How to use LifeData for Marketing Analytics & Predictive Marketing

How To Use LifeData® APIs Available on Azure Marketplace

 

Versium, a data technology company, and Microsoft hosted a joint webinar to discuss the power of LifeData®. The webinar reviews how easily LifeData® can be ingested at Datafinder.com, a Versium website, and used to optimize marketing programs. LifeData® is data that is created daily as people and businesses interact in the real world and includes information such as demographic data, financial data, social and online behavior, and purchase interests. Versium uses industry leading matching technologies to blend LifeData® with individual enterprise customer records and applies predictive analytics to help marketers in the following ways:

  • Updates and adds missing contact data, such as email addresses and phone numbers, to customer lists
  • Gain deep insights into best performing customers and how their profiles differ from the average US consumer
  • Automatically build predictive lead scores empowering marketers to prioritize inbound leads
  • Create predictive prospect lists based on the attributes and behaviors of existing profitable customers

Click here to go to Datafinder.com to get access to the products mentioned in the Webinar.

How LifeData® and Matching Technology Can Help Fix Data Silos

Versium's Life Data and Matching Technology

While few companies today would deny there is huge potential value in the ability to do data analytics, most are limited by the way that technology is currently structured and how data is currently stored.

In today’s digital business environment, companies generally use different technology systems to help achieve various business objectives; for instance, many companies today use a CRM platform, a customer service system and an email campaign management platform. While all of these platforms are beneficial to the business, they are disparate systems and are therefore unable to talk back and forth to each other.

What ends up happening in this type of situation is you start to get data silos, which can cause several issues from an analytical perspective. Data silos may result in duplicate information, some of which may correspond; some of which may contradict. Data silos can also limit a companys’ ability to derive quick insights from their internal data.

For example, you may want to look at all of the customers who cancelled within the last six months in order to send them a new offer. Answering the question of ‘who’ cancelled is generally relatively easy, but in order to send a new offer that will encourage past customers to transact again, you also need to answer the question of ‘why’ they cancelled. If companies do possess data internally that helps explain why customers cancelled, it is likely in a completely different system.

Without a solution that helps companies integrate these data silos, companies generally either have to guess at how the data correlates or hire expensive data scientists to come in and do an analysis for them. However, with Versium’s LifeData® and matching engine, companies can quickly and easily integrate data from disparate sources to create a more unified view of their customer and business data.

Versium’s LifeData® contains over 800 billion consumer attributes, and by appending LifeData® to your internal data, our matching engine is then able to do dynamic linking between the two and provide confidence scores based on the likelihood of each match found. Using this enormous amount of consumer information and highly intelligent matching engine, companies can find matches between the appended LifeData® and their internal data or matches within the disparate sources of their internal data. Both situations give companies a dramatically improved understanding of their prospect and customer base, allowing them to derive more intelligent insights from their data, so they can make better decisions faster.

 

5 Ways Versium’s Predictive Scores Make You Faster and Smarter

score-make-you-smarter

In nearly all markets and all industries today, companies are attempting to use the enormous amount of data that now exists to become more predictive across various business functions.

While there are many ways of using data to become more predictive, there is a perception that most require a high level of expertise in data analysis and a significant amount of technological infrastructure. However, this is not the case.

Using Versium’s LifeData® (containing 800 billion consumer attributes) and data matching capabilities, you can immediately discover new insights about your customer or prospect base and assign ‘predictive scores’ to individuals based on your business’s specific objectives. Whether your goal is to improve conversion or acquisition, decrease fraud or attrition, predictive scores allow you to quickly get answers to make smarter decisions.

Here are five ways predictive scores make you faster and smarter:

1. They allow you to get the answer you’re looking for without having to know the complex math behind it.

One of the main benefits of predictive scores is you don’t need to be an analytics or math expert in order to understand and use them. When you see a predictive score, all of the complex math (e.g. linear regression models, decision trees, predictive algorithms) has already been done, and you are able to immediately work with the intelligence that is resident within the data.

2. They allow you to get immediate insights every time a new lead comes in rather than waiting for third party analysis.

Whenever you get a new lead, prospect or customer you can easily and instantly append (via API) a predictive score based on your specific business objectives. For example, if you sell an ‘eco-friendly’ product, you can look at each new lead’s ‘green’ score to immediately determine the likelihood of each individual to purchase your product. So, rather than spending months building your own analytics infrastructure or waiting weeks for data to come back from a third-party provider, you can get the answers and intelligence you are looking for instantly.

3. They not only tell you the answer the question you’re asking (the predictive score itself) but also explain how and why the score was determined.

A predictive score essentially tells you the answer to a question of probability, for example, how likely is a person to donate to a cause or cancel his or her membership? While the score has value itself, a predictive score also comes with an explanation of how and why it is determined. The added insights into the attributes determining the score allows to you understand the specific reasons why your customers or prospects make certain choices enabling to you to create messaging or campaigns with those factors in mind.

4. They allow you to avoid wasting time and money marketing to prospects who are unlikely to take the action you desire.

Whether your predictive score looks at the likelihood of an individual to purchase, cancel a membership, or become a brand advocate, it allows you to immediately understand who your target audience is. Using scores, you can eliminate costly resources trying to figure out things like… what geographical market should I be selling in, what job title is most likely to be interested in purchasing products, etc. Much of this information is already contained within scores, allowing you to make fast and smart decisions around who to target and where to invest.

5. They allow you to launch specific campaigns around different objectives and audience segments by giving instant insight into the propensity of your prospects or customers to take a certain action.

By assigning scores to everyone in your customer or prospect base, you can improve targeting and understand variations within your audience allowing for improvements in engagement. For example, you may find out that women are much more likely to purchase your product than men, even though the product is used by men. You can expand your customer base by improving engagement with women through more relevant messaging.

What is a Predictive Score?

Enterprise-data-and-lifedata-Predictive-Score

If you do a quick search of current marketing trends, you are likely to see the word ‘predictive’ to be among the top trending terms.

Predictive marketing has become a focus for many companies recently for several reasons. First, the amount of business and consumer data being created every day is increasing at an exponential rate, and companies know that being able to find and understand patterns within that data enables them to predict future outcomes. Second, digital technology has evolved to a point where a fair amount of data science and data analytics can be automated, allowing companies to derive insights and intelligence from their data much more cost-effectively.

Versium has combined these two things, the enormous amount of data being produced each day and new digital technology advancements that enable automation, in order to offer a predictive marketing solution that can be used by any size company, and is now available on a self-serve basis at Datafinder.com.

Versium’s predictive scores show the probability of any given individual to take a specific action. What that action is can vary; you can create a predictive score to show how likely someone is to transact, to commit fraud, to donate to a cause, to cancel membership, to become a brand advocate, etc. Companies can also create their own custom predictive scores to answer almost any business question imaginable (e.g. What color of my product is this person most likely to purchase?). While the math and data science that goes into predictive scoring is somewhat complex, the scores themselves are very easy to interpret. This is because a predictive score can be built to take into consideration many different factors at once but gives back a single output—the propensity of someone to act in a certain way.

To show how this works, let’s look at ‘green’ scores. At its most basic, a green score answers the question of how environmentally conscious someone is. However, without also considering other factors that pertain to your specific business objectives, the value of knowing whether or not someone is environmentally conscious is somewhat limited.

For example, if you are selling solar panels and are only looking at whether or not someone is environmentally conscious, you may miss the fact that some people who are environmentally conscious live in Seattle, where solar panels are too inefficient to make sense. However, by making geography a factor in your predictive score that tells how likely someone is to buy solar panels, your predictive accuracy is greatly improved.

Predictive scores can similarly be built—with various degrees of complexity—to answer almost any business question you have. These scores can then be used in a variety of ways including: improving targeting and segmentation, increasing content engagement, preventing attrition, reducing list costs, improving the lifetime value of your customers, and many more.

5 Ways That A Data Append Can Improve Customer Acquisition

Datafinder Data Append Top 5When it comes to being able to connect with and acquire customers, the more you know, the better.

By appending LifeData®, available through Versium and on a self-serve basis at Datafinder.com, to your customer and prospect lists, you can get the data and insights you need to make smarter decisions faster across your entire sales and marketing process.

 

Here are 5 ways appending LifeData®, which contains over 800 billion consumer attributes, can help improve customer acquisition:

1. Segmentation and targeting

Adding life attributes to your prospect lists allows you to better understand who you are selling to, which will greatly improve your ability to do segmentation and targeting. For example, you may add life attributes to your list and find out that half of your audience own pets. Using this information, you could run an email campaign to your prospect list keeping the messaging the same for everyone, but adding a picture that includes a pet to the people who you know are pet owners. Adding life attributes can similarly help you segment your prospect list by age, job title, geography, interests, etc., allowing you to target the right audience with the right message, the first try.

2. Engagement and response

Adding attributes to prospect lists also provides an opportunity to improve engagement and response. Simple attributes can make a huge difference in your ability to create messaging your audience will respond to. Simply adding an attribute like DOB can greatly improve engagement and response rates, as it allows you to communicate differently with different generations. Similarly, if you append data and discover the majority of your customers have children, you could restructure your messaging and offers to be more family-oriented, increasing the likelihood of your audience to respond and engage.

3. Reduce list costs and improve lifetime value

LifeData® insights allow you to better understand your lead lists and potentially negotiate for improvements in list quality from your list providers upstream. For example, let’s say you go to a list broker and ask for a list of fly fishers to market your services to. The broker will give you a list, but the problem is that they will give that same list to all of your competitors.

Using LifeData®, you can do a deeper dive into those lists by appending data that helps you better understand your audience. In this process, you may find out that your best customers are fly fishers who also have golden retrievers. You can then go back to your list broker and ask them to scrub the list for fly fishers who also have dogs. As you continue to uncover more insights and understand your customers at a deeper level, you can further refine and improve the quality of your lists, while reducing list costs at the same time. Additionally, because you are only marketing to the people who are likely to be the best fit for your product or service, the lifetime value of each customer you acquire also goes up, as they have become more emotionally involved with your brand through your highly-targeted and customized messaging.

4. Improve message ideation

One of the main challenges of digital marketing today is constantly coming up with new ideas for content and messaging. LifeData® attributes can be an extremely useful tool for improving ideation by giving you a closer look at the types of things your audience cares about and would be likely to respond to. For example, you may know that your customers are primarily couples in their 40s and 50s, but a campaign to a couple with children and pets is going to contain very different content and messaging than a campaign to empty nesters who travel and own sports cars. Understanding these nuances can be a huge help when coming up with campaign offers, subject lines for A/B testing, etc.

5. Improve and expand customer touch points

By appending consumer data to your customer and prospect lists, you can expand the number and quality of ways to communicate with your target audience. For example, you may append and find that your prospects have multiple email addresses or phone numbers, expanding your ability to get in touch with them.

 

 

 

Versium Predictive Scores and Datafinder


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PredictiveAnalyticsToday.com talks up Versium and Datafinder. Read the excerpt below

Versium’s predictive scores utilize machine learning, complex algorithms and LifeData to produce predictive models that score likelihood to take a specific action. Predictive Scores available includes, Green Score, Giving Score, Wealth Score, Auto Buyer Lead Score, Fraud Score, ID Risk Score, Churn Score, Fan Score and Home seller Score.

Read more at the the source

5 Ways to Build Some Big Data Wins and Improve Your Data Quality Immediately

With 90% of the world’s data created in the last two years, companies are blessed with an incredible volume of data to help improve the performance of their sales and marketing efforts and derive customer insights that can produce game changing results.

However, many companies end up not even attempting to garner the value of Big Data as there is a perception that it can be tremendously complex, difficult and expensive. Additionally, new tools and expertise may be required to do complex data analysis, and many C-Level executives don’t want to fund Big Data ventures without first getting proof of ROI.

These challenges all conspire to make Big Data monetization a delicious dream as opposed to a consistent way to drive revenue. So, what’s a marketer new to leveraging value from Big Data supposed to do?

Here are five best practices we recommend using DataFinder and LifeData® (Versium’s data set of more than 800 billion relevant consumer data points) to extract value from the different data sources you already have to gain quick lift/ROI and build momentum for a Big Data strategy:

1. Add demographics to your existing data such as age or location for improved segmentation.

By running a list of prospects or customers through DataFinder, you can append demographic information that will give better insight into how to manage segmentation. For example, you may think your customers are all in their 40s and 50s, but using DataFinder, you may learn that half of your customers are actually Millennials, giving you better insight into how to organize and message to them.

2. Perform a quick data analysis to discover previously unknown interest data that can lead to improved messaging.

By running an analysis of your customer base using DataFinder, you may find your prospects have similar interests that you would have never guessed in a million years. For example, you may find that the majority of your prospects are cat owners or love long-distance running. Using this information you can fine tune your messaging based on what the data says your prospects would likely respond to.

3. Use predictive scores for better targeting and prioritization.

DataFinder can also assign predictive scores to your prospect or customer lists, allowing you to quickly understand the probability of an individual taking a certain action. For example, you can assign “green scores” to your prospect or customer lists to understand how likely each person is to buy an ‘eco-friendly’ product. You can also use DataFinder to assign a score that tells you… the likelihood of someone to purchase additional products, donate to your cause, spend more based on wealth, cancel a membership, etc.

4. Add emails to prospect lists to run an email campaign to previously unreachable prospects.

If you have a list of prospects but are missing critical information—like email addresses—you need to be able to market to them, DataFinder can quickly find and append that missing data.

5. Validate postal addresses and phone numbers are correct before running a direct mail or cold calling campaign.

Sales and marketing tactics like cold calling and direct mail aren’t cheap. By using DataFinder to validate customer and prospect data before running these types of campaigns, you can improve your effectiveness tremendously. You can also help ensure you don’t waste time and resources by sending mail to bad addresses or placing phone calls to bad lists.

Summary: DataFinder is a self-serve solution that can help by appending missing consumer information to customer or prospect lists to improve your ability to connect with and engage your target audience. With the ability to add missing contact and demographic information as well as activity, interest, financial and social data you can gain new insights into your customer base or prospect lists, which will allow you to make smarter decisions faster, run better campaigns and ultimately, increase revenue.

Feel free to contact us with any questions.

Versium Announces Datafinder.com

Versium announces Datafinder.com, a self-serve data technology website that delivers predictive scores and LifeData® to small and mid sized businesses.

Now small and mid-tier companies have access to the benefits of predictive analytics and other data technologies previously only available to large enterprises.

REDMOND, Wash. –October 27, 2014- Versium, a data technology company and leading provider of predictive analytics solutions announces the launch of Datafinder (https://datafinder.com), the company’s self-serve website which provides data and data technology tools to businesses of all sizes. Datafinder’s predictive marketing scores are built from Versium’s LifeData® predictive analytics engine. These scores help businesses understand specific consumer behavior characteristics that improve marketing efficiencies. Datafinder’s LifeData® append and data validation services help businesses ensure correct contact information, enhance communication channels and improve the quality of their CRM systems.

LifeData® – deep, accurate, unique data

Versium’s LifeData® platform, the engine behind Datafinder, contains over 800 billion unique LifeData® behavioral attributes which include contact, demographic, financial, lifestyle, purchase interests, social data and more. By appending LifeData® to a consumer database, marketers receive deep insights about their customers. These insights enable marketers to communicate better with their customers and prospects. This allows marketers to determine the best marketing content and create custom offers that target messages to specific audiences. Versium’s proprietary matching technology enables LifeData® attributes to be added to customer lists, at rates as high as 80%, producing highly accurate and actionable consumer insights.

Predictive Scores

Versium’s ground breaking predictive scores utilize machine learning, complex algorithms and LifeData® to produce predictive models that score likelihood to take a specific action. Predictive Scores available on Datafinder include:

  • Green Score – predicts environmentally consciousness, and likelihood to purchase green products or services
  • Giving Score – predicts likelihood to donate to a cause – charitable or political
  • Wealth Score – predicts discretionary buying power
  • Auto Buyer Lead Score – predicts and ranks the value of auto buyer prospects

Predictive scores can be appended to customer lists, prospect lists or existing enterprise applications via APIs so that businesses can easily act on a single piece of information. New predictive scores will be added in the coming months.

Contact information at your fingertips

Datafinder’s self-serve tools allow businesses to easily append contact details such as emails, addresses or phone numbers. Datafinder verifies telephone numbers and the deliverability of email addresses, and when available, will append valid email addresses and working phone numbers. This allows marketers to connect with more customers or prospects and enables multi-channel marketing programs by allowing marketers to communicate with customers and prospects in more ways (email, phone and postal).

“Our goal is to democratize data technology and predictive analytics so these valuable capabilities are available for all businesses. We built Datafinder to give small to medium-sized businesses access to data and data technology that were previously only available to large enterprises,” said Versium CEO Chris Matty. “Predictive scores with LifeData® allow businesses to gain the insightful value from predictive analytics without having to hire expensive data science resources or purchase expensive analytics platforms.”

About Versium
Versium (https://versium.com) is a data technology company that operates the LifeData® predictive analytics scoring service.  Versium delivers predictive scores that are built from the company’s proprietary LifeData® platform which contains over half a trillion data attributes sourced from publicly observable and commercially available means. When matched to an enterprise’s CRM, marketing, or other internal data elements, easy to understand scores are generated that deliver specific ROI value.   For more information, please visit versium.com or follow us on Twitter @versiumsocial.

CONTACT:
John Ruljancich
Versium
425.296.2426

206.355.1836
jruljancich@versium.com

Versium Launches New Identity Risk Score

Versium Launches New Consumer Identity Risk Score Leveraging the Company’s Extensive LifeData® Platform and Predictive Scoring Technology.

Versium’s ID Risk Score measures the risk of becoming a victim of Identity Theft or Fraud and includes reasons for different risk levels such as discovery of compromised credentials.

REDMOND, Wash. – October 1, 2014- Versium, a data technology company and leading provider of predictive analytics solutions today, announced it’s latest Predictive Score, the company’s new Consumer ID Risk Score. In a time when each week we learn of yet another significant data security breach, it’s becoming critical for consumers to understand their risk of identity theft and how to address this concern. Developed as an extension of the company’s Account Fraud Risk Score, Versium’s new Consumer ID Risk Score incorporates hundreds of LifeData® predictive signals to determine identity theft risk level. The solution is designed to complement existing identity protection and monitoring services by scoring a consumer’s identity theft risk level. If a consumer sees they have a high ID Risk Score, potentially due to the discovery of compromised credentials or a large data breach in the area, they might consider taking actions to address this risk such as:

  • Change user names and passwords
  • More closely monitor their credit alerts
  • Lock down credit by canceling unused credit cards or getting new ones
  • Install the latest security patches and anti virus software onto their computers
  • Be more on the lookout for fraudulent offers or phishing scams

“In today’s digitally connected world, consumers want to ensure their identity is secure and safe. When it comes to identity protection and monitoring, we strive to deploy innovative solutions that help consumers monitor and protect their identity. The first step is to understand the level of risk of becoming a victim of these crimes. Versium’s Consumer ID Risk Score has proven to be more predictive than alternative approaches,” said Drew Smith, CEO of InfoArmor. “Incorporating this Score into our Privacy Armor and SNAPD Identity Monitoring products allows customers to immediately understand the risk of their identity being stolen and the drivers of the risk level.”

“We have been helping organizations get in front of fraudulent activity with our Account Fraud Score. Now we can help consumers as well with our new ID Risk Score,” said Chris Matty, Versium CEO. “We continue to look for ways to apply machine learning and predictive analytics technologies to our powerful LifeData® platform to bring innovative solutions to the market. As with all of our Predictive Scores, our ID Theft Risk Score incorporates a consumer’s unique LifeData® or living history data points. This data is then analyzed for correlation to high-risk behavior and a score is generated that measures identity theft risk level.”

By integrating Versium’s ID Risk Score into the Privacy Armor and SNAPD Identity Monitoring service, consumers can now immediately understand the risk of their identity being stolen. Additionally, Versium will provide to InfoArmor flags as to why the consumers Identity Theft Risk score is what it is, so that this risk can be better understood, and consumers can determine the best path of action.

About Versium

Versium (www.versium.com) is a data technology company that operates the LifeData® predictive analytics scoring service.  Versium delivers predictive scores that are built from the company’s proprietary LifeData® platform which contains over half a trillion data attributes sourced from publicly observable and commercially available means. When matched to an enterprise’s CRM, marketing, or other internal data elements, easy to understand scores are generated that deliver specific ROI value.   For more information, please visit www.versium.com or follow us on Twitter @versiumsocial.

About InfoArmor

InfoArmor works with companies throughout the nation to provide identity protection and privacy management solutions to their employees, members and customers. The company’s innovative and user-friendly services help employers and partners offer a valuable benefit, enhance their brand, improve loyalty and generate revenue, while providing stakeholders enhanced security and peace of mind. InfoArmor was established in Scottsdale, Ariz., in 2007. For more information, visit infoarmor.com.

 

CONTACT:
John Ruljancich
Versium, Inc
206.355-1836

jruljancich@versium.com

 

With Lifelock’s acquisition of ID Analytics, there is a hole in the ID Theft Risk Score space.

Versium-Fraud-Score-LifeData-Lock

ID Analytics has long been a provider in deploying Identity Theft Risk Scores, or measuring a consumer’s risk of having their identity stolen, providing this score to Identity Theft Monitoring companies, as part of an overall solution. But due to the Lifelock acquisition, ID Analytics has discontinued this service. Enter Versium.

Versium, which has an established Fraud Risk Score, measuring the risk of an account being fraudulent at account opening, has evolved this technology to create a Consumer Identity Theft Risk Score. In testing the solution with ID Theft Monitoring companies, it has been found to be more effective than the ID Analytics solution.

“We are very pleased with the test results of our ID Risk Score as the score has proven to predict the risk of an individual getting their identity stolen at a higher rate than the competition”, said Chris Matty, CEO of Versium. “We are now deploying this score with ID Theft Monitoring companies as a valuable part of their solution to prevent Identity Theft for their customers. If a consumer knows they are at a higher risk of getting their identity stolen, they can take extra measures to prevent this from happening.”