Pulling it all Together with Householding
Companies are continually researching innovative methods to gain new customers and sell more products, all while keeping the marketing budget in check. Marketers today are becoming much more adept in social media usage and targeted prospecting. However, the fundamentals are often overlooked – mining a clean customer information file to create a sophisticated view of the household.
What is Householding?
Householding is a process for creating linkage among multiple sources so that all information about an identified party is accessible at all times. For companies that rely heavily on direct mail, marketers can now send one piece of mail to a household, saving considerable dollars and resources and gaining a higher ROI (Return on Investment).
Additionally, by gaining a sophisticated view of a household, marketers can better understand how a household changes over time. For example, knowing when a baby is born, a child goes to college, or an elderly parent moves in gives a company a huge advantage into identifying cross-sell or up-sell opportunities at the right time.
Householding Benefits Customer Service Too
Marketing is not the only group that will benefit. Customer service is improved through a 360 degree view of the customer, allowing representatives to better understand a client’s needs. Business efficiency is improved through a more concise understanding of key financial costs related to cost of services, cost of sales, and so on. Sales are also maximized when additional insights and opportunities of the household are revealed.
Of course, householding is only successful provided it is based on solid data under-pinnings. Select a data management solution with exceptional validation, standardization and analytic functionality as it will become the foundation for all your householding. This will surely add tremendous value to the householding results you attain.