Agilysis is a transport safety consultancy specialising in road safety. There is a wealth of experience working with road safety and a company-wide mission of using data to inform road safety interventions and prevention strategies for casualty reduction and overall road awareness.
One of their key requirements is the ability to supply insights to road safety stakeholders about individuals involved in or exposed to different types of road risk in various local communities.
The Challenge
Agilysis had been using another socio-demographic profiling tool to convey the necessary demographic profiling insights for over a decade. However, as time progressed, two critical issues arose:
The tool’s provider wouldn’t allow Agilysis to view their socio-demographic profiling model at a low enough geographic level to make it as useful as needed.
Agilysis was unable to expose all the available variables to their stakeholders due to license holder restrictions. This particularly affected their road safety stakeholders who generally work for local authorities and police forces.
The Solution
Agilysis began using CACI’s geodemographic segmentation, Acorn, to enhance the calibre of their road safety intervention design and deliver precise, robust results to stakeholders.
“What made Acorn an attractive product from our point of view is that those restrictions were reduced,” Bruce Walton, Technical Director at Agilysis, explained. “We were allowed to expose the kinds of information that are particularly relevant to our stakeholders. We’ve been able to make that available to our stakeholders and therefore sharpen the focus of the information that we are able to give them.”
The business dissected the available list of all the metrics, identifying those which felt most useful, easiest and relevant to understand and apply to the individual forces policing strategy.
By leveraging these insights, Agilysis can better understand the likely propensity of an individual Acorn type to partake in various acts of travel, walking and cycling, a key priority of many road safety stakeholders nowadays.
Read the case study
For more detail on how Agilysis are leveraging Acorn, and what the organisation plans to do next,read the full story here.
For over 30 years, South West Water (SWW) has been supplying reliable and high-quality drinking and wastewater services to customers throughout South West England.
When the business was tasked with developing an affordability model for their customers, they set themselves a target of getting customers out of water poverty and onto the right support tariffs where necessary. While their own data and customer insight could act as a starting point, SWW recognised the impact that pairing this with CACI’s Ocean data would have on achieving their desired outcome.
The Challenge:
Higher financial strain due to the cost-of-living crisis, coupled with the industry-wide ambition of eradicating water poverty by 2025, made it imperative for customers who require and are eligible for support to be proactively identified and lifted out of water poverty through SWW’s holistic affordability toolkit.
The Solution:
Understanding the SWW brief, challenge and previous models used by the industry, a bespoke and granular dataset was created to supply a unique and current perspective into equivalised income at a 6/7-digit
postcode level, in conjunction with the wider validating characteristics of these customers, the complete SWW household customer and the property base.
South West Water built a model which combines this data with their own billing data at a customer level, enabling them to calculate the percentage of equivalised income from their customers’ current spend on their water bill at a property level. They can further combine this with OBR forecasts of income, housing costs and bill profiles to 2030 to model water poverty and wider outcomes into the future.
The Results:
From July 2022 to September 2023, over 15,000 customers were auto-enrolled onto support tariffs and brought out of water poverty. The affordability model enabled SWW to directly engage with these customers, build their trust and encourage further contact and conversation, particularly where customers may be entitled to or require additional support or services.
The use of the full range of our affordability toolkit remains critical to our ambition, we are now able to a high degree of confidence identify and, subject to further validation, engage with and auto-enrol customers onto our tariffs and bring them out of water poverty. These customers are often the struggling silent and hardest to reach who — without the data provided by CACI and the wider inputs into the model — we would not have had the capability to lift out of water poverty or achieve our commitment of eradicating water poverty which we are on track to achieve and is at the heart of our approach.
John Huxtable, Customer and Recovery Data and Insight Manager at SWW
Read the case study
You can access and download the full case study here. If you have any questions or want to learn more about CACI’s solutions, please get in touch with us.
Away Resorts is a holiday park operator specialising in holiday homes, luxury lodges, caravans and home lettings and ownership across the UK. Having grown recently from six parks to 27 after a substantial acquisition, the business hypothesised that there may be new customer groups across their wider portfolio of sites. This presented the team with an opportunity to decipher these customers’ demographics and continue to grow the business through engaging and relevant communications.
The challenge
Laura Miller, Head of Marketing at Away Resorts, highlighted three major challenges that Away Resorts needed to overcome to find out what their customers wanted to get out of their holidays and where the optimal locations for the acquisition of future parks would be:
Reassess how to enhance the efficiency and effectiveness of their marketing spend.
Develop a future capital programme that would be backed by a genuine understanding of what customers want from their bookings, their desires when looking for a holiday park, and which amenities to prioritise investing in.
Attract the right customer demographic by refreshing existing marketing communications and channels.
The results and benefits
These insights helped Away Resorts gauge where marketing spend should be focused to target specific segments, how best to distribute campaign spending and how to switch strategic gears to deliver more effectively executed campaigns, including the introduction of new media channels.
“It’s never just been about the project; it’s about wanting a deeper understanding of where we felt like we could go a level down to the market to get more owners. We’ve very much looked at our holidaymakers and those who potentially move from some of our key holidaymaker segments into potential holiday homeowners and we’re supporting all kinds of revenue streams within the diversity that makes up a holiday park.”
Hayley Collins, Commercial Systems Manager at Away Resorts
Plus, it has been particularly beneficial during executive board meetings, where tangible, easily comprehensible customer insights can now be shared with the wider business to bolster decision-making.
“Rather than what you might get from one or two surveys and a gut feeling, there’s tangible data that I can go in and explain my reasoning as to why we should choose a specific piece of media for upcoming planning. That’s the bit I’ve never been able to quite do before – giving the certainty and confidence to the executive level that we’re doing the right things.”
Laura Miller, Head of Marketing at Away Resorts
This deep dive into customers has enabled Away Resorts to adapt their customer feedback survey on holiday motivations and needs to be met by including questions on customers’ specific interests. The business has confidently leaned into an ‘exploration’ narrative based on the findings, which suggested that their target segment wants to explore beyond the park—partaking in walks, bike rides and other activities.
The outcomes and the future
In the coming years, Away Resorts is keen to explore larger-scale data-oriented projects with the help of CACI. Additional data acquisition drilling down into more locations along with the possibilities of what can still be done with the business’ existing data to grow and refine their segments remain a priority. Along with the business’ additional data sources, Away Resorts will continue to monitor changes through the segmentation data to enrich and grow their existing data to grow and maintain their core audience.
Read the full case study here. Or for more information on how CACI can support you with your customer data insights and strategies, please get in touch and one of our data experts will happily arrange a time to talk.
The latest findings from our Cost of Living consumer survey are in, and we’re taking a look at the insights through the lens of the leisure industry.
With over 2,000 respondents surveyed in November, we asked consumers about their thoughts and priorities in the lead up to Christmas to help brands understand how their customers may be behaving. For companies in the leisure space, being able to predict the movements, intentions and spending patterns of customers is key at this time of year, especially in the current economic climate.
So, what did we find?
Nearly half of consumers still want to socialise and spend despite the impact of the Cost of Living
With 46% of respondents agreeing that the increased Cost of Living will not impact their intended Christmas social plans (up from 40% in 2022), leisure brands can expect to benefit from people wanting to attend and spend on events out of the home this year.
While this is reflected in general financial fears dropping since the late summer, there seems to be a generational divide with Gen X, Millennials and Boomers feeling more confident. Gen Z, on the other hand, reached a new peak of concern at over 50%.
Their concerns relate to their personal finances as opposed to family finances or the national/global economy, which could affect brands reliant on young adults to boost their seasonal profits.
Energy fears remain high as the cold moves in, leading to potential cost-cutting in other areas for some groups
With energy costs becoming more of a focus as temperatures drop, some demographic groups are having to cut down on other costs to keep warm this winter – with one in three among the Low Income Living Acorn category expecting to have to do so.
The impact decreases as we climb the affluence scale but remains fairly significant, with over 20% of the Established Affluence category also considering cost cutting for this reason.
Spending on food and drink at home remains a priority, but the importance of entertainment and leisure at Christmas is growing
With a significant 79% of people considering spending on food and drink at home to be important this festive period, there is further optimism for the leisure industry as our latest survey has also detected a shift back towards entertainment and leisure as a source of importance.
While consumers report that most other areas of spending are reducing in importance, entertainment and leisure is trending in the other direction, with 59% of consumers surveyed classifying entertainment and leisure as either somewhat or very important to them this year, which is up from 53% in 2022. This is supported by 47% of respondents identifying that socialising outside of their homes this year is important, which is a slight increase from 2022.
Overall, the social planning picture is a lot less negative than last year
When we consider the contrast between pre-pandemic and Cost of Living crisis behaviours versus consumer attitudes now, it’s fair to say that people continue to exert caution in the lead up to Christmas. Nonetheless, we’re seeing less negativity year-on-year, which shows that there’s opportunity for leisure brands in the coming weeks.
Brands may still want to consider how different demographic groups are going to drive success this Christmas, as levels of concern and caution seem to be directly related to affluence. The findings show that the Established Affluence category appear to place the most importance on maintaining their food and beverage spending and socialising this year.
When taking age into account, we found that a surprisingly large pocket of younger respondents actually prefer New Year’s Eve to Christmas Day as a celebration. So, this could be something to consider when rolling out engagement strategies post-Christmas.
Apply these insights to your consumers and stay in the loop as you strategise
We work with a range of market-leading brands in the leisure industry, helping them to identify, understand and locate their customer base to drive value for their businesses and inform successful estate optimisation and growth. If any of our demographic or location-focused data is of interest to you, or if you’d like to dive deeper into our survey results, please get in touch to discuss this with us.
In our previous blog, we explored some of the most common challenges that have arisen in the travel sector in 2023 and how you can leverage digital marketing and personalisation to tackle them.
In an era where the Cost of Living is placing pressure on consumers’ budgets, the significance of precise, targeted marketing and aligned messaging cannot be overstated. Moving towards the end of the year and the holiday-booking surge that happens in January, marketers will need to be aware of timely shifts in behaviour and expectations to capitalise on customer intent at the right times.
Through our recent Cost of Living consumer survey, we have identified important shifts in travel spending habits that will influence the January booking window, and have pinpointed the demographic groups experiencing the most significant adjustments:
Travellers are more frugal than they were, but still want the best experience they can afford
Travellers will spend more time than usual researching to try and find the best the value options
Travellers may be more sceptical about convenient booking options and package deals still offering the best available value
Solo travellers, travellers without children and families are all being hit differently, and will therefore have different needs and expectations when it comes to researching and booking.
Despite these shifts, there are still plenty of opportunities for travel businesses to keep customers interested in going away. Below we have detailed some of the tactics that can help:
Consumers’ travel spending will continue—with exceptions
Many travellers may have set expectations in their minds around what a ‘good trip’ looks like, such as having to be a certain distance away or for a minimum number of days. Our findings concluded that despite the ongoing Cost of Living crisis, holidays remain a priority for consumers of all ages, and they are determined to find ways to make them happen.
In fact, 57% of consumers surveyed have or will be making changes to their holiday habits to save money and get more for their money.
Respondents expect to cut their expenditure on their next holiday, with 45% saying they will either find a cheaper destination, travel option, accommodation, do fewer activities or simply reduce their trip length. Which means that they will most likely spend more time researching their holidays and trips. Equally, this may affect the package holiday market as consumers compose their own holidays by booking their own flights, hotels and transfers.
The most affluent Acorn demographic groupsexpect to cut their holiday expenditure in this way more than other groups, as do millennials and Gen Z respondents. 22% of respondents are also taking fewer breaks compared to previous years.
To continue to encourage travellers to go away, travel businesses will need to shift the focus from larger packages and holidays and instead start spotlighting the benefits of closer destinations and shorter trips or weekend getaways. Their focus language will need to be around ‘doing more with less’ to ensure travellers continue to see the value in getting away no matter the length of holiday. Travel businesses can promote this throughout the year as well, as shorter breaks are far more flexible and can happen at any time.
Gen Z are spending the least on travel this year
Younger holidaymakers—particularly Gen Z— appear to want to spend as little as possible to keep travelling this year.
When it comes to cheaper destinations and accommodation, more than 1 in 5 respondents of younger age groups have opted for these. Younger men surveyed are particularly determined to continue to take breaks as they have before. Just 14% of Gen Z men expect to take fewer breaks compared with previous years, yet that rate more than doubles among Gen Z women, 29% of whom reported that expectation.
To combat this, travel businesses that speak directly to traveller concerns around value will build their trust in the options they’re being presented with. For travellers that are wary of costs and will expect to be researching for longer periods of time to seek the best value, curated options and direct, value-based messaging will help to make their concerns feel acknowledged and will offer a faster and more convenient option for them to browse.
Family holidays are being cut…
Respondents that have children appear to be affected to a greater extent than those without. The appeal of cheaper destinations rises from 14% among those without children to 24% among those with under 18s in their household. Bearing this in mind, more price-sensitive families can be a stronger focus for value-based messaging and cheaper travel options from travel businesses.
…while solo travellers are on the rise
The results show that independently living, single travellers are taking the most advantage of getting away on holiday this year. In fact, rates of those cutting back on holiday expenditure are nearly 1/3 lower among those who live alone. This includes reducing spend in other areas to make room for travel and shortening the length of trips compared to previous years. To maintain interest across all pricing options, travel businesses should target more expensive and premium options towards solo and non-children couples.
How can CACI help?
As a trusted partner to major brands within the travel industry, our team is highly experienced in supporting strategic targeting by leveraging the necessary data and technology to understand customers and their behaviours as innately as possible and being able to design marketing strategies to target these groups.
CACI partners with global brands to harness and enhance customer data, enabling them to identify and prioritise the most valuable customers. Insights are then activated through strategic CRM initiatives and acquisition strategies, ensuring targeting is precise and relevant. This approach is pivotal for brands seeking to align their products with consumer needs and foster long-lasting brand loyalty, repeat bookings and maximising share of wallet.
To find out how we can support your business strategies or operations by enhancing your customer understanding, or to find out more about the products and services we offer, please get in touch.
Ever since helping an automotive client launch their first all-electric vehicle into the UK a few years ago, I’ve had a growing interest in sustainability and the environment. Now, as part of CACI’s internal working group on Climate Change and Decarbonisation, I’m involved in several exciting initiatives where CACI is using data to drive sustainability.
Everyone has a role to play
Climate change and what governments, brands and individuals are doing about it has become a constant in the news cycle and data is proving to be a powerful asset in identifying and meeting key sustainability targets.
Governments need to support their communities
At a local level, governments must understand their communities and provide support via adequate infrastructure. For example, councils are already working with a wide range of data to understand demand and develop strategies for residential EV charging points. Working with CACI means that council-held data can be enhanced through consumer and geospatial data to further define community needs for EV infrastructure or even green space development.
Strong brands are those taking environmental responsibility
The last five to ten years has seen the rise of new, innovative brands that are disrupting their industries. Among my favourites are a company using flexible solar cells to create solar powered remote controls and headphones, and a packaging company being recognised by Prince William and the Earthshot Prize for using seaweed to replace plastics in food takeaways and hospitality.
In more traditional industries, environmental responsibility is arguably even more important if we are to have a sustainable future. B-Corp certification is a widely recognised way of measuring a company’s social and environmental impact, and being certified tells consumers a company is serious about their commitments. The CDP (Carbon Disclosure Project) is a not-for-profit charity that enables companies to disclose and take accountability for their environmental impacts – a key first step in positive action – something many of our clients are signed up to.
Away from these more well-known programmes, we’re working with clients who have clearly stated environmental goals of their own and who understand that all departments have a responsibility. This includes Facilities Management assessing how to cut energy consumption, Logistics optimising their routing to reduce CO2 emissions, and Marketing implementing paperless processes and better segmentation to make communications more efficient.
Individuals support net zero goals
A survey by CACI at the beginning of September shows that 84% of consumers support the government’s goal of achieving net zero by 2050. Consumers are actively looking for brands that have strong environmental policies, with half of respondents seeking brands that set their own, earlier net zero targets.
Fig. 1 Support for Net Zero goals from CACI State of the Nation Update consumer survey (September 2023)
How CACI is making a difference
Data is at the heart of everything we do at CACI, and we’re encouraged to think of innovative ways to use it. One example is Ocean, a database of the UK population containing over 600 attributes across demographic, digital and attitudinal characteristics. Our Green Lifestyle attributes include attitudes to recycling, reducing energy use and dietary choices, and can be used to profile and understand your customers’ attitudes to inform targeting audiences and messaging.
Further evolving this, we’ve developed an ESG score, that drills deeper into Environmental, Social and Governance issues and can help brands gauge which customers are likely to pay a premium for sustainable products and services.
Fig. 2 Example Environmental Score pen portrait
In addition to these attitudinal variables, we’ve been looking at carbon emissions and developing innovative ideas and solutions that include:
Carbon footprint of Household and Travel: Identifying and measuring the impact of consumer behavioural choices on carbon emission. This will help consumers understand their impact (based on property, travel and consumption) and improve local governments’ understanding of their communities.
Carbon footprint of Fulfilment: Helping commercial property owners and retailers assess the carbon impact of acquiring customers and fulfilling orders. This could be used to inform parking, EV charging infrastructure and determine whether click & collect is better than delivery.
Carbon footprint of Logistics: Evolving CACI’s Pin Routes route optimisation software to support the electrification of fleet and distribution services. Our algorithms help reduce mileage, vehicle count and CO2 emissions, cutting valuable costs and reducing your carbon footprint.
Carbon footprint of Marketing: Measuring the carbon emissions from different marketing campaigns and channels to enhance businesses’ understanding of their environmental impact. This enables marketing teams to balance sustainability with sales and optimise campaign strategies to improve both.
CACI is registered to the Social Value Portal and is actively working towards achieving social and environmental goals aligned to the National TOMs framework.
We’re passionate about using data and technology to create more sustainable businesses, so if you’d like to discuss how we can help you, please get in touch.
The travel sector has faced turbulence over the past few years. From the devastating impact of the COVID-19 pandemic, to the cost of living crisis and ever-changing travel norms, the sector finds itself navigating a host of challenges.
A holiday purchase is often one of the largest purchases that a family will make in a year, withan average UK family spending roughly £4,000 per annum. With ever-inflating costs and even higher customer expectations, providing an exceptional customer experience is critical to your long-term success.
In this blog series for the travel sector, we will be exploring how you can harness the power of data and modern marketing technology capabilities to overcome and even exploit these challenges.
What are the most common issues in the travel sector in 2023?
Changed travel behaviour
The aftermath of the COVID-19 pandemic and the cost of living crisis have left their mark on the travel sector. Travellers are more cautious, often opting for cheaper domestic or localised trips over international adventures. Health and safety have become paramount, leading to a new set of expectations from travel providers.
In fact, 25–34-year-olds were reluctant to make holiday plans this year, instead waiting to see how the cost of living crisis evolved.
Moreover, ¼ of those aged 55+ made no plans to travel this year.
With different demographic groups approaching their holiday planning in different ways, applying the right segmentation techniques to target those who are most likely to travel is crucial.
Environmental concerns
There’s also a growing call for sustainable travel. Tourists and travellers are more eco-conscious than ever, wanting to reduce their carbon footprint and seeking eco-friendly options. The consideration of travelling sustainably is especially a factor for 18–24-year-olds, where 22% say this is important to them.
Over-tourism
Popular destinations from Venice to Bali faced issues of over-tourism, where local ecosystems and infrastructures have become overwhelmed.
Complex travel policies
With countries having their own quarantine measures, vaccine mandates and travel advisories, there’s an increasing complexity in international travel logistics.
Trust deficit
After numerous flight cancellations (UK flight cancellations are up 39% in 2023!), changing regulations, strike disruptions and refund issues during peak pandemic times, travellers are more sceptical about committing to bookings.
How can digital marketing & personalisation save the travel sector?
Digital marketing and personalisation have emerged as two tools that can address several of these issues:
Tailored travel options
Through advanced AI and lifestyle and behavioural data analytics, travel companies can now provide tailored packages and ancillaries for individuals. If a user has shown interest in eco-friendly destinations or prefers secluded spots, personalisation and decisioning tools can offer suggestions accordingly. This not only enhances user experience, but can also divert traffic from over-crowded tourist spots.
Building trust through transparency
Customer Experience Platforms (CEPs) like Adobe Journey Optimiser and Braze can provide customers with real-time updates on disruption, travel policies, health and safety measures and reviews. An informed traveller is a happier traveller. That happiness will lead to greater trust, and an increased likelihood of future bookings.
Educative marketing: Digital and content-rich campaigns focused on educating tourists about the importance of sustainable travel can be instrumental. From tips on how to be a responsible traveller to highlighting the less-explored destinations, digital content can shape travel behaviours. It’s worth noting that according to our recent Cost of Living consumer survey, 17% of people believe that they will do most of their travel via sustainable methods by 2030.
Feedback mechanisms: Personalised feedback options and rapid data ingestion help companies understand the unique needs of each traveller, leading to improved offerings around ancillaries, personalised and targeted to the right customers via mobile channels, making holiday purchases easier.
Loyalty programmes & retargeting: CDPs and data-driven marketing allows travel companies to launch personalised loyalty programmes. With retargeting strategies, companies can re-engage potential customers, offering them custom deals based on their search and booking history.
Despite the many challenges faced by the travel sector in 2023, the digital and data tech revolution offers an array of solutions. By adopting well-planned digital marketing and data-driven personalisation, the sector can not only provide enhanced customer experiences, but also address broader issues such as over-tourism and environmental concerns. It’s a transformative era, and travel companies at the forefront of these digital innovations are poised to chart a smoother course ahead.
How can CACI help?
CACI is already a trusted partner to major brands within the travel industry, developing strategic customer journeys to increase frequency of bookings and ancillaries’ revenue through the effective use of data, technology and targeted marketing.
If you would like to discuss your needs in any of these areas, or to find out more about the products and services we offer, please get in touch.
In ourlatest Cost of Living Podcast, we examine how expectations around missing payments are doubled among the least affluent demographic category in the coming months, with concerns around paying utility bills affecting nearly one in five households within the Low-Income Living category.
How we drew these conclusions using our Cost of Living survey
CACI’s recurrent Cost of Living survey has revealed particular concern among this group, who cite their likelihood to miss payments on rent, council tax and utility bills as impacts of the rising cost of living. Where 11% of the UK population fear missing payments on utility bills in the coming months, that figure rises to 18% among those households with the lowest incomes. Unlike other demographic groups, this figure outranks their expectations of going overdrawn or using credit cards to fund or defer payments.
Every three months, we ask a nationally representative sample of 2,000 UK adults a series of themed questions around the Cost of Living, their challenges, plans, behaviours and expectations. CACI has been conducting this research since the height of the Covid pandemic, establishing a series of trackers that monitor feelings towards the Cost of Living, the impacts this is having and how their activities are changing. At CACI, we utilise the power of our demographic segmentation, Acorn, to inform brands about how these changes will influence the way consumers are behaving.
Cost of Living Podcast – Part One: How consumers are reacting & adapting to living costs
Part one of our special two-part podcast focuses on the latest changes in sentiment around living costs, the rising use of foodbanks and how Gen Z have been able to avoid cost-cutting measures on the scale as the older generations. Our hosts, Paul Langston and Hannah Smith, react to the findings, including how housing situations may develop as tenants in particular become priced out of their current rentals.
Cost of Living Podcast – Part Two: Impact of living costs on mental health, travel & brand orientation
Part twomoves on to consider the knock-on impacts of the continued strain on mental health, changes to the way that we are taking holidays and how consumers are turning to brands to lead on Net Zero goals.
If you’d like to find out more or subscribe to our monthly podcast and receive all of our Cost of Living analysis as it’s published, you can sign-up here.
How is Consumer Duty compliance affecting client communications?
Consumer Duty is rapidly changing the way Financial Services businesses communicate with clients. It is also causing consumers to re-evaluate the value of advice they receive from financial service advisers, and how financial institutions segment clients and offer relevant products and services.
On 30 April 2023, the UK adopted the new Consumer Duty obligations, and financial service providers and firms concluded their review of their existing open products. The changes that Consumer Duty brings impacts the way financial service providers interact with new and existing clients. Therefore, it is now more important than ever to ensure that you and your business are equipped with rich, actionable insights into your customers, to help you understand where to focus your Consumer Duty activities to ensure compliance.
What are the most impactful challenges currently resulting from Consumer Duty compliance?
Solidifying customer communications. You must show that the essential steps to understand customers’ needs and improve communications are being taken to remain compliant.
Identifying and supporting vulnerable customers.Vulnerability indicators change over time, therefore, without adequate customer knowledge, determining the diverse needs of your customers will be difficult.
Lack of strategy for maintaining and nurturing customer relationships over their policy, resulting from limitations of technical debt and data capabilities.
Inability to provide relevant offers or leverage existing customers to attract new customers when you do not know who your customers are.
Future proofing your business becomes compromised without the insights to initiate transformational change. Your brand will need to remain relevant for customers and adhere to their customer experience expectations.
The steps CACI takes to make a difference for your business
We support Consumer Duty compliance across several key requirements, including:
Supplying support beyond the strategy – understanding customers and improving communications.
Developing a testing process to help you understand your customers and find areas for improvement.
Accelerating Consumer Duty delivery and showing progress through an innate understanding of your customers’ diverse needs.
Providing a comprehensive view of all customer communications, assessed for suitability against Consumer Duty and amended as needed.
Scoring and evaluating your performance against key Consumer Duty metrics.
Bringing in all channels to support customers.
Our process guarantees that you will be solving Consumer Duty compliance issues as they arise to secure a successful future for your business. We break this down into four steps:
1. Audit:
We work with you to gain an understanding of your existing communications, technical capabilities and data available, for communications improvements to be made effectively.
2. Campaign strategy, testing & delivery:
We then identify initial tests to show iterative improvement and implementation of the defined methods of communication that will meet Consumer Duty standards.
3. Customer strategy:
We create robust segmentation to define where there is headroom opportunity and who your priority audiences are. We also define the customer journey to activate your segmentation and strategy accordingly.
4. Contact strategies & use cases:
Finally, we develop detailed contact strategies for the execution of your customer journey, and identify technology and data use cases that will inform your future architecture and technology roadmaps.
How CACI ensures your business meets Consumer Duty compliance: real-time example
When one business with a range of financial products that fall under Consumer Duty recognised that they did not have an established amount of internal experience, they approached CACI to ensure that Consumer Duty compliance was addressed with each of their products, tailored to the customer audiences they served.
We highlighted several opportunities that the business could leverage through our capabilities, including:
Understanding the business’ customer base and identifying headroom opportunities to drive growth.
Creating engagement strategies that would protect and support their customers throughout their relationship.
Rapidly improving insight led capability by enriching, leveraging and harnessing their potential of customer data.
Demonstrating the power that a 360° view of the business’ customers and market would have by blending their data with our own to analyse customers, identify opportunities and learn how they could serve customers more compliantly and effectively.
Why you can count on us to support your Consumer Duty compliance initiatives
Our extensive experience with Consumer Duty paired with our unique data capabilities allows us to define market opportunities and key audiences that will deliver immediate growth and engage audiences of the future. We translate rich, quantified insights into actionable strategies to deliver targeted, personalised and omnichannel programmes that will guarantee success.
Contact us today to find out how we can support you and your business ahead of the upcoming Consumer Duty deadline.
It is now crucial for wealth managers and financial service firms to better their consumer understanding. They can do so by ensuring they are well-versed in the entire consumer lifecycle and journey, understand optimal communication techniques required for effective customer marketing, collect enriching customer-centric data to tailor marketing and distribution effectively, and establish innovative ways of measuring these areas to remain compliant.
Access to insightful demographics on the lifestyles, attitudes and behaviours of investors within the market can help drive improved distribution performance, revenue growth and increased client engagement. This crucial investment market knowledge can be provided by CACI.
How does CACI support a firm’s wealth management customer journey?
Through a detailed understanding of current investor behaviour needs and growth opportunities, CACI can support businesses by quantifying acquisition opportunities across regions to inform effective growth and investor engagement strategies.
Once businesses have been equipped with the appropriate datasets to target high net worth individuals (HNWI), CACI can support the optimisation of marketing performance across channels and help businesses improve their distribution performance through digital, direct and intermediated channels to drive improved marketing return on investment, increased customer acquisition and better investment retention performance.
CACI offer a range of support for wealth managers and firms to meet customers’ needs while ensuring compliancy, including:
Support in better understanding existing investors.
Understanding the market and identifying opportunities, particularly in identifying how and where to acquire HNWI.
Determining where potential and current customers are located, as well as their value.
Receiving demographic data and behavioural insights on investors to better understand the customer landscape.
Demonstrating compliance with Consumer Duty, with meeting customers’ needs remaining at the heart of what CACI do.
How CACI use data science & analytics to support the wealth management customer journey
CACI’s data science & analytics services have three primary capacities to support the enhancement of the customer journey:
Using pre-existing information on younger investors in wealth managers and firms’ portfolios to build bespoke datasets. CACI’s multi-sector knowledge and access to unique lifestyle datasets enables the building of this bespoke consumer data insight, providing wealth managers and firms with a detailed picture of the opinions, preferences and spending potential of HNWI.
Modelling prospects for HNWI based on demographics.
Assessing firms’ historic data to determine how HNWI already in their portfolio achieved this position by tracking their movements and identifying signals and triggers, to enable modelling of future investors.
How CACI’s Fresco solution supported one business’ customer acquisition & marketing strategy
CACI’s Fresco solution was employed at one business to establish a granular understanding of existing investors. This allowed for the development of a targeting propensity score, which enabled the pinpointing of potential investors that would be most likely to join the business. CACI then identified and mapped opportunities across the UK, considering regional differences and high value areas to target. Detailed insight into prospects supported the development of a consistent marketing targeting strategy within the business, which was also rolled out across traditional and social media.
Results:
Development of a targeted audience strategy focusing on high propensity and high value audiences.
Reduction in digital marketing spend.
Increase in digital marketing ROI (return on investment).
How investor segmentation, personas & geographic data application transformed a business
CACI developed investor segmentation, detailed personas and geographic counts to support a market sizing initiative requested by one client.
The resulting data uncovered hundreds of variables at an individual level and provided rich insight into a range of traits and characteristics. This not only supported the business’ understanding of its current customers, but of the wider UK investment market. CACI developed personas to help the business gauge an in-depth view into consumer behaviour, insight into the market and the potential reach for key segments. Finally, geographic mapping helped the business understand acquisition and growth potential across catchments and regions, and cross-sell models were developed to support the immediate activation of distribution and marketing activity.
Results:
The business experienced steady and sustainable growth in its acquisition, retention and reactivation.
Increased investment values were received from both new and existing investors.
The business was equipped with actionable insights to help inform ongoing and future marketing and office location strategies.
Throughout this blog series for the wealth management industry, we break down the opportunities for businesses to attract and retain high-net-worth individuals. Continue reading at the links below:
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