Developing Strategy

There are three generic database marketing strategies: cross-selling customers, retaining profitable ones and finding prospects who look like a firm's best customers. Bullseye has developed several database marketing tactics which have been highly successful in all three areas.

• Cross-Selling and Up-Selling Programs - Bullseye uses its "Waterfall Segmentation" to segment customers into logical categories for cross-selling and up-selling. Each segment is assigned a marketing objective and a communications plan. The end result is a program which continually upgrades and strengthens customer relationships.

• Customer Entrenchment Programs - Bullseye offers two major strategic programs to improve customer loyalty and solidify the bond with financial service customers. Bullseye's New Customer Development Program is highly successful in reducing defections from newer customers who are, otherwise, almost 10 times more likely to attrit. Bullseye's program generally reduces defections by five points. The Ultra Customer Program solidifies the financial institution's relationship with its best customers through an ongoing communications program.

• Prospect Acquisition Programs - The results from the previously mentioned analyses are used to profile loyal customers. The most relevant variables are used to construct a testing matrix, which is a framework for statistically determining which list(s) work better for acquiring new customers. Third party prospect lists, which most closely match a firm's existing customers (called "look-alike modeling"), are then purchased.

Click on the arrows below to learn more about Bullseye's six-step process.