Acxiom® Corporation, one of the major suppliers of Customer Data Integration (CDI) resources for leaders in the technology, financial services and retail industries, have unveiled their new creation: OpticxSM. OpticxSM is a new customer data analysis process designed to assist companies in the realization of new revenue opportunities, and save millions of dollars in superfluous marketing costs.
Acxiom Marketing Leader Bruce Carroll described the capabilities of the new process: "Opticx is the first step in unlocking capital tied up in database inefficiencies. The current downturn in the economy is the opportunity of a lifetime for smart companies to use this freed capital to implement their Customer Relationship Management (CRM) strategies while competitors stand on the sidelines. Achieving a holistic view of a company's data and its relationship with its customers is a must in today's business environment. Quickly and effectively correcting database problems builds the necessary foundation to ensure CRM is successful."
Carroll went on: "Survey after survey shows that most companies believe their customer data is in much better shape than it really is. Opticx provides our customers a detailed, albeit sometimes very surprising, snapshot of the current condition of their customer data. At the same time, we can show them the tremendous improvement that Acxiom's Customer Data Integration software, AbiliTec, and our InfoBase®data products can provide to this data."
Scott Nelson, Vice President and Research Director at Gartner, comments: "There's no question that improving the quality of a company's data leads to improved customer relationship management efforts. But trying to measure the value of data quality investments has proved difficult for most companies. Vendors who find a way to show the ROI for their products and services will lead the way as the next generation of CRM investments are made."
Customers who embark on the Opticx process receive a value analysis report showing the return which can be realized by investing in Acxiom's CDI solutions, along with industry benchmarks designed allow customers to measure the quality of their data against the average database in their industry.
An Opticx value analysis was recently run for a company with a database of over 2.7 million customers. The results suggested that $2.6 million per year could be saved in reduced marketing costs, by using the appropriate Acxiom products to remove duplicates and unqualified prospects. In addition, the analysis provided evidence that the company would be able to generate around $3.3 million per year in additional revenue opportunities realized as a result of increased direct marketing response rates coupled with improved deliverability.
Opticx reports are based on actual data received by companies, with results produced from the customer's test file. The reports detail how using Acxiom's products and services can enable better strategic marketing decisions based on a complete, enterprise-wide view of the customer, as well as deliver a range of other benefits.
"Opticx reports covering millions of records can be produced in a matter of days, as opposed to Proof of Concept testing, which historically has taken many weeks," Carroll said. "This tool should increase our speed to market and not only make it easier for Acxiom to sell its customer data and customer recognition solutions to the marketplace, but it will also better enable our strategic alliance partners to demonstrate and quantify the benefits of their AbiliTec-Enabled solutions."
Acxiom recently collaborated with USADATA to help provide a way of calculating and validating the expected ROI for customers of its Direct Mail Portal™. Patrick Dineen, Senior Vice President of Client Development at USADATA, commented: "Many of our customers have explicit corporate requirements for justifying the return on investment for new initiatives. With the ability to show would-be customers the potential cost savings found through Acxiom's data analysis and the resulting hard-dollar ROI they can expect from purchasing joint USADATA, Acxiom solutions are a valuable part of our business plan."
To date, more than 300 million customer records provided by Acxiom prospects have been analyzed using the Opticx reporting process.