations into strategic and tactical solutions through our powerful combination of data and technology, ensuring customers remain at the heart of any engagement strategies.
To learn more about how CACI can support your business’ customer engagement strategies and initiatives, get in touch with our team of experts today.
How does a challenging economy affect consumer choices and priorities that shape the UK market for elderly care?
It’s no surprise that the cost of living squeeze is having an impact on elderly care operators. Private residential and domestic care cost money: consumers are looking for ways to economise. Older people want and need comfort and care as much as ever, but they and their families are tightening their belts. Inevitably, they’re considering the cost of different care settings and options.
What does this mean for residential and domiciliary care providers? It’s early days, but as for every other consumer sector, you need to be prepared for the market to change. A proactive approach to understanding current and future customers and modelling potential demand in your locations can uncover opportunities to maintain occupancy and optimise your services to match evolving priorities and needs.
If you don’t have a crystal ball to hand, that may sound like a tall order. But knowing and anticipating market demand in your locations doesn’t depend on magic or guesswork. Consumer and location data together provide reliable evidence that can help you identify ways to stay relevant, accessible and financially stable.
Not all groups are impacted to the same extent by the rising costs of living. The majority of Acorn Groups still have a sizeable disposable income despite the recent 5% average fall.
Source: CACI Paycheck Disposable Income 2022 v2
Despite the bleak headlines, the economic impact varies considerably for different household types and in different areas. Many older consumers still have savings, disposable income or assets that allow them to choose the care they want. If you can understand the profile of your current and future customers in detail, it’s easier to identify and reach out to local prospects.
Location intelligence data is a well-established source of insight for care home operators and domestic care providers that are considering expansion or new sites. Mapping the age and affluence of the local population in a potential catchment helps to indicate where there’s likely demand for elderly care services.
But alongside age and income, there’s a lot of more subtle data that can help you market your existing services, confirm or reshape your propositions, benchmark your pricing and adjust the range and type of services you offer. This type of insight is extremely useful in a fast-changing market.
CACI data insight can answer crucial questions about your customers and market:
• What are the characteristics of your local and target customers?
Acorn profiling groups UK consumers by affluence, life stage and priorities
• What are your current and potential customers thinking, feeling and intending to do differently?
Quarterly Consumer insight surveys of the UK population
• How has customer spending on different outgoings changed?
Transactional spending data shows the split of spend with different brands and operators
• Whose disposable income is affected?
Postcode model of income in different locations, showing how it’s being spent.
• What’s around the corner?
Dynamic modelling forecasts what could happen to consumer spending if inflation, fuel and other costs rise in a range of different ways
CACI’s current disposable income model reflects the changes we’ve observed in the last few months. Although all households are affected by rising costs, the majority of our Acorn consumer profile groups still have a significant disposable income. It’s groups like Student Life and City Sophisticates that have seen the largest decline, driven by property costs.
There has been major growth in spend on private healthcare, with a wide range of demographics prioritising health over other non-essential spending.
Source: CACI Transactional Spend, June 2022
For elderly care operators, it’s encouraging to note that Comfortable Seniors, Countryside Communities and Successful Suburbs, who are likely to form far more of the target market, have some of the highest levels of disposable income, reflecting smaller or non-existent mortgages, good pensions and comfortable savings accrued over previous years.
Spending on private healthcare has increased in the past year. The Covid-19 pandemic and concerns about NHS waiting lists are driving this change in priorities for households across most Acorn groups. Despite rising essential costs, many consumers now regard healthcare expenditure as a necessity, not a luxury. This could have a positive impact on perceptions of value in elderly care.
These are just the headlines from our latest national data. Every elderly care provider has a different operating model and works in unique locations. CACI’s health and social care team can select data and build customised reports that directly reflect the opportunities and changes happening in your catchment areas today and tomorrow. For mid-sized operators, it’s vital decision-making information to inform strategy and tactical decisions that will help your business compete and thrive in a challenging economy.
We can help you:
• Continuously analyse, monitor and adapt – stay ahead of policy and new competitors when finding new customers and recruits
• Tailor marketing engagement and recruitment key messages to reflect the requirements of local potential pools of customers and staff
• Understand your staff and customer base and how its segments are impacted by different cost of living challenges, to identify risk and opportunity
• Tailor your offer to changing consumer and staff requirements
CACI’s specialist elderly care and senior living team work with clients in the UK and internationally to help them improve operational and financial performance with access to vital insights into their customers, employees and locations.
To find out more, contact us.
Over the last three years, we have seen a more significant shift in consumer habits than we could have imagined. Currently challenged by the rising cost of living and an economy in recession, the post-pandemic spending bubble was cut much shorter than initially anticipated by economists.
Like everyone in January, CACI reflected on the last few years, and as part of this, we revisited predictions that we made during the height of the Covid-19 pandemic. Consumer behaviour changed significantly in the space of several days, triggered by widespread temporary store closures during the lockdowns. Some stores were never able to reopen; whilst online platforms boomed, in light of these significant behavioural shifts, CACI rebuilt predictions to reflect this new normal.
How close were CACI’s consumer online spending predictions to actual results?
Mirroring our spend predictions, a phrase we maintained at CACI at the time was that “online spend jumped forwards five years in one month”. What we have come to realise was that three years on, these spend predictions, shown in the below chart, highlighting a return to in-store, were very close to the true picture.
How can CACI track consumer online spend behaviour?
CACI can unpick these new trends in spend behaviour using our new and exciting tool kit of Spend Dimensions and Brand Dimensions, which tracks over 200 shopping centres and 300 brands across the UK.
What we can see demonstrated in the above chart is a post-pandemic slump in online spend as a proportion of total spend. In 2023, online spend falls to 38%, before gradually rising again in the preceding years.
Whilst the current split in online and offline engagement provides us with an overall national average, it is important not to expect all shoppers to follow suit. We have seen asset type, product category, brand, region and demographics all play a big part in the extent to which a shopper might engage online.
Who is most likely to shop online?
Demographically, the split between those engaging in-store and online has become less distinct, highlighting the closing of the digital gap between young and old, with the difference between online market share across all groups dropping from 10% to 5% over the last year.
However, the big picture doesn’t change. Key online shoppers continue to be younger shoppers across the affluence spectrum as well as more affluent shoppers, likely driven by greater access to e-commerce platforms and the ability to afford delivery costs.
How does this vary by product category?
The recent shift back towards in-store engagement isn’t clear-cut and does vary by product category. CACI expectations were that the drivers of the overall return to the store would be clothing and footwear, household and health & wellness brands. This has been the general spend trend that we’ve been seeing across the UK since 2020.
The variation by category gets further exacerbated by the time of year. For example, comparing the months of October to December 2021 and 2022 in the chart below, there was a clear shift for household and kids’ goods spend to in-store, likely driven by the desire to experience before purchasing. Whereas, General Retail painted an interesting picture within the final quarter of 2022. Both in 2020 and 2021, with Black Friday and Cyber Monday taking place in November, Christmas hit online earlier than in-store, boosting online’s share of the market temporarily. In December, our Christmas survey reiterated this sentiment, with over half of those shopping online citing a main drive of this being concern with the rising cost of living and saving money, whereas over half of those shopping in-store did so for the experience. The experience-focused, in-store shoppers drove the resurgence year-on-year of in-store spend in December.
What does the return to in-store mean for retailers?
Across the 300 brands we tracked, many pure online brands are experiencing a decline in market share, in-store brands have typically performed well, and those blended brands have seen a shift towards a greater in-store market share. The power of the store can be seen through brands such as Decathlon, Nespresso, Build-A-Bear and Denby, who have all shifted to greater reliance on the store over the last quarter. In comparison, online disrupter brands such as Vinted and Shein which thrived through the year began to see a drop off.
What does the future of consumer online spending behaviours look like?
Whilst 2022 did represent a return to bricks and mortar, we are still at least a year ahead of where we would have been if the pandemic hadn’t happened. We expect to see continued growth in both on and offline retail spend, although proportionally online spend will increase.
However, it is undoubtedly true that we are currently, and will continue to, experience unexpected macroeconomic challenges which will impact different brands and destinations in different ways. Brands can no longer rely on their name as we have seen with the casualties of too many well-known landlords and retailers. Therefore, making informed decisions through the use of CACI data will help retain a competitive advantage and stand out from the market.
To learn more about how CACI can help your brand navigate changing consumer spending habits, get in touch with us here.
Change within the financial services sector is complex. There are multiple stakeholders, regulatory needs, and often a base of legacy data and technology to unpick.
From our work with major brands, we know that the change is achievable and worthwhile. Investing in customer centricity will pay dividends in the long-term by reducing competitive threats, winning new customers, and ensuring retention of base customers.
To succeed in an increasingly competitive market, financial services brands need to establish change that encompasses:
- A coherent data-driven strategy – where customer data is of a high quality and securely democratised to enable meaningful messaging to the individual
- Establishing the right business targets and success measures – moving from short-term outcomes to long-term value for the customer and the organisation
- A focus on your customers and the market context – understanding the needs and behaviours of both customers and prospects to better engage them
- Maximising data and tech ROI – having the right tools to deliver the outcomes the business needs and then sweating the technology assets to deliver long-term ROI
- Measure and optimise what matters – ensuring accurate reporting is fed through the business and that teams are empowered to act on those insights to optimise performance
Our challenge to leaders within financial services is to create a vision and become an agent of change. We want to work with brands who care about their customers and are making changes to show it. Therefore, our catalogue of services is developed to do amazing things with data and connect your brand with the individual.
At CACI, we can improve marketing ROI through detailed attribution modelling. Our customer demographics and bespoke segmentations provide a more accurate profile of customer needs, market size, and even financial vulnerability. Technical decisions around investment in AI, decisioning or identity resolution are made by defining clear use cases for technology and designing future technical architectures.
This work led to CACI developing a framework for customer personalisation at scale. Working with leading vendors Tealium, Braze and Snowflake, we created a technology blueprint that can achieve full integration between enterprise data and the omnichannel experience.
To find out more about the CACI Customer Personalisation Platform or to discuss issues related to customer transformation, please get in touch.
You may also be interested in downloading this report which uncovers a surprising disconnect between what banks think and how customers feel about the customer experience, with statistics and insight gathered from 1,500 marketing leaders and 5,000 consumers.
You can also check out the previous parts of this blog series below:
Blog 1 – How the banking and financial services sector can lean into a changing market
Blog 2 – Creating human banking experiences through data-led marketing
Blog 3 – Three ways to stand out in a crowded insurance market
Highlights
- Granular demographic data for a dense urban population
- Accurate insight reflecting rapid urban change, updated annually
- Data to blend and visualise with other specialist datasets
- Local population profiling to provide relevant services
- Supporting local accessibility and inclusion
About Impact on Urban Health, Guy’s & St Thomas’ Foundation
Guy’s & St Thomas’ Foundation was previously known as the Guy’s & St Thomas’ Charity. It is an independent foundation whose mission is to invest, partner, engage and influence to come at big health challenges from all angles. The Foundation and its family of organisations collaborate with communities, partners and hospitals, using its assets to transform lives.
Impact on Urban Health is part of the Foundation, with a specific remit to make urban inner London and similar areas healthier places to live.
The Challenge: Understanding the impact of the Snowsfields life sciences hub
Guy’s & St Thomas’ Foundation has created a 300,000 square foot life sciences hub with world-class lab facilities. The development is adjacent to the Guy’s Hospital campus in Southwark and will form part of a new health innovation cluster in central London.
To assess the impacts and benefits of the development for the local community, the property team asked Impact on Urban Health to help them understand more about the needs, lifestyles and characteristics of the people who live nearby.
The Solution: Acorn demographic data for a densely populated catchment
Data Analyst Alessandra Denotti is responsible for generating insight for Impact on Urban Health projects. She used CACI’s Acorn demographic data to map profiles of the population in the immediate area around the proposed Snowsfields development.
The Benefits: Detailed, accessible and actionable population data visualisations
Project Director Emma Davies studied Alessandra’s insight presentation to understand the local population better, in order to design and propose relevant services within the Snowsfields development plan for local residents to use.
Emma explains:
The data insight work was done to review the make-up of the local community in the area surrounding the Foundation’s Snowsfields development site. Acorn enabled us to determine who we have living in and around our place at Snowsfields using the Acorn classification tool which shows demographic and lifestyle demographics at a postcode level. It was a really interesting exercise. This enabled us to better determine what services we should look to provide in the development scheme, to be more inclusive to the local community, at a very early stage in our proposals.
Find out more
Please view the full customer story here. If you want to learn more or have any questions please get in touch with us.