COMPILED DATA SOURCES: ENHANCING DATABASES
What is one of the keys to a successful database that will help you reach and retain customers? Strong and complete data! This article will help you understand various compiled data sources available to you during the initial build and subsequent updates of your database. By utilizing the vast array of data that is returned from these sources, as well as deriving data from relationships identified between these sources, you can gain access to a wealth of useful and powerful marketing information.
Compiled Consumer Files
Compiled consumer files usually consist of demographic, lifestyle, psycho graphic, and occasionally derived credit information (number of inquiries or propensity to revolve or transact).
Data for the consumer lists is gathered from a number of public sources such as surveys, telephone directories, auto registrations, warranty cards, and sweepstakes, and so on. Consumer compiled files can be further classified into specialty lists such as ethnic markets, newlyweds, or new parents. These lists can be of tremendous value to niche marketers whose business is based on precise timing and moving targets.
Tip: On at least a semi-annual basis, we should overlay your database with various elements from a compiled consumer file. This information can be used to create a profile of your existing customer base, which can be a strong indicator for identifying your prospects in the future. In addition to this, if your names are available for list rental, your list manager will be able to offer segments of your file with these enhancements. This creates an additional revenue stream, which in many cases will cover part or all of the costs associated with overlaying the consumer data.
Compiled Business Files
Business compiled lists provide detailed characteristics and features about a company. They contain “firmographic” information such as SIC Codes, business name and address, employee size, sales volume, and contact names. Business lists are sourced from Yellow Pages, PR announcements, trade publications, and public records.
Tip: As with the consumer files, business marketers should overlay their database on at least a semi-annual basis. This information can be used to create a profile of your existing customer base, which can be a strong indicator for identifying your best prospects in the future. In addition to this, if your names are available for list rental, your list manager will be able to offer segments of your file with these enhancements. This creates an additional revenue stream, which in many cases will cover part or all of the costs associated with overlaying the business data.
DMA MPS, TPS, & e-MPS
Select service bureaus within the direct marketing industry have chosen to maintain a copy and receive periodic updates of DMA MPS (Mail Preference Service), TPS (Telephone Preference Service), and e-MPS (e-Mail Preference Service). They contain
consumers who have requested through direct contact with the DMA to be placed on their “Do not promote/solicit” files for direct mail, telemarketing, and e-mail marketing.
Tip: When building and maintaining a prospect database, request that your service bureau suppress records that match to any of these files. Historically, these records have proven to be less responsive to direct marketing offers, thus giving marketers a tool to effectively eliminate potential non-responders.
Business Data Element Files
Select service bureaus have developed proprietary business data element tables that can be utilized by marketers who target businesses or SOHO’s. These compiled files contain extensive tables of business terminology such as incorporated, limited, and company along with functional and hierarchical title data.
Tip: One of the primary functions of these files is to identify business data element inconsistencies. In many cases they have the ability to “swap & move” data to standardized fields. By doing so, you can increase your Zip+4 and Carrier Route coding percentages when utilizing CASS certified software allowing you to decrease your postage costs.
While no data source will be as powerful a predictor of your customer or prospects behavior as your own historical data, when used within their limitations, compiled files is a valuable source of data for the direct marketing industry. This is why the files discussed above are critical to the overall success of your database marketing efforts.
