Demographic Changes Steer New Interest in Ethnic Market Data
At least a couple of automated mortgage service providers see demand for household level profiling.
Geoscape, a Miami-based provider of online geo-demographic information, analytics and research, has partnered with 40-year veteran of marketing data management, Acxiom, Little Rock, Ark., to enhance information about ethnically different borrowers.
The 2010 U.S. Census “showed dramatic cultural shifts” lenders and servicers need to review so they can adapt to these changes, says Louis Rolleigh of Acxiom. The integrated platform enables lenders and servicers to access more granular information on today’s increasingly diverse marketplace.
The goal of the partnership according to Geoscape’s vice president of sales, Arthur Rockwell, is to enable users of the Personicx segmentation and the Geoscape platform to achieve “micro-targeting” within minutes.
The integrated platform helps users “to better understand consumer demographics and buying behaviors,” they can use to conduct market analysis, plan customer acquisition strategies and create more narrowly defined marketing campaigns.
Analytical criteria includes “demographic, lifestyle and cultural attributes” accessible through the integrated platform that allows Geoscape Intelligence System users to access Acxiom’s Personicx database of individual and household-level information including visual records provided by Acxiom’s InfoBase data tool.
Data is segmented in an easy-to-understand format using maps, graphs, tabular reports and direct-marketing lists lenders and servicers can use when making marketing decisions.
When targeting the Hispanic market users can combine data and analytics to plan communications, marketing brand strategy and product distribution.
Personicx classifies ethnic households based not only on age differences but also different stages of life in the United States and related changes in purchasing behaviors that is current, thus more realistic. It monitors “raw data about customers” to identify differences in U.S. households’ time and money spending.
Geoscape defines America’s Hispanic population into five distinct segments based on their different cultural practices, language preference, years of residency in the country and other criteria users choose to consider. It is a known fact that distinct attitudes, media and buying behavior can be tied to each of these segments.
For example, the “Nueva Latina” segment includes English-preferred adults who were born in the U.S. but retain certain of their ancestors’ cultural practices. Spanish-speaking adults who immigrated to the U.S. as adults, have been in the country for over 10 years but speak limited English and remain primarily Hispanic in their cultural practices are grouped under the “Hispano” segment.