What’s a ‘good’ rate?
Typical hit rates begin between 35-65% and rise over time. Variability is very common. Expect your hit rate to go up as we proceed, and know that it’s rare to hit 100% and that’s ok. When the hit rate goes below 35% we explore further to see if there are any systemic issues whether it’s data or pipeline. Most of the time it’s the quality/recency of the data, but know that personal habits may factor in (many people aren’t posting online or don’t want their data shared) that’s their choice and should be respected.
How do we increase hit rates?
Hit rates go up over time as we ‘right size’ the training data and predictive insights that matter to you (and your predictions) most.
For your project to be successful, we ensure (in order of priority) that we have 1. Statistically significant data. 2. We ensure you have enough data to test and keep your teams busy / algorithms healthy. 3. We have used all relevant data we have at our disposal. 4. Determine ways in which 1st and 3rd party data can be effectively combined to increase reach across an entire CRM or a given target market. Your Wrench rep will walk you through each of these to ensure we are getting enough to accomplish our goals and will often run test batches to avoid any surprises.
How can I improve my hit rate?
- “Zero” or “First-party”data
- This is data captured by and between your current systems and customers. It includes things like CRM, customer feedback, purchases, shopping cart activity, browsing behavior, and more. Generally speaking, first-party data is the most desirable ‘long term’ solution as your customers prefer you use it, it’s often less costly per person, and it’s often very useful as it usually describes your customer’s existing relationship. We’re experts at mining and turning first-party data into proprietary insights exclusive to you.
- Notes & considerations:
- It’s not without challenges. Very often first-party data is locked within internal teams or systems that don’t yet communicate well with one another and there will be some configuration and setup required. We have the ability to help in those situations. Ask your rep.
- Third-party data is usually data sold or licensed about your customers from external sources or is publicly available. This includes government data, social networks, data aggregators or “CDP” data providers.
- Notes & considerations:
- Third-Party data works great in specific situations to fill in gaps, to enable a fast pilot or proof of concept, or when introducing new product and in launch situations where there isn’t historical data.
- Third-party data should be used carefully as it carries costs and some risks. Some customers prefer you avoid it and some governmental regulations may impact it’s use and even carry penalties for misuse. (GDPR, CCPA). Tread carefully here to ensure we’re using only opt-in, subscribed contacts that have given permission, and when circumstances dictate this data type is appropriate.