Demographic data is data that 3rd parties collect or derive from many different sources. These companies provide both consumer and business demographics to businesses that need to understand their customers at a deeper level.
This data is provided to businesses in two ways. Business can enhance their customer data with demographics or they can purchase lead lists using demographic data as selection criteria.
FI Works can acquire and integrate demographic data from 3rd parties to enhance your customer data. We can also work with you to buy and load lead lists for acquisition campaigns and business development.
Demographic Data
For consumer enhancement, FI Works loads the following demographics:
- Nielsen P$ycle Life Stage Group - Nielsen's proprietary segmentation system groups individuals into 12 life stage groups based on financial behavior.
- Nielsen P$ycle Life Stage - Nielsen's proprietary segmentation system groups individuals into 58 life stage segments based on financial behavior.
- Age Range - The individual's age in 2 year increments
- Marital Status - Married or Single
- Home Ownership - Home owner or renter
- Length of Residence - The number of years the individual lived at their current address
- Children Present - Yes if children under 18 are present in the household
- Household Income - Estimated income for the entire household
- Occupation - Occupation of the individual
- Education Level - Highest level of education received
- Business Owner - Yes if the individual owns a business
For businesses, FI Works loads the following demographics:
- Sales Volume - Sales volume ranges
- Number of Employees - Number of employee ranges
- Industry Codes - SIC and NAICS
Matching
Demographics vendors match your customer's name and address against their databases to find demographics. The match can be made at the household level or the geographic location level (i.e. neighborhood).
Each element can be matched separately. For example, age and income are usually returned on 80% - 90% of your customer base while other elements (business owner, marital status) are return less frequently.
How Does FI Works Use Demographics?
FI Works primary uses demographics data to build machine learning models to predict customer behavior. For example, we build models to predict the likelihood that a customer will add a product or be responsive to a product offer.
FI Works also shows demographic data on Customer and Household Profiles. When you review demographics on a customer profile, please remember that the data may not be for this individual but for average of a larger geographical area.