We live in an exciting time with technology and data far surpassing our expectations. With more than 4 billion internet users worldwide and more than 2.5 quintillion bytes of data produced each day on the internet, it is obvious there is more data than we can make sense of. As this will only become a bigger issue over time, companies must use every trick available to manage and understand data. Data is the foundation of many driving forces within a company, and how it is managed is often the difference between success or failure.
“Knowledge is power” goes double for data. The more you know about your customers the better decisions you can make about when, where, and how to execute your marketing initiatives. However, the exponential growth of information multiplies the challenge of identifying and linking disparate customer and prospect touch points spread across a multitude of digital and offline channels. As you know, the overload of data makes it increasingly difficult to achieve a strong return on advertising spend (ROAS) that justifies how much you spend on marketing. Today, technology makes it possible to orchestrate these touch points, which ultimately sets the foundation for brands to run highly effective marketing campaigns.
Suppression lists are proven to increase ROAS, although their effectiveness is often overlooked and may be perceived as out-of-date. But in reality, this vital information can save companies significant amounts of money annually.
There are suppression categories that can be applied across multiple industries that assure compliance throughout your marketing campaign. Aside from compliance suppression, however, brands can apply selective marketing suppression to lift ROAS, reduce mailing and shipping costs and assure customer choices are honored. Think about the potential damage to your brand’s image when marketing to a deceased individual cause added grief to family and loved ones. Another benefit of suppression is that it guards against potential fraud risk when marketing to addresses identified as non-marketable, such as jails and other correctional facilities. When we talk about Suppression, we typically differentiate between two distinct categories.
- Compliance Suppression – Enables clients to abide by legal and industry privacy guidelines, by eliminating undesirable prospects while honoring consumer choices. It helps to avoid legal fines and protects clients’ reputation in the marketplace negating bad publicity. Compliance Suppression can provide great coverage of legally mandated files by federal and state laws. Brands that interact in telemarketing initiatives are obligated to comply to nationwide suppression lists such as do-not-mail, do-not-call, or do-not email.
- Marketing Suppression – It improves the effectiveness of direct marketing campaigns by reducing marketing / offer costs, improving campaign ROI, lowering the cost of rejected applications and reducing fraud risk by removing records from your client and prospect files such as deceased, prison or individuals that show financial hardships.
A high-quality suppression product has more value than meets the eye. Suppression products help facilitate compliance with legislative and industry self-regulatory privacy guidelines. Suppression decreases businesses’ potential exposure to risk and eliminates low responders. The bottom line, however, is that they improve customer relationships while reducing cost and risk. Brands are responsible to themselves and their customers to identify preferences, one of which is the customer’s willingness to receive marketing in the first place. Applying opt-out suppression does that.
A big part of understanding preference is the due diligence to keep customer data accurate and up to date. It is a never-ending cat and mouse game that brands have to play to stay ahead of the competition. So companies have to constantly ask themselves, “How well do I really know my customers?” Time keeps moving along, and people change, along with their data. Now go forth and suppress!
To learn more about suppression solutions Acxiom can deploy for your company, contact us.