American Express (Amex) tracks about one trillion dollars in annual expenditures. This week, it announces a new effort with the Acxiom data service – called Predictive Intent Segments – to use this expense data to predict which people are likely to buy certain products.
Let's say you're a bike maker who wants to "find America's most likely households to buy a bike," suggested Amex Advance VP and GM's Marc Ginsberg.
First, Amex will find personally identified individuals with American Express cards who have purchased a bike recently.
Then, using personal identification, he adds to the additional data record that Acxiom has in his database about this particular buyer. Acxiom could have, for example, recent purchases by other means of payment on commercial sites, athletics stores and baseball stadiums, and this corresponds to these data by name, address and other personal information.
[Read the full article on MarTech Today.]