big data and analytics: how can they help you be more relevant to your customers and drive...
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Big Data and Analytics: How can they help you be more relevant to your customers and drive significant profits?. Dr. Jeni Bunner Director of Insight; Outsell, LLC [email protected]. Agenda. Consumer Expectations The Importance of B eing Relevant Irrelevance How to be Relevant - PowerPoint PPT PresentationTRANSCRIPT
Big Data and Analytics: How can they help you be more relevant to your customers and drive significant profits?
Dr. Jeni BunnerDirector of Insight; Outsell, [email protected]
Agenda
• Consumer Expectations• The Importance of Being Relevant• Irrelevance• How to be Relevant
• Big Data • Predictive Analytics
• What’s the solution?• Relevance Done Well• Questions and Answers
CONSUMER EXPECTATIONS
Modern Consumers Expect:• An engaging brand experience
• On their own terms
• Via any and all of their devices
Industry Challenge
AGENCY OF RECORD MARKETING
SERVICE PROVIDERS
MEDIA BUYER
PRINT OPERATIONS
LOCAL MARKETING
AGENCY
CORPORATE MARKETING
PRINT OPERATIONS
Sales Department
Service Department
PartsDepartment
F&IDepartment
OEM Dealers
Addressable Media and Channels
Media or channels that allow communications to consumers at an
individual level
More Channels are Becoming Addressable
Mass
Newspapers
Magazines
RadioOutdoor
TVFace-To-Face
Inbound Phone
DRTVTelemarketing
Direct Mail
Direct Online
Banner Ads
Social Networks
Search
Web Sites
BlogsMobile
EmailKiosks
Age of the Customerjksdfhkds
Source: Forrester Research, Inc.
Source: Forrester Research, Inc.
“In the future, only companies that understand and
anticipate their customer’s needs and can
consistently deliver unique, tailored customer
experiences will be able to attract and retain loyal
customer revenue streams.”Source: Forrester Research, Inc.
Be Relevant!!!
THE IMPORTANCE OF BEING RELEVANT
Consumer Engagement is Elusive
Relevance Matters
50%Disengage
60%Not Relevant
2X$$$
Source: DM News
IRRELEVANCE…
The 40 yr. old woman with the 18 yr. old boy gene
Dear Ford,
Seriously? I own a Mustang. You know I do. I follow Mustang on Twitter and liked it on Facebook. I've clicked through emails you've sent me to go search your site for Mustang paraphernalia and badges, check out the current model, and "customize" my dream Mustang (three times!). I've clicked through Mustang ads (and Camaro ads, not that you'd know that). I've never once expressed any interest in an SUV. Why on earth would you email me about the Escape? It may be all new, with cool features and whatever, but clearly I'm interested in sports cars, not sports utility vehicles. You may want to reconsider your segmentation strategy. Thanks for thinking of me, though.
Source: DM News
?
HOW TO BE RELEVANT
How can Brands be more relevant to Consumers?
Put DATA in the drivers seat!
VOLUME
VELOCITY
VARIETY
VALUE
Big Data
The most important dimension of “Big Data” is how you derive profits from it
Auto Dealership “Big Data”
The power of your Big Data
• Collectively dealers maintain more customer data than parent OEMs
• Dealer data is rich but underutilized
Discover Shop
Buy
Own
Advocate Bond
What Does Your Big Data Tell you?
Multi-channel targeted communications
Predictive Analytics
The analysis of current and historical facts to make predictions about future events
Predictive Analytics Examples• Which consumers will
purchase in the next 30 days?
• Who are my most valuable consumers?
• Where is each consumer in their lifecycle (shop, buy, own)- segmentation
• What vehicle is a consumer most likely to purchase?
WHAT’S THE SOLUTION
4 Steps to Relevance
Build Your Database
Segment and Test
Get Personal
Target Even Smarter
Step 1: Get Your Data in Order
• Multi-channel• Online and offline• Behavioral
CRM
DMSChat
Click
SocialMobile
Weblog VideoBlogs
Step 2: Segment and Test Relevant Messages
• Start small• Segment consumers• Determine what's
working• Make incremental
improvements
Step 3: Personalized Marketing
• Real-time responses• Driven by
consumers’ actions (or lack of)
• On their terms• Personalized to
each and every consumer
Step 4: Get Smarter With Predictive Analytics
• Gold standard for driving relevance
• Requires a specialized skillset
• Could double your incremental sales lift (uplift from Marketing)
RELEVANCE DONE WELL
“My daughter got this in the mail!” he said. “She’s still in high school, and you’re sending her coupons for baby clothes and cribs? Are you trying to encourage her to get pregnant?”
The manager didn’t have any idea what the man was talking about. He looked at the mailer. Sure enough, it was addressed to the man’s daughter and contained advertisements for maternity clothing, nursery furniture and pictures of smiling infants. The manager apologized and then called a few days later to apologize again.
On the phone, though, the father was somewhat abashed. “I had a talk with my daughter,” he said. “It turns out there’s been some activities in my house I haven’t been completely aware of. She’s due in August. I owe you an apology.”
The “pregnancy–predictor” Model
QUESTIONS AND ANSWERS
THANK YOU!
Dr. Jeni BunnerDirector of Insight; Outsell, [email protected]