Innovative fintech startup Capital on Tap, improved their direct marketing responses by 2.5% with Doorda data.
Working capital is critical for all organisations and Capital on Tap has experienced significant success by making it easy for small businesses to manage their spending, access funding, and earn rewards.
After studying data about UK companies and the results of a recent marketing campaign, Mao Ruijia, Lead Growth Analyst at Capital on Tap, was convinced that the marketing response rate could be improved and wasted direct mail avoided if he could find better quality data about companies and their trading addresses.
Capital on Tap already used publicly available data from Companies House, however companies are often registered at the address of their accountants, and trading addresses are often out of date. At the recommendation of a previous colleague, Mao talked to Colin Magee, CRO at UK data supplier Doorda, who proposed a vast range of up-to-date company and commercial property data, “Doorda brought us data we hadn’t seen before, it wasn’t just limited to Companies House.”
Experience has shown Capital on Tap that the quality of data available from suppliers varies greatly, so they choose data for their predictive models carefully. Mao assessed the origin, trustworthiness, and coverage of the Doorda data, and Doorda successfully completed Capital on Tap’s due diligence checks, which included a review of their GDPR arrangements and policies. Direct comparison with existing Capital on Tap data sources, a test which leads to the rejection of most potential data suppliers, demonstrated that the Doorda data was more complete and up-to-date. Additionally, Mao believed the data could also be used to improve customer payback analysis.
A pilot project using live data provided a conclusive cost/benefit validation, allowing Mao to recommend Doorda data to the UK Managing Director, adding, “Doorda has the quality data we need, and the team is composed of very helpful subject matter experts”.
In addition to the 2.5% marketing uplift, Capital on Tap are now avoiding the significant cost of wasted letters. As the person responsible for direct marketing, Mao is delighted to have enabled the monthly addition of around fifty extra customers to the business.
According to Mao, “Doorda provides reliable data which has enabled tangible improvements to our business.”
Having started with commercial property, company, and socio-economic data, Mao is now modelling other Doorda data associated with businesses and their premises, such as from industry regulators. He believes that his augmented data will further improve his ability to find and contact the most suitable customers for Capital on Tap products.
