An accurate, relevant and structured profile of each individual customer enables debt strategies to be not only more effective in terms of collection, but also far more cost effective - ensuring that resources are put to the best use and strategies are deployed that are appropriate for individual needs.
Profiling data can be thought of in a hierarchy of three layers. The first being socio economic information, the second is circumstantial and the third and most significant being behavioural.Building up data in this way enables comparisons to be made with other customers so that profiles can be split into similar groups and strategy structured accordingly.
A clear data strategy is essential for successful profiling. Data drives the development and application of effective strategies, which in turn drives desirable behaviour in customers. Because revenue management is far from being a static environment, Echo's teams are skilled in building flexible strategies designed to continuously adapt and improve. Using cutting edge clustering tools and techniques, customers are grouped around common characteristics and their reactions to different strategies are continually measured and fed-back into the strategy.
'Building flexible strategies designed to continuously adapt and improve'
"It's not what we think, it's what we know"