The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada’s circulation coins. Recognized as one of the largest and most versatile mints in the world, it offers a wide range of branded investment, collectible and secure payment products and services.
“The reduced analytical time creates less potential friction or ‘speed bumps’ for our customers. Solutions like PRIZM and custom modeling are tools you can use to extract the maximum value from the relationships you have with your customers.”
The Royal Canadian Mint wanted to better understand the behaviour of its collectible coin buyers. With an active consumer database that has tripled since 2010, the Mint needed to find new ways to manage its growth, understand changes in its composition and quickly take action based on the analysis. By identifying key characteristics of high-value new and existing customers, the Mint wanted to create custom models to develop effective up-sell and cross-sell strategies throughout the consumer lifecycle.
We used a combination of approaches to test new campaign strategies, which the Mint used to acquire first-time buyers and deepen its relationships with its existing customers in a cost-effective way. By looking at their customers through PRIZM, the Mint was able to identify segments in Canada who were similar to their best customers. In doing so, the Mint could target its campaigns to people who were most likely to respond and guide new coins designs that would have the greatest appeal with that audience.
To find more high-value customers, we developed a custom model to identify which of its loyal customers had the ability and capacity to spend more. Using the Mint’s data and combining it with our own, we were able to create a scoring system to study past transactional behaviour. The model accurately predicted which customers had the potential to make it into the Master’s Club, which means spending more than $1,000 on coins over the previous 12-months.
Once the Mint identified its best prospects, it still needed to find the most effective way to communicate to those consumers. By turning to PRIZM, the Mint was able to score the best unaddressed admail segments as having the highest concentrations of those prospects and top performing segments. These same insights also helped the Mint develop messages that would resonate with those consumers.
The data analytics helped the Mint add 140,000 new customers in a single campaign. The Mint also became more skilled at growing its customer base. Using a customer model to predict customer behaviour at the individual level, the Mint was able to identify 15 percent more prospects for major coin purchases—and predicted higher revenues over the next year.
The Mint now uses PRIZM data when selecting print and online media and choosing postal walks for unaddressed admail campaigns. It also incorporates custom models to develop effective up-sell and cross-sell strategies. And rather than rely solely on surveys or progressive profiling techniques that take months to segment customers, the Mint uses lifestyle-based segmentation to quickly develop targeted marketing campaigns—cutting the analytical time from more than six weeks to less than two.
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