Market Entry Management
How you manage accounts in the early days, weeks, and months is critical. Whether your goal is to enter new market segments more quickly, or to understand new customer risk and opportunities sooner, proactively identifying fraud, delinquency, and revenue potential is imperative to a healthy portfolio.
Actions taken this early in the lifecycle can have a dramatic impact on accounts from retention through to collections.
Prime markets are saturated – customers are bombarded with choice
Prime market saturation, it's a fact of business. No matter what industry you're in, this inevitable trend will continue to increase competition for prime customers forcing expansion into new market segments.
In 2004 U.S. households received roughly 68 credit offers each, setting an overall record of 5.23 billion offers.
Direct Marketing Business Intelligence - May 2005
Entering new and emerging markets – you can't afford not to
With prime market saturation there is relentless pressure to expand your customer base through acquisition in new and emerging market segments. The good news is that the opportunity is huge:
There are 59 million US adults for whom no FICO score exists due to thin-files, inactivity, just have a debit card or no banking relationship. Among these 59 million people, there are between 32 and 36 million with enough information on file with other sources to construct a predictive model and a risk management score equivalent to a FICO score.
Nilson Report - 2005
While not entering these markets is not an option, the challenge remains – how to enter these new market segments with speed and confidence.
With any new customer, from prime markets or new and emerging market segments, what you do next to assess, proactively retain, and manage newly acquired accounts can have a major impact on your success.
Learn about our Innovative Solutions in Market Entry Management »
Interested in hearing more?
Contact Austin Logistics for more information.
|
