Who uses co-op models?
Everyone should be using co-op’s. Transactional data can be very powerful for profitable prospect names.
What is a co-op?
Companies and organizations contribute prospect names along with their transactional histories to create a large pool of responsive consumers.
Where are these models used?
Consumer’s transactional histories plus additional enhancement data such as demographic, psychographic and lifestyle information, etc., make up the entire cooperative database. These are used in fundraising, non-profits, for profits, etc …
When is a good time to start using co-op models?
Right now! Direct mail has progressed with more data available to marketers to find prospects. Co-op’s started with creating select lists, moved to list models, then co-op lists, and now we have co-op models targeted to meet your needs. This evolution happened with increased access to ‘big data’ and when computing power is no longer an issue to go through millions of variables very quickly.
Why use co-op’s?
- New source of prospects beyond traditional rental lists
- Replace lapsed audience segmentation
- Solves issues such as poor response, low average gift, weak ROI specific issues
- List optimization
- Cultivate “House” mail file
- Increase conversion
- Build lasting predictive models
- Create prospect probability scoring models
If you need to increase your response rate and find more prospects in acquisition to grow your mail list, co-op’s are probably the right answer for you.