AnalyticsIQ has released a new data segmentation application that focuses on life choices.
The system, called Aspects, identifies consumers by qualifiers such as religion, politics and education. Company executives see these categories as active choices that people have control over, unlike age, gender and other basic demographic segments.
“I can’t control how old I am, but is there a way of segmenting the same groups by the decisions they make in own lives?” asked Gregg Weldon, chief analytical officer for AnalyticsIQ. “By doing this segmenting, AnalyticsIQ is slicing the group of consumers in a totally different way. These segments are not correlated with traditional demographic methods, so they can be used along with existing methods.”
AnalyticsIQ has been testing the Aspects software and reports that the program helps marketers better focus messaging, products, pricing and promotions. Information on life choices used in this segmenting process comes from AnalyticsIQ’s proprietary data suite.
“Because mailing costs are so high, clients need to be able to identify groups of people that are most likely to respond,” Weldon pointed out. “This gives a different way of looking at the population, so it breaks up the monotony of what marketers do every single quarter. It changes it up and finds new groups of people to look at; by looking at their database with a different cut, they may be able to identify people that were missing before.”
Aspects is available immediately as a standalone application. It can also be incorporated into other segmentation and database marketing tools.
Atlanta, GA-based AnalyticsIQ offers advanced analytics and custom modeling services to clients from a variety of sectors, including insurance and education. Its suite of econometric scoring products includes ResponseIQ — used to identify responders — and InvestorIQ, which predicts invested assets.