Every January we hear the same thing: “I can’t believe 20xx is over!” and “It’s already 20xx?!” Of course, most of us reflect on the prior year and perhaps draw a chalk line to start the year fresh.
For me, looking back on 2014, I reflect on the year we had with the D&B Data Exchange program. We added seven new partners, covering more verticals. And we increased our API capabilities, making it easier for customers to access data that meets their needs.
2014 also saw more use cases come to fruition, one of which I’d like to share. A regional bank came to us with several goals for how to better understand its commercial customer base and identify new business opportunities.
Specifically, the bank wanted to:
- Determine customer concentration levels
- Identify share of wallet by customer and opportunities to expand market potential
- Conduct factor and discriminant analysis of the customer base to identify natural “marketing clusters”
- Determine overall longevity of the customer base and the potential lifetime value of customers
- Build discriminant cross-selling potential among customers
- Identify target industry segments and determine the banks market share
- Calculate its profit matrix
After assessing these goals, we determined that financial data from Oxxford, a D&B Data Exchange partner, would provide an excellent solution for the bank to meet their goals. Oxxford has data elements on liabilities, lending, debt, assets and more.
Now, you might be thinking, “Wouldn’t the bank already have this information for their customers?”. The answer is yes*. I use the asterisk because, although the bank has information on its existing customers, it may also be working with other banks and financial institutions. And let’s not forget that the bank may not have information on the prospects it seeks as future customers. By appending three data sets – Oxxford, D&B and the bank’s – the analysis deepens and the goals become much more obtainable.
Of course, banking/financial is just one of several vertical data sets available on the D&B Data Exchange to help you and your customers meet key business needs. Talk to us today, before another year passes by.
Image credit: KASL Radio