Similar to a credit score, a SPENDSCORE is a single number that represents the future value of a customer based on their unique characteristics and behaviors. Created using multi-dimensional behavioral data models that analyze each person’s historic, demographic and psychographic data, the resulting SPENDSCORE reflects each customer’s future engagement value to your operations and helps you more effectively direct marketing expenditures to individuals most likely to respond. As such, a group of customers having the same SPENDSCORE are considered to have similar spend propensity and engagement behaviors.
To determine a customer’s SPENDSCORE, our advanced intelligence behavioral models use broader data sets than other CRM tools, giving the models a multi-dimensional view into a customer’s likely future behavior. This critical difference makes it possible to execute more effective and profitable marketing campaigns that are better aligned with your financial goals. And, because our models are continually updated, you have up-to-date valuations for every customer in your database without having to allocate staffing resources to manually update your segments or search for customers with specific characteristics.
By taking a much more comprehensive look at each customer’s behavior beyond the limited metrics generally used by other CRM tools and systems and sharing this data real-time with BEAMSTUDIO, SPENDSCORE helps ensure that you are allocating your marketing resources on customers who are likely to respond to each offer and deliver the campaign results you desire.
To determine a customer’s SPENDSCORE, our behavioral machine-learning models use a number of unique behaviors to evaluate each customer and provide a multi-dimensional, predictive view of their future actions. Most CRM platforms, however, rely on a limited set of customer behavior variables like ADT (average daily theoretical), CLV (customer lifetime value) and RFM (recency, frequency, monetary), which generally results in marketing efforts focusing on your top 10% and bottom 5%.
By taking a much broader look at each customer’s behavior beyond the limited metrics generally used, the SPENDSCORE process provides a much more accurate prediction of their true future value. Using this data, you are able to conduct much more accurate database segmentation, which in turn delivers stronger results for your marketing campaigns and initiatives.
Because SPENDSCORE automatically manages each customer’s net-worth to your business by constantly analyzing dozens of behavioral variables weighted by what matters most to you, your marketing team has up-to-date insight into who your most valuable customers are. So, every time you have a marketing objective to meet, you no longer have to waste valuable time mining your data to determine who should receive an offer: SPENDSCORE does it for you by sharing this information with BEAMSTUDIO, our easy to use CRM platform.
An automated AI function that optimizes campaigns so they are more likely to meet your ROI objectives, the SmartSuggest tool included in BEAMSTUDIO facilitates immediate objective-based segmentation, offer management and automated communication, making it possible to address issues and opportunities in minutes rather than weeks. By replacing a typical database analytics approach requiring an experienced, extensive marketing team and cumbersome CRM tools, SmartSuggest gives you the ability to make immediate, proactive decisions that more effectively respond to changing market conditions.
CRM automation software platform to build brand loyalty,
enhance customer experience and optimize costs.